Automotive Air Filters Market Worth $8.62 Billion by 2024: Grand View Research, Inc.
The global automotive air filters market is expected to reach USD 8.62 billion by 2024, according to a new report by Grand View Research, Inc. Rising disposable income coupled with the growth of global automobile industry and stringent emission norms is expected to drive the market growth over the next eight years.
The global automotive air filters market is estimated to witness a high growth owing to rising automobile production along with rapid industrialization and urbanization. Stringent emission control regulations are expected to foster the market growth.
Growing disposable income in developing regions such as Asia Pacific and the Middle East is presumed to drive the growth. Economies such as India and China are projected to have brisk growth and lead their regional market. Volatile raw materials cost is presumed to hamper the industry growth. The increase in electric vehicles production is also estimated to hinder the market growth shortly.
Favorable regulation such as EU and EEA member states emission standards which include Euro VI petrol and diesel norms. This norm is to govern light and commercial passenger vehicles emissions and is anticipated to have a positive impact on automotive air filters demand in engine components.
Browse full research report with TOC on "Automotive Air Filters Market Analysis By Product (Intake And Cabin), By Application (Passenger Car, Light & Heavy Commercial Vehicle), By End-Use (OEM, Aftermarket) And Segment Forecasts To 2024" at: http://www.grandviewresearch.com/industry-analysis/automotive-air-filters-market
Further key findings from the report suggest:
- Cabin filter emerged as the leading product segment and accounted for 51.6% of total market revenue in 2015. Cabin filters are estimated to grow at a rapid pace at an estimated CAGR of a 9.1% from 2016 to 2024. The growth can be attributed due to favorable emission control regulation and consumer concern towards safe car environment.
- Passenger car application segment dominated the automotive air filters demand and accounted for over 50% of the total market in 2015. Increasing demand in automobile industry coupled with rapid automobile production is expected to benefit the overall filters demand in automotive.
- In 2015, Aftermarket segment in end-use had the highest penetration in the automotive air filters market with over 70% of the total market. This trend is expected to continue over the next eight years. Rising disposable income across emerging nations is estimated to favor the market growth.
- Asia Pacific had the highest regional market penetration in 2015 and accounted for over 45% of global demand. Increasing automobile production in India, China, Thailand andIndonesia is expected to drive the regional market over the forecast period.
- Key market participants include Ac Delco Inc., Affinia Group Inc., Denso Corporation, Hollingsworth & Vose Co. Inc., Mann+Hummel, Roki Co. Ltd, Donaldson Company Inc., K&N Engineering Inc., Robert Bosch GmbH, Ahlstrom Corporation, SogefiS.p.A, Neenah Paper Inc., Clarcor Inc., Parker Hannifin Corp., Freudenberg & Co. Kg, Lydall Inc., Toyota Boshoku Corporation, Cummins Inc., Hengst GMBH & Co. Kg, Mahle GmbH and Valeo S.A.
This article originally appeared on kfmbfm.com.