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Oil Filter Market Research 2024-2033 - Size, Outlook, Overview And Competitor Analysis
Oil Filter Market Research
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According to The Business Research Company's, The oil filter market size has grown strongly in recent years. It will grow from $3.94 billion in 2023 to $4.21 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to growing environmental concerns, increasing production of commercial vehicles, a growing average age of vehicles in operation, enhancing the overall performance of the engine, and the rising popularity of electric vehicles.
The oil filter market size is expected to see strong growth in the next few years. It will grow to $5.57 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to the rising need for vehicle safety, rising vehicle manufacturing, demand for high-quality hydraulic filters, increasing adoption of electric vehicles, and the rise in demand for diesel fuel oil filters for cars. Major trends in the forecast period include the continuous evolution of filtration technologies, technological advancements, partnerships and strategic mergers, acquisitions, and new product innovations.
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Market Drivers and Trends:
The rising demand for commercial vehicles is expected to propel the growth of oil filter markets going forward. Commercial vehicles refer to motor vehicles designed for transporting goods or passengers for business purposes, including trucks, buses, and vans. The demand for commercial vehicles is in-light with increased e-commerce activities, urbanization, and infrastructure development, which drive the need for efficient transportation and logistics solutions. Oil filters protect commercial vehicle engines by removing contaminants from the oil, ensuring reliable performance, reduced maintenance costs, and improved fuel efficiency. For instance, in January 2024, according to the Society of Motor Manufacturers and Traders, a UK-based trade association, demand for new light commercial vehicles (LCVs) in the UK increased by 21.0% in 2023, reaching a total of 341,455 units. Therefore, the rising demand for commercial vehicles is driving the growth of the oil filter market.
Major companies operating in the oil filter market are focusing on developing technologically advanced filtration solutions, such as synthetic endurance oil filters, to enhance durability and improve engine performance. A synthetic endurance oil filter refers to a type of oil filter designed with advanced synthetic materials and technology to provide superior filtration performance, extended service life, and enhanced engine protection under demanding conditions. For instance, in April 2023, Fram Group Operations LLC, a US-based operator of a car repair and replacement parts business, launched the FRAM Synthetic Endurance oil filter, a premium product designed for high performance and durability. This oil filter protects up to 25,000 miles when used with appropriate synthetic motor oil. It features high-flow synthetic media offering 99% filtration efficiency, heavy-duty steel construction for durability under high pressure, a 360° textured grip for easy installation and removal, a Perfect Seal No-Stick Gasket for extended oil change intervals, and a robust base plate. This product is designed to meet the needs of newer and late-model vehicles, reflecting FRAM's dedication to quality and performance in engine oil filtration.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Exxon Mobil Corporation, Robert Bosch GmbH, Caterpillar Inc., Denso Corporation, Cummins Inc., DAIKIN INDUSTRIES Ltd, Eaton Corporation plc, Tenneco Inc., Parker Hannifin Corporation, Mahle GmbH, Mann+Hummel GmbH, Donaldson Company Inc., Purolator Inc., Sogefi Group, Hengst SE & Co. KG, Evotek, Hollingsworth & Vose Company, FRAM Group IP LLC, GUD Holdings Limited, Champion Laboratories Inc., K&N Engineering Inc., Bry-Air Inc., ACDelco
Oil Filter Market 2024 Key Insights:
• The oil filter market size is expected to see strong growth in the next few years. It will grow to $5.57 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Surging Commercial Vehicle Demand Fueling Growth In Oil Filter
• Advanced Synthetic Endurance Oil Filters Enhance Durability And Performance In The Market
• Asia-Pacific is the largest region and fastest-growing region in the oil filter market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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