Automotive Air Filters Market Is Expected To Reach USD 6.10 Billion By 2020 : Radiant Insights,IncGuangzhou Olansi Healthcare Co.,Ltd
San Francisco, May 30, 2016 (GLOBE NEWSWIRE) — Global automotive air filters market is expected to reach USD 6.10 billion by 2020. Growing demand from the automotive industry, particularly in BRIC nations, on account of increasing disposable income and growing industrialization rate is expected to remain a key driving factor for the market. Rising consumer awareness regarding health disorders caused due to contaminated air in the car cabin is also expected to have a positive influence on market growth. Environmental hazards related to combustion engine vehicles have led to the growth of electric vehicles, which contributes negligible emissions but also requires less maintenance of the engine. Growth of electric vehicle industry is expected to challenge automotive air filter demand over the forecast period.
Cabin filters dominated the global automotive air filters product segment and accounted for 51.3% of total market revenue in 2013. Cabin filters are also expected to be the fastest growing product segment, at an estimated CAGR of 8.5% from 2014 to 2020. Consumer shift towards reducing bad odor and minimizing health disorders caused due to air pollutants inside the vehicles is expected to fuel demand for cabin air filters over the forecast period.
Further key findings from the study suggest:
- Passenger cars were the largest application for automotive air filters market and accounted for 51.5% of total market revenue in 2013. Growth of passenger cars ownerships particularly in emerging markets of India, China and Brazil is expected to drive air filters demand in passenger cars. Automotive air filter demand in two wheelers is expected to grow at an estimated CAGR of 8.5% from 2014 to 2020.
- Aftermarket dominated automotive air filter demand, at over 70% of total market revenue in 2013. It is also expected to be the fastest growing end-use segment at an estimated CAGR of 8.2% from 2014 to 2020. Consumer shift towards replacing air filters in order to minimize maintenance cost is expected to drive the automotive air filters demand in aftermarket.
- Asia Pacific emerged as the leading regional market and accounted for 49.3% of total market revenue in 2013. Asia Pacific is also expected to be the fastest growing regional market for automotive air filters at an estimated CAGR of 8.5% from 2014 to 2020. Growth of automotive industry in emerging markets of China, India and Indonesia is expected to drive the regional market. North American market is expected to witness steady growth on account of recovery of automotive industry in the U.S. and favorable regulatory scenario in the region.
- Top market participants accounted for less than 50% of the total market revenue in 2013. The market has witnessed mergers and acquisitions over the last few years. This trend is expected to continue and the market is expected to move towards consolidation over the next several years. Some of the leading participants operating in the global market include Mann+Hummel, Affnia, Cummins and Mahle Industries.