The global automotive filters market size is anticipated to showcase substantial growth in the forthcoming years due to rising consumption of automobiles. This information is published by Fortune Business Insights in its report, titled “Automotive Filters Market, 2021-2028”. Moreover, stringent government emission regulations in various nations are anticipated to drive the market growth in the foreseeable future. For example, as per the U.S. Environmental Protection Agency, there has been a proposal to amend Corporate Average Fuel Economy and greenhouse gas emissions standards in passenger cars and light commercial vehicles from 2021 to 2026 models.
Report Coverage
The report offers an insight into the profitability, entire structure, and scale. It also studies the drivers and restraints and considers all the potential threats to the market. The critical analysis of marketplace sections, prediction analysis, and expert insights are strategically included in the report. A wide spectrum of data, including regional analysis, market segmentation, industry developments, and key players, are included in the research conducted by market experts.
Supply Chain Disrupted Owing to Lockdown Restrictions
The outbreak of COVID-19 resulted in a disrupted supply chain and automotive industries. This is likely to affect the production of automotive filters as it is directly proportional to automotive sales. Despite this, it is projected that the first and second quarters of 2021 will experience a steady recovery. The reopening of production facilities worldwide is anticipated to propel the market growth in the forthcoming years. However, the low cost of operations resulted in the industry stabilizing itself even under the declining product sales.
Driving Factor
Stringent Emission Regulations to Surge Product Demand
The increasing environmental concerns and stringent emission regulations across developed nations are primary drivers of the automotive filters market growth. These regulations have been implemented due to the growing consumption of automobiles in these countries. For example, in 2018, European Automobile Manufacturers’ Association stated that passenger car production hit 78.6 million worldwide where Asia Pacific and North America were the leading regions.
In addition, technological advancement in different filter media types, replacement cycles, and other factors are significantly aiding the growth of the product.
Segments
Oil Filter to Dominate the Market
By type, the global automotive filter market is segmented into oil filters, fuel filters, and air filters. On the basis of vehicle type, it is bifurcated into passenger cars and commercial vehicles. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Regional Insights
Presence of Prominent Manufacturers in Asia Pacific to Aid Growth
Asia Pacific is anticipated to hold the leading automotive filters market share in the foreseeable future. This is due to the presence of prominent manufacturers in the region and increasing disposable income of the consumers. In addition, technological advances in different filter media types, replacement cycles, and other factors are driving the regional market growth.
North America is expected to hold the second-largest market share in the coming years. This is due to the high investment in research and development by manufacturers for advanced filter quality. Government regulations and consumer demand in the region are inducing high-quality products in the market.
Competitive Landscape
Heavy Investment by Market Leaders in R&D to Further their Market Position
The competitive landscape of automotive filters is held by various key players who adopt various strategies to keep up with their competitors. The strategies include various collaborations, product development, mergers, and technological advancement. The prominent players are investing heavily in research and development to push their business in this competitive landscape with several businesses striving for top positions. The wide range of choices advertised by the companies ensures a strong and competitive market for the product.
Industry Development:
April 2020: MANN+HUMMEL recently announced testing the effectiveness of its automotive filters to support contamination control in regard to the spread of coronavirus.
List of Key Players Profiled in the Market:
- Robert Bosch GmbH
- MAHLE GmbH
- Sogefi SpA
- Ahlstrom-Munksjo
- Hengst SE
- K&N Engineering, Inc.
- MANN+HUMMEL
