The global automotive filters market is expected to grow at a CAGR of close to 8% during the forecast period, according to Technavio’s latest market research.
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Technavio has published a new market research report on the global automotive filters market 2017-2021 under their automotive library. (Graphic: Business Wire)
In this market research report, Technavio covers the market outlook and growth prospects of the global automotive filters market for 2017-2021. The market is further categorized into three segments based on product type including, air filters, oil filters, and fuel filters.
Technavio’s research analysts segment the global automotive filters market into the following regions:
- Americas
- APAC
- EMEA
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APAC: largest automotive filters market
China, India, Thailand, and Japan are the major automotive markets in the region. The increase in disposable income and launch of new car models by OEMs fuel the growth of the market. The perception of acquiring a high social status by owning a car is driving the demand for passenger cars in China and India, despite the increase in traffic congestion, implementation of stringent government regulations, and the rising levels of air pollution. Car dealers in China are launching new car models at increased discounts to boost the demand for passenger cars.
“The oil filter market in APAC is exhibiting growth because of the increasing industrialization and rising disposable incomes in emerging economies such as India, China, and Thailand. The passenger vehicle segment is expected to drive the growth of the automotive oil filters market,” says Ganesh Subramanian, a lead automotive components research expert from Technavio.
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Automotive filters market in the Americas
The sales of new vehicles gained momentum in the Americas in 2015. Factors such as a decrease in gasoline prices, low-interest rates, easy credit availability, the decrease in unemployment rate, and increase in vehicle lease increased the sales of new vehicles. Full-size vehicles, SUVs, crossovers, and pickup vans are popular in the Americas. The rising preference for fuel-efficient vehicles drives the demand for mid and compact-sized crossovers.
“The growth of the automotive filters market directly depends on the sales of new vehicles. Sales have gained momentum since the recession. It is expected that the pricing trend will witness a change and consumers will prefer used cars. This is expected to cause a steady growth in the automotive filters market during the forecast period,” says Ganesh.
Automotive filters market in EMEA
France, Italy, Germany, and the UK are the major contributors to the market in this region. This region witnesses steady growth because of the high penetration of luxury cars. Though the 2008-09 economic crisis led to a dip in sales in the region, the European market has been witnessing stable growth ever since. However, Britain's exit from the European Union (EU) is predicted to have an adverse on car sales in Britain as customers will be required to pay extra taxes to purchase cars across countries.
The automotive market in Europe is highly competitive in nature because it has the world's best automobile companies competing against each other in almost every segment. The high-performance vehicle market drives the demand for high-performance cabin air filters. The demand for high-efficiency particulate air (HEPA), activated carbon, and multi-layer air filters are expected to rise during the forecast period.
The top vendors in the global automotive filters market as highlighted in this market research analysis are:
- DENSO
- K&N Engineering
- MANN+HUMMEL
- Robert Bosch
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