Automotive Filters Market to Propel at a CAGR of 1.70% to Hit a Revenue of US$ 26.08 Billion by 2031 | Report by Transparency Market Research, Inc.
- Due to increasing vehicle sales throughout the world, players in the global automotive filter market are projected to have significant growth prospects in the years to come
- Due to fuel economy regulations, there is likely to be an increase in demand for automotive filters.
WILMINGTON, DEL., Nov. 8, 2022 -- The global automotive filters market was worth around US$ 21.67 Bn in 2020. Sales analysis of automotive filters market expects the market to progress at 1.70% CAGR during the forecast period, from 2021 to 2031. It is predicted that by 2031, the size of automotive filters market will attain value of US$ 26.08 Bn. By collaborating, forming alliances, and merging and acquiring companies, major competitors in the automotive filters market are concentrating on growing their market share. The increasing sales of automobiles throughout the world is likely to present firms in the global automotive filters market with prospects for expansion in the years to come.
Carbon monoxide, nitrogen oxide, and other gases that come from moving vehicles leave a very negative impact on the environment. The demand of automotive filters market to lower carbon emissions is anticipated to increase as a result of these factors. Besides, the expansion of the market is anticipated to be driven by rising research and development (R&D) efforts in several emerging markets to extend the lifespan of automobile filters.
The global market is driven by the rising investments and marketing initiatives undertaken by governments in developing nations to reduce emissions. The usage of automotive filters is also expected to be significantly influenced by the increase in vehicle manufacturing, pollution levels, and urbanization in different locations. The global market is expected to rise, although restricted usage of filters in electric automobiles and increasing implementation of non-replaceable filters are expected to impede market expansion.
The Asia Pacific market is being driven by strict laws and regulations on emission control enforced by the regional regulatory authorities and fuel economy of automobiles. Automotive producers are likewise concentrating on innovative approaches to meet these demands. The need for automotive filters in Asia Pacific is being driven by this aspect.
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Key Findings of Market Report
- Automotive filters are utilized to lower maintenance costs by exhaust fumes, preventing germs, and dust particles from entering the engine of the vehicle. Additionally, this reduces air pollution. Sales of automotive filters are being fueled by the strict pollution regulations that different governments have imposed on vehicles.
- In 2020, intake air filters made up a significant portion of the global automotive filters market depending on filter type. In 2020, the category held a market share of more than 40%. An air filter purifies the air before it reaches the engine for combustion, thereby increasing the vehicle's fuel economy.
- A sizable portion of the global market for automotive filters is anticipated to be held by North America. Higher pollution standards, increasing vehicle manufacturing, and high annual average miles travelled in places like Mexico and the US estimated to fuel market expansion. Demand for passenger automobiles and light commercial vehicles (LCVs) is rising in the US.
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Global Automotive Filters Market: Growth Drivers
- In order to minimize carbon emissions, the increasing pollution levels throughout the world call for fuel-efficient as well as environmentally friendly automobiles. Consumers' increasing awareness about the need to utilize fuel-efficient solutions is what expected to propel the global market. A significant driver propelling the global automotive filters market is the profitable presence of automotive filter manufacturers throughout the globe.
- In addition, the cellular filter media is anticipated to overtake other forms of filter media due to its higher cost-effectiveness. The segment is likely to acquire considerable automotive filters market share as a result of the product's hassle-free accessibility brought on by expanding global distribution channels.
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Global Automotive Filters Market: Key Players
Some of the key market players are
- Emerson Electric Co.
- Johnson Controls International PLC
- Daikin Industries Ltd
- Fujimak Corporation
- United Technologies Corporation
- AB Electrolux
Global Automotive Filters Market: Segmentation
- Refrigerated Vending Machines
- Display Cases/Showcase
- Remote Condensing
- Food Service
- Food Retail
- Food Distribution
- Food Production
- Direct Sales
- Indirect Sales
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