Sellbyville, DE -- (SBWIRE) -- 01/21/2019 -- Automotive Filters Market is anticipated to grow at 8.4% CAGR from 2016 to 2023 to be valued at over USD 9.5 billion by 2023. Two-wheeler applications are another lucrative sector influencing the global automotive filters industry share. Heavy demand for two-wheelers, particularly from emerging countries such as India, China, etc. along with aftermarket for these vehicles in BRICS nations will augment the automotive filters market demand in two-wheelers. Automotive filters application in two-wheelers is anticipated to register a CAGR of 8.5% over 2016-2023.

Automotive filters product mainly comprises air, fuel, and oil filters. Automotive air filters market dominated the automotive filters product landscape and is forecast to exhibit an annual growth rate of 7.8% over the coming six years. Fuel filters market will witness a CAGR of 10.5% over 2016 to 2023, driven by its rising demand across two-wheeler and passenger cars applications. Oil filters market are poised to witness significant growth trends over the coming years, owing to its heavy adoption to ensure prolonged vehicle life.

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The automotive sector in the APAC has been on a remarkable high over the last few years. Asia Pacific air filtration market is expected to grow at an annual rate of 8.6%, with automotive air filters having occupied more than 55% of the overall revenue in 2015. This significant growth will lead to Automotive filter industry earning heavily from the Asia Pacific region. In 2015, APAC contributed to more than 45% of the overall revenue and is expected to grow at a rate of 9% over 2016-2023. The massively growing automotive sector across the emerging economies such as India, Japan, and China will drive the regional growth. In addition, the government has mandated strict legislations regarding vehicular emissions in these regions, which will further drive APAC Automotive filter market.

Automotive filter are heavily deployed in OEMs and the automotive aftermarket. OEM's offer the benefits of warranty and high quality construction, subject to which Automotive filter market from OEMs is expected to earn remarkably over the next few years. High demand for OEM filters will also lead to Europe Automotive filter industry earning a revenue of more than USD 2 billion by 2023. Having held more than 23% of global Automotive filter market share in 2015, Europe will grow at a significant CAGR over 2016-2023, primarily due to the existence of a huge number of prominent auto manufacturers in the region and stringent norms related to environmental pollution.

Automotive filter industry from aftermarket was worth USD 3.7 billion in 2015 and is anticipated to grow at a rate of 8.7% over 2016-2023. Surging demand for replacement filters will lead aftermarket holding more than 70% of overall Automotive filter market by 2023.

Automotive filter are widely used in two wheeler vehicles, light & heavy duty commercial vehicles, and passenger cars, to reduce harmful emissions and improve engine performance. Two wheelers held more than 13% of the total Automotive filter market share in 2015, and are expected to grow at a CAGR of 8.5% over 2016-2023. Heavy demand for two wheelers across countries such as India and China will stimulate Automotive filter industry from two wheelers.

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Fuel filters help filter out the dirt, dust, and rusted particulates from the fuel line in the engine-based fuel systems of automobiles. Pertaining to the high demand for two-wheeler vehicles and passenger cars, especially across the BRICS countries, Automotive filter industry size from fuel filters is projected to grow at a rate 10.5% over 2016-2023. With impure air leading to numerous lung disorders and other diseases, the public is consciously aware of the health benefits that would arise as a result of installing car filters, which will stimulate Automotive filter market size from oil and fuel filters. In addition, oil Automotive filter industry will earn considerable revenue subject to the fact that these products remarkably enhance the engine performance and elongate its lifespan.

Automotive air filters market share is estimated to grow at 7.8% CAGR, from 2016 to 2023. It accounted for majority of the total industry share in 2015 and is likely to continue its dominance over the forecast timeframe. Rising health disorders owing to impure cabin air accompanied by awareness for good quality air will propel the automotive filters market demand through 2023.

Over the coming years, key growth strategies adopted by the market participants will revolve around mergers & acquisitions and strategic alliances to strengthen their position in the automotive filters industry. Key industry players include Cummins, Mann+Hummel, Mahle GmbH, Denso, Lydall, Inc., and Ahlstrom. Few other prominent industry players include Parker Hannifin Corporation, Toyota Boshoku Corporation, and K&N Engineering.

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