Automotive Filters Market Key Players Studied in this Report are MANN+HUMMEL, Hengst SE, Sogefi SpA, Robert Bosch GmbH, K&N Engineering, Inc, Ahlstrom-Munksjo, MAHLE GmbH.
Pune, India, Feb. 17, 2021 (GLOBE NEWSWIRE) — According to the report, Automotive Filters market size is projected to reach remarkable value by 2026. The global automotive filters market size is expected to make substantial gains in the coming years on account of the ambitious vehicle emission targets set by major economies.
The COVID-19 pandemic has dealt severe blows on the automotive industry. When the pandemic erupted, governments announced lockdowns and social distancing measures to contain the spread of the virus. As a result, several carmakers, such as Fiat and PSA Group, were forced to close down their plants to comply with the new regulations. These adverse developments triggered by the pandemic will have repercussions for markets associated with the auto industry, including this one.
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Surging Demand for Electric Vehicles to Stymie Market Growth
On the basis of type, the market has been classified into air filters, oil filters, and fuel filters. Based on vehicle type, the market has been clubbed into passenger cars and commercial vehicles. By geography, the market segments into North America, Europe, Asia Pacific, and the Rest of the World.
The report provides a holistic evaluation of the market drivers, trends, and restraints and also supplies an exhaustive assessment of the top market players and their strategies. Additionally, a microscopic dissection of the market segments is also contained in the report, along with a granular analysis of the regional dynamics and opportunities in the market.
As the transition towards clean mobility intensifies across the globe, the adoption of electric vehicles (EVs) has soared in a commensurate manner. Recent data released by the International Energy Agency (IEA) show that electric car sales reached 2.1 million in 2019, overtaking the levels attained in 2018. The global EV stock stood at 7.2 million in 2019, with EVs now accounting for 1% of the world car stock.
The automotive filters market growth is likely to be hit due to the increasing demand for EVs as these filters are primarily utilized in conventional, fossil fuel-driven vehicles. The heavy reliance of vehicle manufacturers on automotive filters to minimize carbon emissions will thus prove counterproductive for this market as the growing adoption of EVs will lower the incentives for manufacturers to produce and deploy these components. As a result, the growth of this market will suffer in the process.
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Expansion of Auto Sector to Drive the Market in Asia Pacific
Asia Pacific is expected to lead the automotive filters market share in the forthcoming period owing to the rapid expansion and enlargement of the auto manufacturing sector in India and China. Moreover, regional automakers have been investing in new technologies to augment the production of vehicles, which is stoking the adoption of filters in this industry.
In addition, accelerated urbanization and escalating pollution levels in this region will also promote the uptake of automotive filters. In North America, the market will be primarily driven by the increasing stringency of emission regulations.
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The prominent participants in this market are shifting their focus towards developing solutions to advance sustainable mobility. These innovations are enabling companies to diversify their portfolios and further deepen their footprint in the market. Apart from this strategy, competitors are also engaging in collaborations and partnerships to bolster their market presence.
- Hengst SE
- Sogefi SpA
- Robert Bosch GmbH
- K&N Engineering, Inc.
- MAHLE GmbH
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Global Automotive Filters Market Segmentation:
- Air Filter
- Oil Filter
- Fuel Filter
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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