According to Goldstein Research, “Rising automotive production and stringent regulatory framework to reduce emission from vehicles are the major factor driving the growth of market.” In past few years sales of internal combustion engines have increased dramatically which are equipped with various filters, significantly boosted the sales of automotive filters. Growing demand for passenger cars and commercial vehicles in developing countries such as China, India and Brazil among others is expected to drive the growth of automotive filters market in coming years.
“Global Automotive filters Market Outlook 2024”
The global automotive filters market is segmented based on products, by vehicles and by end users. Vehicle segment is further bifurcated into passenger cars, commercial vehicles and two wheelers. Passenger cars segment dominated the global automotive filters as they are averagely equipped with 4 filters and sales of more than 60 million vehicles globally in 2016, pushed the automotive filters market at new highs of all time.
Global automotive filters market accounted for USD 5.9 billion in 2015 which is anticipated to reach USD 8.6 billion by 2024. Further, global automotive filters market is expected to grow at compound annual growth rate of 4.8% over the forecast period i.e. 2016-2024.
Asia-Pacific is the largest region for automotive filters market in 2016 and is expected to dominate the market during the forecast period of 2016-2024. Asia-Pacific automotive filters market valued USD 1.92 billion in 2016 and is estimated to reach USD 3.2 billion by 2024. China is expected to dominate the automotive filters market followed by India due to large automotive production in these countries. Rising personal disposable income and readiness to spend on automobiles is accelerating Asia-Pacific automotive filters market.
Rising production of automobiles impelling the growth of automotive filters market
Consistently growing demand for automobiles is the major factor driving the growth of automotive filters market across the globe. Asia Pacific being the largest manufacturing hub for automobile is the largest market for automotive filters. The automotive industry is expected to expand at a CAGR of +4% over the forecast period i.e. 2016-2024, the automotive filters market is anticipated to grow strongly in following years. Additionally, market players are focussing on developing more efficient filters to meet the requirement of new vehicle emission norms around the world. The market growth is strongly supported by the stringent norms towards reducing automotive pollution and to increase fuel efficiency.
“Global Automotive Filters Market Outlook 2024” contains detailed overview of the global automotive filters market in terms of market segmentation by product type, by vehicle type and by end users.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Automotive Filters Market report also provides competitive outlook of some of the major players which includes profiling of companies such as Toyota Boshoku, Cummins Inc., Freudenberg & Co. KG, Hengst SE & Co. KG, Donaldson Dynamics, Clarcor Inc, ACDelco Inc., Mahle GmbH, Mann+Hummel, ALCO filters, Denso Corporation, Purofil Auto Pvt. Ltd etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global automotive filters market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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