According to a recent report published by Allied Market Research, titled, Automotive Filter Market by Filter Type, Application, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2017-2024, the global automotive filter market was valued at $22,024.8 million in 2017, and is projected to reach at $28,791.0 million by 2024, growing at a CAGR of 3.9% from 2018 to 2024.
An automotive filter helps the engine of a vehicle to operate in a smooth manner, thus extending the service of the vehicle. The key function of the filter is to block solid dirt particles such as dust, pollens, and other unwanted air particles from entering into the carburetor and engine. This minimizes the air pollutants emitted by vehicles, reduces the maintenance cost, and improves the vehicle life. The government has laid stringent emission laws for the vehicles, which emit hazardous gases such as hydrocarbons (HC), nitrogen oxide (NOx), carbon monoxide (CO), and others. For instance, the Environmental Protection Agency (EPA) in the U.S. has amended standards such as national program for greenhouse gas emissions (GHG) and fuel economy standards for light-duty vehicles (passenger cars and trucks).
At present, Asia-Pacific dominates this market. In 2017, China registered the highest growth in Asia-Pacific. Similarly, the UK led the overall market in Europe in 2017. In the same year, the U.S. dominated the North American market.
The growth of the automotive filter market is driven by regulations laid by government for environmental safety as well as emission standards put forth by regulatory bodies. However, adoption of electric vehicle hampers the growth of the automotive filter market. On the contrary, increase in demand for vehicles in the emerging economies is expected to provide lucrative opportunities for this market.
In 2017, based on filter type, the engine oil filter was the dominant segment in 2017, in terms of revenue, and is anticipated to continue this trend during the forecast period. However, based on application, passenger car dominated the global market in the same year. By distribution channel, aftermarket segment accounted for the majority market share of the automotive filter market.
The report includes a micro-level study of different regions adopting automotive filter for various applications. In addition, it discusses the potential opportunities for market players to enter the market. Moreover, it provides an in-depth market analysis of automotive filter outlining current trends, key driving factors, and potential areas for product investments.
The global automotive filter market is analyzed based on four regions, North America, Europe, Asia-Pacific, and LAMEA. Furthermore, the report highlights the competitive landscape of the key market players to increase their shares and sustain the intense competition in the industry. MANN+HUMMEL, Toyota Boshoku Corporation, Robert Bosch GmbH, MAHLE GmbH, Denso Corporation, K&N Engineering, Sogefi S.p.A., Hengst SE, ACDelco, Inc. and Valeo S.A. are some of the key players operating in the global automotive filter market.
Key Findings of the Automotive Filter Market:
- Based on filter type, the engine oil filter segment is anticipated to dominate the global automotive filter market, in terms of revenue. However, based on application, passenger car dominated the market in 2017.
- In 2017, the aftermarket segment accounted for the highest revenue.
- Asia-Pacific held the majority of market share in 2017.
- LAMEA is anticipated to exhibit the highest CAGR during the forecast period.