Sellbyville, DE -- (SBWire) -- 01/19/2019 --Automotive Air Filters Market is set to grow at over 7% CAGR to hit USD 7 billion by 2022. Cabin filters are projected to continue its dominance in the global automotive air filters product segment and witness substantial growth during the projected period. Intake filters are likely to upsurge at a projecyed CAGR of over 7% in the near future owing to rising consumer awareness about the long lasting automotive engines.
Automotive air filters find application in passenger cars, light & heavy commercial vehicles, and two wheelers.
Passenger car sector, which contributed 51.7% of global automotive air filters market share in 2014, is predicted to witness a high surge over the coming years. The growth can be attributed to rising purchasing power and increase in number of tourist vehicles. Automotive air filters market size in two-wheeler sector is anticipated to register a CAGR of 8.6% over 2015-2022. Its application in light & heavy commercial vehicle sector is expected to grow at a rate of 6.5% over the period of 2015-2022.
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North America automotive air filters industry is expected to register a CAGR of 8% over the period of 2015-2022, owing to stringent pollution control norms coupled with heavy demand for air filters. U.S. is expected to be a major regional revenue contributor.
Asia Pacific is projected to be the dominant region owing growth in automobile production growth in the region. U.S. market size is likely to register substantial growth over 8% by 2022.
Latin America, driven by automotive air filters market size in Brazil, should witness gains at over 8%. Number of service offerings by OEM should drive regional demand. Increasing opportunities for e-mobility, aftermarket segment and connected cars may stimulate industry growth. Two wheelers vehicles demand should grow significantly over the forecast timeframe. Indian two wheeler market is showing an uptrend and thus resulting in high sales and production volume.
EPA and CCC have demonstrated that automobiles, without proper air filters and ventilation facility, can cause health problems as well as ecological damage. Installation of air filters in automobiles is one of such measures suggested by EPA to reduce health hazards caused due to fuel emissions from vehicles.
Aftermarket is likely to dominate the end use segment with maximum gains over the anticipated period. The growth attributed to rising need of air filters replacements.
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Highly fragmented global automotive air filters market has witnessed frequent mergers and acquisitions. The report features competitive analysis of the key players with profiles, business strategies, current trends, and financial metrics listed in the report. The key players covered in the report include Denso Corporation, Cummins Inc., Lydall Inc., Ahlstrom Corporation, Parker Hannifin Corp., K&N Engineering Inc., Toyota Boshoku Corporation and Roki Co. Ltd.
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