Light Vehicle (LV) Cabin AC Filters Market Predicted to Rake in US$ 4,655.9 Mn by 2024
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Sales of LV cabin AC filters in the global market was estimated to be valued at US$ 3,132.5 Mn by the end of 2016, witnessing a Y-o-Y growth of 4.1% over the year 2015. The APAC and Europe markets were solely expected to account for a value share of more than 60% in the global LV cabin AC filters market by 2016 end and are projected to retain this position throughout the forecast period. The global LV cabin AC filters market is anticipated to reach a market valuation of US$ 4,655.9 Mn by 2024 end. This represents an incremental opportunity of US$ 1,523.5 Mn between 2016 and 2024.
Global LV Cabin AC Filters Market: Dynamics
Cabin AC filters are the integral part automobiles. With steady rise in light vehicle production, demand for cabin AC filters is expected to increase. Rising demand for automotive cabin AC filters to filter out pollutants and bacteria and provide clean air inside the cabin of the vehicle is anticipated to drive the demand for cabin AC filters. Being an important component of automobile HVAC systems is another factor likely to boost the demand and subsequently growth of cabin AC filters in the global market.
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Global LV Cabin AC Filters Market: Forecast
On the basis of technology type, the particle filters segment is expected to retain its dominance in the global LV cabin AC filters market followed by the very high efficiency filters segment. By sales channel, the independent aftermarket is set to lead the global LV cabin AC filters market, owing to a strong presence of the automobile aftermarket in different geographies.
In terms of region, the APAC LV cabin AC filters market is expected to remain dominant over the forecast period. APAC is estimated to hold over 62.8% share in terms of absolute $ opportunity in the global LV cabin AC filters market over the forecast period. Sales of cabin AC filters in the APAC regional market is expected to witness 1.9X growth by the end of 2024 as compared to that in 2016. Growth of the LV cabin AC filters market in the APAC region is attributed to a steady rise in vehicle production in the region and a subsequent rise in the adoption of automotive cabin AC filters. Europe, followed by North America is expected to be the next attractive region after APAC, in terms of CAGR and market share index in the global LV cabin AC filters market.
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Global LV Cabin AC Filters Market: Competitive Landscape
Some of the companies profiled in the global LV cabin AC filters market report are Mann+Hummel GmbH, Robert Bosch GmbH, MAHLE GmbH, Hengst SE & Co. KG, Donaldson Company, Inc., Valeo SA, EuroGIELLE S.r.l, Ahlstrom Corporation, Sogefi SpA, Airmatic Filterbau GmbH, K&N Engineering, Inc., Denso Corporation, Freudenberg & Co. KG, ACDelco, and ALCO Filters Ltd.
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