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Automotive Filters Market to Record Sturdy Growth by 2025
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According to the research report, the global automotive filters market is estimated to be worth US$10.97 bn by the end of 2025 from US$5.40 bn in 2016. During the forecast years of 2017 and 2025, the global market is estimated to progress at a CAGR of 12.4%. Out of the various types of filters, the fuel filters are expected to expand at a significant CAGR of 9.2% over the forecast period. In terms of geography, the Asia Pacific automotive filters market is projected to rise at a CAGR of 9.0% in the global market.
Increasing Production of Automobiles Bolsters Growth of Global Market
The increasing incomes and growing expenditure on vehicles has led to stringent vehicular emission regulations as governments across the globe are vying to curb emissions, while keeping the economy healthy. Thus, the growing number of automobile manufacturers have increased the uptake of their filters in order to comply with the emission standards that quantify the limits on permissible amount of air pollutants. The growing environmental concerns due to emission of greenhouse gases has resulted in soaring demand for automotive filters. Furthermore, the compulsion to adhere to these norms in order to acquire manufacturing and sale licenses have also had a positive influence on the global market.
The global automotive filters market is also likely to benefit from the soaring automobile production across the world. The booming automotive manufacturing in the developing countries of Asia Pacific and Brazil are expected to be instrumental in shaping the trajectory of the global automotive filters market. Additionally, the highly replacement rate of filters due to their subsequent wear and tear is also anticipated to be an important driver for the global market. Automotive filters undergo weathering due to terrains and usage, which requires them to be replaced. Furthermore, the depleting value of vehicles also demands new automotive filters for regular maintenance of the vehicle. Introduction of new and better filters with advanced technologies has also led to a strong demand in the global market.
Shifting Inclination toward Electric Vehicles Dampens Market Spirit
On the flip side, the global automotive filters market is being threatened by a few factors. The research report identifies introduction of electric vehicles as an important factor that is poised to restrain the growth of the global automotive filters market. Analysts state that longer-range models, drop in battery prices, and increasing number of charging points have collectively led to higher sales of electric vehicles. The fact that these vehicles do not require filters is anticipated to dampen the spirits of the global market. Furthermore, the increasing pace of green revolution is also expected to have augment the uptake of electric vehicles, which will further add to the woes of the global automotive filters market.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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