Automotive Filter Market Revenue to Grow at a CAGR of 4.5% Between 2021 and 2031 – Queen Anne and Mangolia News
According to the latest intelligence report published by Fact.MR, the automotive filter market revenue will grow steadily between 2021 and 2031, after a CAGR of 4.5% and reaching a value of US$27 billion. As of 2021, the market is expected to be valued at over US$17 billion, driven by the recovery in auto sales.
Historical data suggests that the market grew by more than 3% between 2016 and 2020. The market closed at a value of US$16.7 billion. Growth prospects remained subdued amid a general slowdown in the automotive industry as well as the impact of the COVID-19-induced recession. A decline of more than 5% was recorded in global automobile production according to the International Association of Motor Vehicle Manufacturers.
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Fortunately, by 2025, the automotive filter market is expected to reach nearly US$24 billion in value as the outlook for the automotive sector improves. Manufacturers are taking more advantage of the increasingly tight grip of environmental regulations, with governments requiring the installation of emission control devices on commercial and personal vehicles respectively.
Key insights from market research
- Cabin air filters will register the highest growth, recording a CAGR of 4.8% through 2031, capturing 60% of revenue
- By Vehicle Type, Automotive Filters for Passenger Cars will Exceed a CAGR of 5% through 2031
- Synthetic automotive filters will exceed US$10 billion in revenue by 2022, by filter media
- By sales channel, IAMs will account for the bulk of automotive filter sales, surpassing $10 billion in revenue by 2022
- The United States has become a very opportunistic market in 2020, accounting for 30% of the global market share
- From 2021 to 2031, China will remain the most lucrative market, capturing 3/5 of global demand
“Encouraging government policies to help the automotive sector is poised to simultaneously boost demand for automotive filters. Significant investments in the infrastructure sector will drive sales of passenger car and cabin air filters in the coming period,” comments an analyst from Fact.MR.
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Prominent players are adopting innovative approaches such as revolutionary marketing tactics, technological advancements, mergers and acquisitions.
- In April 2021, a leading player, MANN+HUMMEL began using cabin air filters with nanofiber technology for automotive applications, reducing the number of pollutants that vehicle occupants breathe in and thus improving the quality of the air. air in the passenger compartment of the vehicle.
- Likewise, Cummins Filtration has refined its Fleetguard LF14000NN combination lube filter for its new 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 reduce operating costs on replacement filters throughout the life of the unit. a motor.
Key Segments Covered
type of product
- automotive fuel filter
- automotive oil filter
- Automotive Intake Air Filter
- Automotive cabin air filter
- Synthetic Automotive Air Filter
- Cellulose Automotive Air Filter
- Automotive filters for passenger cars
- Automotive filters for light commercial vehicles
- Automotive filters for HCV
- Automotive filters for off-road vehicles
- Automotive filters for lawn mowers
- Automotive sales via OEMs
- Automotive sales via OES
- Automotive sales via IAMs
2016-2020 Automotive Filter Sales Analysis vs. 2021-2031 Outlook
According to Fact.MR, the global automotive filters market has been growing at a steady pace, registering a CAGR of over 3% from 2016 to 2020. Tougher vehicle emission standards have driven this increase in sales throughout the historical period.
A general contraction in the global automotive industry since 2019, coupled with the COVID-19 outbreak, has significantly limited growth prospects. The International Association of Automobile Manufacturers reported a drop of more than 5% in global car production in 2019. The imposition of lockdowns in the first half of 2020 further blocked the outlook. However, since the second half of 2020, the outlook has shown a gradual resurgence as lockdowns begin to be lifted.
However, the automotive market is poised to resume its acceleration after the economic downturn, supported by the latest advances and significant investments in the filter industry. It should exceed the market value of US$27 billion by 2031.
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How do strict automotive standards encourage the use of automotive filters?
The Environmental Protection Agency (EPA) in the United States has changed standards such as fuel economy standards for light-duty vehicles and the national greenhouse gas emissions program for light-duty vehicles. These regulations are analyzed to drive the market over the forecast period 2021-2031.
One of the main drivers of demand is the growing concerns of vehicle owners regarding preventative maintenance. Additionally, increasing average vehicle lifespan and increase in vehicle miles traveled is expected to boost the growth of the global automotive filters market in the near future.
Engine maintenance in terms of miles traveled has fostered the trend of reducing vehicle downtime and long-term operating costs, which is expected to gain momentum in the coming years, thus rolling the growth of the global automotive filters market over the forecast period. .
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