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Global Demand For Automotive Oil Filter Was Valued At US$ 2,329.3 Mn In 2018
The report offers actionable and valuable insights on the Automotive Oil Filter market. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Automotive Oil Filter across various industries and regions.The report on automotive oil filter market covers all the macro as well as micro trends responsible for shaping the growth of automotive oil filter market. All the identified factors having influences on growth of automotive oil filter market have been analyzed and presented, both qualitatively and quantitatively.
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Automotive Oil Filter Market- Key Insights
• Global demand for automotive oil filter was valued at US$ 2,329.3 Mn in 2018. Automotive oil filter market continues to be driven by growing initiatives for curbing emission levels and reinvigorating engine life.
• Synthetic filters, which accounted for more than 30% revenue share of the filter media segment in 2017, will continue to be the highly-preferred over all other filter media types.
• Europe retains its position of the largest market for automotive oil filter in 2019 and beyond. European emission standards, which define the acceptable limits for exhaust emissions across the European countries, are likely to give a fillip to automotive oil filters adoption rate.
• MEA is anticipated to emerge as the fastest-growing market for automotive oil filter with promising opportunities for the manufacturers. Flourishing production of new vehicle models and increasing implementation of new and effective filter technologies are upholding growth of this regional market.
Automotive Oil Filter Market- Key Factors Driving Market Growth
• In line with the ever-increasing demand for vehicles, automotive industry ranks among one of the fastest growing industries worldwide. This, in turn, continues to be one of the key factors driving automotive oil filter market.
• Tougher regulations put in place for curbing carbon emissions is a key aspect necessitating adoption of high-quality automotive oil filters for seamless engine maintenance. Growing adoption of the automotive oil filters is estimated to create sustained opportunities for the companies operating in the market space.
• Vehicle owners across the globe are extensively focusing on preventive maintenance- the key to productivity & longevity of vehicles. Increasing preference for preventive maintenance of automobiles is envisaged to result in augmented adoption of effective oil filters for removal of harmful contaminants, propelling automotive oil filter market growth.
• Increasing average age of the vehicles in operation, owing to continual improvement of vehicles’ quality and associated functionalities, is a key aspect estimated to create potential opportunities for stakeholders in automotive oil filter market.
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What are the Key Challenges Faced by Stakeholders in Automotive Oil Filter Market?
• Also known as pressure relief valves, right-sized bypass valves remain instrumental for impeccable functioning of an automotive oil filter. Curating optimum designs of bypass valves to uphold the functionality of an automotive oil filter continues to be a challenge for the market players.
• The automotive landscape is undergoing a sea change in growing inclination toward battery electric vehicles (BEVs). A cohort of factors, including technological advancements and changing customer perceptions, are providing impetus to adoption of BEVs, which is foreseen to challenge automotive oil filter market growth.
5 Forecast Highlights on Global Automotive Oil Filter Market
• Europe is expected to remain dominant in the global automotive oil filters market. Europe automotive oil filter market is estimated to exceed US$ 1,000 million value by the end of 2022. Stringent emission norms and rising environmental awareness by the government is one of the factors driving the demand for automotive oil filters in the region.
• North America is likely to emerge as the second most dominating market. Due to the rise in new vehicle models, new technologies are being used in automotive oil filters. Moreover, new emission norms are also being imposed by the government which is further contributing to the growth of North America automotive oil filter market.
• Sales of automotive oil filters is expected to be highest through IAM. Towards the end of 2022, IAM is likely to surpass US$ 1000 million revenue. Meanwhile, OEM will also account for nearly two-fifth of the revenue share by 2017 end.
• The synthetic automotive oil filter is likely to be one of the highly preferred oil filters for vehicles. During 2017-2022, the synthetic filter is projected to create an incremental opportunity of more than US$ 200 million.
• Mid-sized passenger cars are likely to emerge as the largest users of the automotive oil filters. Mid-sized passenger cars are projected to bring in nearly US$ 600 million revenue towards 2022 end. Although compact passenger cars will also witness steady growth during the forecast period, 2017-2022.
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Automotive Oil Filter Market- The Competitive Landscape
• In 2017, Mahle GmBH- a German manufacturer of automotive parts- launched its latest and exclusive range of fuel filters with enhanced efficiency. Mahle unveiled these new filters and claimed an efficiency increase of nearly 4-6%. This move is a part of Mahle’s production launch and development strategies, which remain indispensable for organic growth of the company.
• In 2018, Denso Corporation- a Japanese manufacturer of automotive components manufacturer- made an official announcement of acquisition of EASE Simulation Inc., a company specializing in automotive diagnostics technology. EASE Simulation will be merging with Denso in a bid to develop industry-best aftermarket products, technology, and services.
Other players included in the report on automotive oil filter market are FRAM Group IP LLC, Sogefi S.p.A, Hengst SE & Co. KG, Robert Bosch GmbH, K & N Engineering, Inc., UFI FILTERS Spa, Champion Laboratories, Inc., Donaldson Company, Inc., Mann+Hummel GmbH, Cummins Inc., and Freudenberg & Co. KG.
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