Automotive filters market to observe massive gains via heavy demand from OEMs over 2016-2023
OCEAN VIEW, Del., Aug. 2, 2017 /PRNewswire-iReach/ -- With filters contributing toward the enhancement of emission control systems and reduction of spark plug ignition problems, automotive filters market is expected to gain a profitable traction over the coming years. For reasons of environmental safety, major automakers have been installing these filters in their vehicles. Through their functionality, filters facilitate appropriate air flow that helps the engine to function accurately, thereby reducing fuel consumption and emissions. This will impel global automotive filters industry, slated to grow at a rate of 8.4% over 2016-2023.
Worldwide automotive filters market is characterized by frequent mergers & acquisitions. The 2014 acquisition of Sweden-based Vokes Air by Mann+Hummel is an example of the same. The following year witnessed another major acquisition by the same company. Mann+Hummel acquired Affinia Group in 2015, thereby consolidating its position in global automotive filters industry.
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The automotive sector has witnessed a rising demand from consumers for the deployment of additional eco-friendly features. Besides, the presence of a favorable regulatory framework to safeguard the environment will lead to an increased demand for vehicles installed with filters to efficiently trap the dirt and debris. This is bound to impel global automotive filters market, which will hit a revenue of USD 9.79 billion by 2023, from USD 5 billion in 2015.
The demand for passenger cars will observe a significant incline over the coming years, pertaining to the rising consumer demand and their increased disposable incomes. Passenger cars held more than 50% of the overall automotive filter industry share in 2015. There has also been a considerable increase in pulmonary disorders on account of the improper cabin ventilation, which will spur the demand for these vehicles. This will propel automotive filters market from passenger cars, slated to grow at a rate of 8.9% over 2016-2023.
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It has been observed that the demand for these cars is extensive across the APAC belt, owing to the rapidly expanding automotive sector. As per estimates, Asia Pacific held more than 45% of the global automotive filters industry share in 2015. The growing automotive sector across China, Japan, and India will provide a major impetus to the development of automotive filter market across this region. The changing consumer demands and the strict emission control standards mandated by regulatory bodies will lead APAC automotive filters market to grow at a rate of 9% over 2016-2023.
Manufacturers mainly focus on the production of air and fuel filters to be installed in vehicles, as they effectively filter out the unwanted pollutants and dust. Automotive air filters market dominated the automotive filters product landscape and is forecast to exhibit an annual growth rate of 7.8% over the coming six years. Fuel automotive filters industry has been forecast to grow at a rate of 10.5% over 2016-2023. This growth can be attributed to the rising demand for two wheelers and passenger cars, especially across the BRICS nations.
These filters also find heavy applications across automotive aftermarket. The major driver for this segment is the rising demand for replacement filters pertaining to the fact that they offer increased acceleration and fuel mileage. Automotive filters market size from automotive aftermarket was worth USD 3.71 billion in 2015. Surging demand for replacement filters will lead automotive aftermarket to hold more than 70% of the overall industry share, with a CAGR estimation of 8.7% over 2016-2023.
Major participants partaking in global automotive filters market share include Mann+Hummel, Cummins, Roki, Denso, Lydall, Toyota Boshoku, Mahle, K&N Engineering, Ahlstrom, and Parker Hannifin.
Browse key industry insights spread across 84 pages with 43 market data tables & 18 figures & charts from the report, "Automotive Air Filters Market Size By Application (Light & Heavy Commercial Vehicles, & Two Wheelers, Passenger Cars), By Product (Cabin, Intake), By End-Use (Aftermarket, OEM), Industry Outlook Report, Regional Analysis, Application Development, Price Trends, Competitive Market Share & Forecast, 2015 - 2022" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-air-filters-market
Chapter 5 Automotive Air Filters Market, By Application
5.1 Automotive air filters market revenue share by application, 2014 & 2022
5.2 Passenger cars
5.2.1 Market estimates and forecast, 2012-2022 (USD Million)
5.2.2 G Market estimates and forecast by region, 2012-2022 (USD Million)
5.3 Light & heavy commercial vehicles
5.3.1 Market estimates and forecast, 2012-2022 (USD Million)
5.3.2 Market estimates and forecast by region, 2012-2022 (USD Million)
5.4 Two Wheelers
5.4.1 Global demand for automotive air filters from two wheelers, 2012-2022 (USD Million)
5.4.2 Global demand for automotive air filters from two wheelers, by region, 2012-2022 (USD Million)
Chapter 6 Automotive Air Filters Market, By End-Use
6.1 Automotive air filters market revenue share by end-use, 2014 & 2022
6.2 OEM
6.2.1 Market estimates and forecast, 2012-2022 (USD Million)
6.2.2 Market estimates and forecast by region, 2012-2022 (USD Million)
6.3 Aftermarket
6.3.1 Market estimates and forecast, 2012-2022 (USD Million)
6.3.2 Market estimates and forecast, 2012-2022 (USD Million)
Browse Full TOC @ https://www.gminsights.com/toc/detail/automotive-air-filters-market
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