Automotive Oil & Air Filters Market Share, Industry Growth, Trend, Drivers, Challenges, Key Companies by 2031
Automotive
Oil & Air Filters Market: Introduction
Transparency
Market Research delivers key insights on the global automotive oil & air filters market. In
terms of revenue, the global automotive oil & air filters market is
estimated to expand at a CAGR of 3.90% during
the forecast period, owing to numerous factors, regarding which TMR offers
thorough insights and forecasts in its report on the global automotive oil
& air filters market.
Technological
advancements such as real-time monitoring of oil condition with the help of IoT
devices and development of new materials including nanofibers are driving the
automotive filtration industry. The demand for vehicles has been rising among
industries such as construction, mining, forestry, and agriculture.
Transportation has been increasing due to rapid urbanization. This is
augmenting the total vehicle miles travelled globally, thus fueling the demand
for automotive oil & air filters.
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Automotive
Oil & Air Filters Market: Key Players
Key
players operating in the global automotive oil & air filters market are
Champion Laboratories, Inc., First Brands Group LLC., MANN+HUMMEL, MAHLE GmbH,
Donaldson Company, Inc., Sogefi SpA, Robert Bosch GmbH, K&N Engineering,
Inc., Cummins Inc., PARKER HANNIFIN CORP., Ahlstrom-Munksjö, ExxonMobil
Corporation, Hengst SE, ACDelco, and DENSO CORPORATION.
Automotive
Oil & Air Filters Market: Dynamics
Of
late, several industries, including eCommerce, have been expanding, owing to
rise in digital transactions. The growth of the eCommerce industry is likely to
boost the demand for commercial vehicles and passenger vehicles for
transportation and shipping. According to an article by Forbes, eCommerce has
been the fastest-growing channel and is anticipated to surpass the value
US$ 1 Trn
by the end of 2025.
The
demand for two-wheelers for delivery of items to end customers and demand for
commercial vehicles for the transportation of goods from sellers to warehouses
are rising due to the expansion of the eCommerce industry. Miles driven by
vehicles are anticipated to increase, owing to consumer preference for online
shopping and companies providing door-to-door delivery services.
Therefore,
engine filters would run out of their lifecycle at a fast pace, thus requiring
new replacements. This, in turn, is anticipated to boost the global automotive
oil & air filters market. As a vehicle covers more kilometers, the quality
of the oil/air filtered by engine oil/air filter reduces and the vehicle may
release more emissions that are unhealthy for the environment and the
automobile. Thus, filters need to be replaced at regular intervals. This is
anticipated to propel the usage of automotive oil & air filters around the
globe.
Automotive
Oil & Air Filters Market: Prominent Regions
Europe
is one of the key regions of the global automotive oil & air filters
market. This can be ascribed to the presence of a large number of automobile
manufacturers across the region. The increase in the number of car registrations
is also a key factor propelling the demand for automotive oil & air filters
in the region. According to JATO Dynamics Limited, new car registration in
Europe increased by 63% in
March 2021 compared
to that in March 2020.
The
rise in the demand for electric vehicles (EVs) and SUVs is the major driver of
the automobile industry. In Europe, the market share of EVs increased
from 9.7% in
March 2020 to 16% in
March 2021,
while that of SUVs rose from 37% in
March 2019 to 40% in
March 2020,
with notable traction in Sweden, Norway, Slovenia, and Hungary.
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Asia
Pacific dominated the global automotive oil & air filters market in 2020. This trend is
expected to continue during the forecast period, due to increase in demand for
automobiles in developing countries, primarily China and India. Strong economic
growth, rapid urbanization, increase in demand for movement of goods from one
place to another, and improvement in standard of living are some of the key
factors boosting the sale of cars and light commercial vehicles in Asia
Pacific.
Approximately 8.1 million commercial
vehicles were sold in Asia Pacific in 2020. China reported a sale of 5.13 million
units in 2020,
while Australia recorded a sale of 0.24 million
units. Thailand sold 0.44 million
units in 2020,
while Indonesia sold 0.13 million
units. Malaysia reported a sale of 48,000 units in 2020.
Latin
America is a lucrative region of the global automotive oil & air filters
market, led by the rise in industrialization and urbanization in the region
since the past few years. The automobile industry in Latin America has been
expanding due to the surge in the demand for passenger cars and light
commercial vehicles. The growth of the automobile industry in Latin America can
be ascribed to rapid rise in population, increase in household income, and low
interest rates.
The
growth in investment in automobile production facilities in North America is
expected to propel the automotive oil & air filters market in the region,
as air filters are used in motor vehicles to keep harmful particles out of the
engine and thus prolong its life. Thus, the rise in investment in the
automobile sector is anticipated to boost the automotive oil & air filters
market in North America during the forecast period.
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Middle
East & Africa accounted for a minimal share of the global automotive oil
& air filters market in 2020.
Automotive is among the fastest-growing sectors in the Middle East due to high
disposable income, significant infrastructure development, and growing
population. However, the sector is facing a slowdown since 2016 due to the
weak economic environment, particularly in the UAE.
The
introduction of value-added tax (VAT) from January 1, 2018 – 5% tax
applicable on all new vehicles in the UAE – is one of the major factors
restraining the automobile sector in the UAE. As a result, the growth of the
automotive oil & air filters market is estimated to be sluggish in Middle
East & Africa compared to that in other regions.
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