Car Oil Filter Market Expects To Grow At A 4% CAGR By 2031

Newly released data by Fact.MR shows that the global car oil filter market size is forecast to top US$ 2 Bn in 2021. Expansion of automotive industry, along with availability of car oil filters through IAMs will continue pushing sales, reaching US$ 3 Bn by 2031.

Stringent regulations pertaining to the reduction of carbon emissions are driving the sales in the market. Car oil filters improve oil quality by effectively separating contaminants from the oil, thereby keeping the oil safe and clean. This potentially reduces carbon gas emission, further propelling sales in the passenger cars segment.

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Growing concerns regarding engine damage caused by impurities in car oil are also boosting sales in the market. Due to the ongoing developments in vehicle quality, manufacturers are compelled to launch low-price oil filters to facilitate a longer oil change period. Further, manufacturers are focusing on premium quality components to improve the product life cycle and durability.

As per the study, demand in the luxury car segment is expected to grow at a remarkable pace in the forthcoming years. High-quality components are vital in the production of luxury cars, which is encouraging product developments in the market. This is indicative of lucrative prospects for entrants, leading players, and OEMs in the automotive industry.

As per Fac.MR, North America will continue witnessing high demand for car oil filters due to the presence of a robust automotive industry and aftermarket. Asia Pacific will follow suit, as demand for luxury and passenger vehicles continues to rise in China, Japan, and India.

"Automotive component manufacturers are replacing metal components with plastic components in oil filters to reduce the overall weight of the vehicle. This is expected to increase the sales. In addition to this, introduction of novel filtration techniques will usher product developments, which is anticipated to boost the market in the forthcoming years," says a Fact.MR analyst.

Key Takeaways:

• Based on product type, sales in the anti-drain seal segment are projected to increase at 4% CAGR through 2031.
• In terms of sales channels, the IAM segment is expected to enjoy the highest revenue over the forecast period.
• Demand in the luxury cars segment is forecast to grow at a 3.1% CAGR, nearly 4x more than the premium cars segment.
• Sales in the synthetic car oil filters segment are projected to increase at 3.4% CAGR over the assessment period.
• Germany is expected to dominate the Europe market, accounting for more than 30% of the market share by 2031.
• China is projected to account for a lion's share in the Asia Pacific market, with sales in Asia Pacific expected to grow at 3.5% CAGR.

Growth Drivers:

• Increasing adoption of alternative components such as alloys and plastics will continue boosting growth of the market.
• Growing sales of passenger cars across China, South Korea, and Japan will increase the demand for car oil filters over the forecast period

Restraints:

• Growing preference and demand for electric vehicles might limit the adoption of car oil filters.

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Competitive Landscape

Leading players operating in the global car oil filter market are focusing on research and development to improve their product portfolios by launching novel products. Besides this, players are investing in mergers, acquisitions, and collaborations to expand their global presence and to gain a competitive edge in the market.

For instance,

In November 2021, Mann Hummel GmBH announced the completion and launch of the company's new West Coast Distribution Centre. The new center will fulfill orders for the company's automotive aftermarket brands of Purolator, WIX Filters, and MANN-Filter, along with private labeled brands.

Key Players in the Car Oil Filter Market Include:

• MAHLE GmbH
• Robert Bosch GmbH
• Denso Corporation
• Mann Hummel GmbH
• Sogefi SpA.

More Valuable Insights on Car Oil Filter Market

Fact.MR provides an unbiased analysis of the car oil filter market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global car oil filter market with a detailed segmentation on the basis of:

Product Type:

• Base Gaskets
• Canisters
• Anti-drain Black Seals
• Base Plates

Sales Channel:

• OEMs
• OESs
• IAMs

Vehicle Type:

• Compact Passenger Cars
• Mid-sized Passenger Cars
• Premium Passenger Cars
• Luxury Passenger Cars

Filter Media:

• Cellulose Car Oil Filters
• Synthetic Car Oil Filters

Regions:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• MEA

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About Fact.MR

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.

This release was published on openPR.