Jul 28, 2017
8 Key Takeaways from Fact.MR's Automotive Filters Market Forecast
by Team Fact.MR
According to a report by Fact.MR, the global automotive filter market is projected to register a steady expansion at 5.2% CAGR through 2022. Fact.MR’s report estimates revenues from global sales of automotive filters to increase from US$ 14,283.2 Mn in 2017 to US$ 18,383.8 Mn by 2022-end. Soaring adoption of two-wheeler vehicles, and increasing demand for passenger cars are expected to sustain growth of the global automotive filter market. In addition, rapid expansion of automotive sector, coupled with increasing disposable income of people is expected to drive demand for automobiles, which in turn will influence growth of the global market for automotive filter.
8 Prospects of the Global Automotive Filter Market
- Europe will remain the most lucrative region for automotive filters market. This growth is mainly driven by surging requirement for productivity & efficiency, coupled with a thrust to manufacturing activities in this region. In 2017, automotive filters sales in Europe are estimated to hold over one-fourth share of the market, in terms of revenues.
- Asia Pacific excluding Japan (APEJ) is projected to register the fastest expansion, in terms of automotive filter sales, through 2022.
- Sales of automotive filters in Middle East & Africa (MEA) and Japan are expected to exhibit a sluggish expansion through 2022.
- Cabin air filter will remain sought-after among products in the global automotive filter market. Surging demand for cars with high efficiency, and soaring pollution levels around the globe, especially in urban areas are factors fuelling demand for cabin air filters. Cabin air filter sales are expected to exhibit the highest CAGR through 2022 in the market. In contrast, oil filter sales are estimated to register a sluggish expansion through 2022. In terms of revenues, intake air filters will continue to be the second largest product in the market.
- Based on filter media, synthetic automotive filters are expected to remain preferred in the market. Synthetic automotive filter sales are anticipated to exhibit an above-average CAGR, to exceed revenues worth US$ 10,000 Mn by 2022-end. Synthetic automotive filters are expected to account for nearly three-fourth market revenue share in 2017. Adoption of cellulose automotive filters will continue to be sluggish throughout the forecast period.
- Demand for passenger cars around the world is witnessing a rapid expansion, which in turn has propelled demand for automotive filters. Increasing replacement rate of automotive filters on the back of necessity for passenger car maintenance is further expected to drive the market growth. Automotive filter sales in passenger cars are expected to hold the largest revenue share of the market, registering the highest CAGR through 2022. LCVs will remain the second largest vehicles for automotive filters sales in the market. Sales of automotive filters in lawn mowers and off-road vehicles are estimated to exhibit the lowest CAGR throughout the forecast period.
- IAM will remain the largest sales channel in the global automotive filter market, with sales poised to exhibit the highest CAGR through 2022. Automotive filter sales in IAM are anticipated to surpass US$ 10,000 Mn in revenues by 2022-end. OES will continue to be the second most lucrative sales channel for automotive filters. Automotive filter sales in OEM are estimated to register a sluggish expansion through 2022.
- Key players in the global automotive filters market include Roki Co., Ltd., Denso Corporation, MAHLE GmbH, ALCO Filters Ltd., Hollingsworth and Vose Company, Donaldson Company, Inc., Toyota Boshoku Corporation, K&N Engineering, Inc., Mann + Hummel GmbH, Parker Hannifin Corporation, and Cummins, Inc.