August 08, 2022 06:51 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 08, 2022 (GLOBE NEWSWIRE) -- The global automotive air filters market size is expected to grow from USD 5.08 billion in 2020 to USD 5.49 billion by 2027, exhibiting a CAGR of 1.1% during the forecast period. The market is set to gain traction from the increasing adoption of flexible, clean, and advanced engines. This is mainly occurring because of the imposition of stringent emission laws by regulatory bodies. This information is given by Fortune Business Insights™ in a new report, titled, “Automotive Air Filters Market 2020-2027.”
The automotive air filter market is primarily driven by the increasing number of vehicles in the world and stringent regulations imposed on vehicle emissions. The demand for fuel-efficient vehicles, which are equipped with high-quality filters, is also driving the growth of this market. Air filters are an important component in the vehicle engine system that helps to remove particulate matter from the engine's intake air and increase engine performance because they reduce friction in the engine system and improve fuel efficiency.
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Rising Number of SUVs to Bolster Growth in North America
Geographically, in 2019, Asia Pacific procured USD 3.29 billion in terms of revenue. This region is set to dominate throughout the forthcoming years backed by the increasing production and sales of vehicles in the region. North America is set to exhibit significant growth stoked by the increasing number of SUVs in this region, which, in turn, is likely to surge the demand for Automotive Air Filters. Europe, on the other hand, is expected to show considerable growth owing to the presence of renowned companies, such as Mahle GmbH and Robert Bosch in this region.
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Increasing Usage of Synthetic Media to Augment Growth
Automotive Air Filters are mainly made up of cellulose media that are very expensive. The ongoing technological advancements in the field of air filters have given rise to the production of synthetic media. It is gaining immense popularity nowadays because of its ability to improve airflow and enhance its overall performance. At the same time, it is less sensitive to water. Hence, the usage of synthetic media would aid in increasing fuel efficiency. It is set to boost the demand for Automotive Air Filters. However, the increasing inclination of consumers towards electric vehicles (EVs) may hamper the Automotive Air Filters market growth in the near future.
Air Intake Filters Segment to Generate Highest Share Owing to Requirement of Regular Maintenance of Engines
Based on the product, the air intake filters segment earned 79.1% in terms of the Automotive Air Filters market growth in 2019. It is set to generate the largest share in the coming years backed by the urgent requirement of regular maintenance of engines. It helps in providing better fuel efficiency.
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COVID-19 Pandemic: Declining Sales of Automotive to Obstruct Growth
The outbreak of the COVID-19 pandemic has taken a huge toll on the automotive industry across the globe. It has compelled various automakers to shut down their production processes. A decline in the sales and production of vehicles is likely to hamper the demand for Automotive Air Filters amid this pandemic. Our extensively researched reports would help you choose the right strategy to come out of this grave situation.
Key Players Focus on Developing Innovative Automotive Air Filters to Intensify Competition
The market for Automotive Air Filters contains many reputed companies. Most of them are trying to gain a competitive edge by introducing novel technologies to cater to the growing demand from people across the globe.
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4.4 Porter’s Five Forces Analysis
5. Global Automotive Air Filter Market Analysis, Insights and Forecast, 2016-2027
5.2. Market Analysis, Insights and Forecast – By Product
5.3 Market Analysis, Insights and Forecast – By End-Use
5.4. Market Analysis, Insights and Forecast – By Vehicle Type
5.5. Market Analysis, Insights and Forecast – By Region
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