New York, April 10, 2023 (GLOBE NEWSWIRE) -- The Automotive Filters Market is anticipated to be valued at US$ 15.78 Billion in 2023 and to grow at a CAGR of 5.8% to US$ 27.74 Billion by 2033. The market is driven by the increasing demand for fuel-efficient vehicles, rising environmental concerns, and the growth of the automotive industry in emerging economies.
Automotive filters are essential components used in vehicles to maintain the performance and longevity of the engine by filtering out contaminants from the fuel, oil, and air. The global automotive filters market is driven by the increasing demand for fuel-efficient vehicles, rising environmental concerns, and the growth of the automotive industry in emerging economies. The market is segmented by filter type, vehicle type, distribution channel, and region.
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The growth of the market is driven by increasing vehicle production and sales, stringent government regulations regarding vehicle emissions, and the rising awareness among consumers about the importance of regular vehicle maintenance. Additionally, technological advancements in filter materials and designs are also contributing to the growth of the market.
Key players in the automotive filters market include Mahle GmbH, Donaldson Company Inc., Robert Bosch GmbH, FRAM Group IP LLC, Sogefi S.p.A, Mann+Hummel GmbH, Alco Filter Ltd., Ahlstrom Corporation, Airmatic Filterbau GmbH, Denso Corportaion, Cummins Inc., EuroGIELLE S.r.l, Freudenberg & Co. KG, Hengst SE & Co. KG, Hollingsworth & Vose Company, K&N Engineering Inc., Champion Laboratories, UFI Filters, Valeo S.A. These companies are investing in research and development to create innovative filter designs and materials to meet the increasing demand for high-quality filters.
Market Dynamics:
- Increasing vehicle production and sales: The automotive filters market is driven by the growing demand for vehicles, particularly in emerging markets. The increasing production and sales of vehicles have resulted in a higher demand for automotive filters, as they are essential components for vehicle operation.
- Stringent government regulations: Governments worldwide are imposing stricter regulations on vehicle emissions, which are driving the adoption of high-quality automotive filters. These regulations are driving the demand for filters that can effectively remove pollutants from the engine, such as particulate matter and nitrogen oxide.
- Growing awareness of the importance of vehicle maintenance: Consumers are becoming more aware of the importance of regular vehicle maintenance, which is driving the demand for automotive filters. Regular filter replacements can improve a vehicle's performance, fuel efficiency, and reduce emissions.
- Technological advancements: The development of advanced filter materials and designs is driving the demand for high-quality automotive filters. New filter designs can improve performance and increase the lifespan of filters, reducing the need for replacements.
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Market Segmentation:
- By filter type, the market is segmented into oil filters, air filters, fuel filters, and cabin air filters. The air filter segment is expected to dominate the market owing to the increasing demand for fuel-efficient vehicles and the growing awareness about air pollution.
- By vehicle type, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger car segment is expected to dominate the market owing to the increasing demand for personal vehicles and the growing disposable income of consumers.
- By distribution channel, the market is segmented into OEM and aftermarket. The aftermarket segment is expected to dominate the market owing to the increasing demand for replacement filters and the growing awareness about the maintenance of vehicles.
Regional Analysis:
The global automotive filters market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. The Asia-Pacific region is expected to dominate the market owing to the growing automotive industry and the increasing disposable income of consumers. The region is also expected to witness the highest CAGR during the forecast period.
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Recent Developments:
- In March 2021, German auto parts supplier Mann+Hummel announced that it has developed a new air filter that can neutralize certain viruses, including COVID-19. The filter uses a specially treated filter medium that can trap and kill viruses.
- In January 2021, Sogefi Group, a leading automotive filters manufacturer, announced that it has signed an agreement with Great Wall Motors Company to supply cabin air filters for their new models in Europe.
- In November 2020, Donaldson Company, a leading manufacturer of filtration systems and parts, announced the launch of a new line of fuel filters designed for use in heavy-duty diesel engines. The filters feature advanced filtration media that can capture and hold more contaminants than traditional filters.
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