2 out of 5 Automotive Filter Revenue Share Captured by Cabin Air Filters: Fact.MR Study
Published : 23 Sep 2021 Industry: Automotive
As per the latest intelligence report published by Fact.MR, the automotive filters market revenues will expand steadily between 2021 and 2031, following a CAGR of 4.5% and reaching US$ 27 Bn in value. As of 2021, the market is expected to be valued at above US$ 17 Bn, on the back of recovering automotive sales.
Historical data suggests that the market expanded at over 3% from 2016-2020. The market closed in at a value of US$ 16.7 Bn. Growth prospects remained contracted amid a general slowdown in the automotive industry as well the recessionary impact induced by COVID-19. A decline surpassing 5% was registered in global auto production according to International Association of Motor Vehicle Manufacturers.
Fortunately, by 2025, the automotive filters market is expected to reach nearly US$ 24 Bn in value, as prospects across the automotive sector eventually improve. Manufacturers are further leveraging the ever tightening noose on environmental regulations, with governments mandating installation of emission regulation apparatuses across commercial and personal vehicles respectively.
Key Takeaways from the Market Study
- Cabin air filters to register highest growth, recording a CAGR of 4.8% through 2031, capturing 60% revenue
- By vehicle type, automotive filters for passenger cars to surpass a CAGR of 5% until 2031
- Synthetic automotive filters to exceed revenues worth US$ 10 Bn by 2022, by filter media
- By sales channel, IAMs to account for bulk of automotive filter sales, surpassing US$ 10 Bn in revenue by 2022
- U.S emerged as a highly opportunistic market in 2020, accounting for 30% of global market share
- From 2021 to 2031, China to remain most lucrative market, capturing 3/5th of global demand
“Encouraging governmental policies to aid the automotive sector is poised to boost the automotive filter demand simultaneously. Hefty investments in infrastructure sector will boost the passenger car and cabin air filter sales in forthcoming period,” comments a Fact.MR analyst.
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
- In April 2021, A prominent player, MANN+HUMMEL started using Nanofiber technology in-cabin air filters for Automotive applications reducing the number of pollutants that vehicle occupants breathe and thus improving the air quality in the vehicle cabin.
- Similarly, Cummins Filtration has refined its Fleet guard LF14000NN combination lube filter for its newer engine platforms including Cummins X15 engines. Depending on the quality of oil used, the LF14000NN is capable of longer service intervals which can help fleets lower their operating costs on replacement filters throughout an engine’s life.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Automotive Filters Market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on product type (fuel filter, oil filter, intake air filter and cabin air filter) filter media (synthetic and cellulose) vehicle type (PC, LCV, HCV, off-road vehicles and lawn mowers) and sales channel (OEM, OES and IAM) across seven regions (North America, Latin America, Europe, South Asia, Oceania and Middle East & Africa).
About the Automotive Industry at Fact. MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Consultant - Industrial Goods and Automotive