The automotive filters industry reached US$ 16.7 Bn on the back of soaring adoption of two-wheelers and passenger cars worldwide.
ROCKVILLE, MARYLAND, UNITED STATES, November 23, 2021 /EINPresswire.com/ — As per the latest intelligence report published by Fact.MR, the automotive filters market revenues will expand steadily between 2021 and 2031, following a CAGR of 4.5% and reaching US$ 27 Bn in value. As of 2021, the market is expected to be valued at above US$ 17 Bn, on the back of recovering automotive sales.
Historical data suggests that the market expanded at over 3% from 2016-2020. The market closed in at a value of US$ 16.7 Bn. Growth prospects remained contracted amid a general slowdown in the automotive industry as well the recessionary impact induced by COVID-19. A decline surpassing 5% was registered in global auto production according to International Association of Motor Vehicle Manufacturers.
Fortunately, by 2025, the automotive filters market is expected to reach nearly US$ 24 Bn in value, as prospects across the automotive sector eventually improve. Manufacturers are further leveraging the ever tightening noose on environmental regulations, with governments mandating installation of emission regulation apparatuses across commercial and personal vehicles respectively.
According to a report by Fact.MR, the global automotive filter market is projected to register a steady expansion at 5.2% CAGR through 2022. Fact.MR’s report estimates revenues from global sales of automotive filters to increase from US$ 14,283.2 Mn in 2017 to US$ 18,383.8 Mn by 2022-end. Soaring adoption of two-wheeler vehicles, and increasing demand for passenger cars are expected to sustain growth of the global automotive filter market. In addition, rapid expansion of automotive sector, coupled with increasing disposable income of people is expected to drive demand for automobiles, which in turn will influence growth of the global automotive filter market,
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Key Companies Profiled
Mann + Hummel GmbH
Parker Hannifin Corporation
K&N Engineering Inc.
Toyota Boshoku Corporation
Donaldson Company Inc.
Hollingsworth and Vose Company
ALCO Filters Ltd.
Roki Co. Ltd.
7 Prospects of the Global Automotive Filter Market
Europe will remain the most lucrative region for automotive filters market. This growth is mainly driven by surging requirement for productivity & efficiency, coupled with a thrust to manufacturing activities in this region. In 2017, automotive filters sales in Europe are estimated to hold over one-fourth share of the market, in terms of revenues.
Asia Pacific excluding Japan (APEJ) is projected to register the fastest expansion, in terms of automotive filter sales, through 2022.
Sales of automotive filters in Middle East & Africa (MEA) and Japan are expected to exhibit a sluggish expansion through 2022.
Cabin air filter will remain sought-after among products in the global automotive filter market. Surging demand for cars with high efficiency, and soaring pollution levels around the globe, especially in urban areas are factors fuelling demand for cabin air filters. Cabin air filter sales are expected to exhibit the highest CAGR through 2022 in the market. In contrast, oil filter sales are estimated to register a sluggish expansion through 2022. In terms of revenues, intake air filters will continue to be the second largest product in the market.
Based on filter media, synthetic automotive filters are expected to remain preferred in the market. Synthetic automotive filter sales are anticipated to exhibit an above-average CAGR, to exceed revenues worth US$ 10,000 Mn by 2022-end. Synthetic automotive filters are expected to account for nearly three-fourth market revenue share in 2017. Adoption of cellulose automotive filters will continue to be sluggish throughout the forecast period.
Demand for passenger cars around the world is witnessing a rapid expansion, which in turn has propelled demand for automotive filters. Increasing replacement rate of automotive filters on the back of necessity for passenger car maintenance is further expected to drive the market growth. Automotive filter sales in passenger cars are expected to hold the largest revenue share of the market, registering the highest CAGR through 2022. LCVs will remain the second largest vehicles for automotive filters sales in the market. Sales of automotive filters in lawn mowers and off-road vehicles are estimated to exhibit the lowest CAGR throughout the forecast period.
IAM will remain the largest sales channel in the global automotive filter market, with sales poised to exhibit the highest CAGR through 2022. Automotive filter sales in IAM are anticipated to surpass US$ 10,000 Mn in revenues by 2022-end. OES will continue to be the second most lucrative sales channel for automotive filters. Automotive filter sales in OEM are estimated to register a sluggish expansion through 2022.
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Key Points Covered in Automotive Filters Industry Survey
Market Estimates and Forecasts 2016-2031
Key drivers and restraints shaping market growth
Segment-wise, Country-wise, and Region-wise Analysis
Competition Mapping and Benchmarking
Market Share Analysis
Key Product Innovations and Regulatory Climate
COVID-19 Impact on Automotive Filter Market and How to Navigate
Recommendation on a Key Winning Strategy
Automotive filter market forecast analysis by Fact.MR
Key Segments Covered
Automotive Fuel Filter
Automotive Oil Filter
Automotive Intake Air Filter
Automotive Cabin Air Filter
Synthetic Automotive Air Filter
Cellulose Automotive Air Filter
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Key players in the global automotive filters market include Roki Co., Ltd., Denso Corporation, MAHLE GmbH, ALCO Filters Ltd., Hollingsworth and Vose Company, Donaldson Company, Inc., Toyota Boshoku Corporation, K&N Engineering, Inc., Mann + Hummel GmbH, Parker Hannifin Corporation, and Cummins, Inc.
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Source: EIN Presswire