Market Research Future (MRFR)’s latest study reveals that the global automotive fuel filter market is expected to expand at a CAGR of 5.05% during the forecast period 2018 to 2023. The value of the market is estimated to grow from USD 4,290.8 Mn in 2017 to USD 5731 Mn by 2023-end. The key area of focus for the automotive manufacturers is fuel efficiency. It is likely to catalyze investments in the development of fuel filters as it filters fuel for combustion, assuring higher efficiency. Fuel filter manufacturers have capitalized on the gap between technologically advanced vehicles and limit performances. They have added high-end filter media to their portfolios, and the trend is likely to perpetuate in the forthcoming years.
The increasing demand for fuel-efficient vehicles has paved the way for growth opportunities for manufacturers of high-end fuel filters. Additionally, the stringent regulation enforced by governments for reducing vehicle emissions have catapulted the market growth on an upward trajectory. For instance, India took measures to facilitate the shift from Bharat stage V emission norms to Bharat stage VI norms. The manufacturers are partnering with research centers and universities for innovating products capable of handling new challenges and complying with regulations.
The change in the norms related to fuel emissions has a direct impact on the designing of fuel filters which is expected to hold the market growth over the review period. Additionally, the exponential increase in the sales of electric vehicles that restrain the use of fuel filters is likely to restrict market growth across the projection period.
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Global Market for Automotive Fuel Filter-Segmental Analysis:
MRFR’s report offers a detailed segmental analysis based on fuel type, filter material, sales channel, and vehicle type. By fuel type, the market has been segmented into diesel and gasoline. Among these, the diesel segment currently dominates the market and is estimated to thrive at a high CAGR during the forecast period. The growth is attributable to the boost in sales of diesel cars and booming transport industry. Meanwhile, the gasoline segment is projected to register a CAGR of 4.9% across the review period.
By filter material, the market is segmented into cellulose, synthetic, and others. The cellulose segment holds the largest share of the market which accounts for 45.7% share and was valued at USD 1960 Mn in 2017. The synthetic segment is likely to gain a dominant share of the market towards the end of 2023 striking a higher CAGR.
By sales channel, the market has been segmented into OEM and aftermarket. Among these, the aftermarket segment currently accounts for the largest share of the market. It is prognosticated to retain its dominance in the forthcoming years expanding at a relatively higher CAGR of 5.41%. The growth is attributable to the increasing traveling distance and rising emission levels of vehicles.
By vehicle type, the market is segmented into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. Among these, the passenger vehicle segment is held 64% share of the market in 2017 and is prognosticated to exhibit a relatively higher CAGR.
Regional Outlook:
By region, the global automotive fuel filter market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is the largest market for automotive fuel filter and is projected to hold its pole position towards the end of the assessment period. The growth can be ascribed to factors such as an upsurge in infiltration level of vehicles, rising demand for automobiles, growing disposable income, etc. Asia Pacific has the highest number of fuel manufacturers which is likely to augment the market size and revenue in the foreseeable future.
North America is the second largest market globally and is estimated to exhibit a high CAGR over the projection period. Led by the U.S., the market is expected growth is expected to be favored by factors such as rising investments in product developments, growing manufacturing units in Canada and Mexico, increasing awareness about filter replacement, etc.
Europe is an important growth pocket of the automotive fuel filter market. It is likely to witness substantial growth over the next couple of years. Europe’s strategic planning for reducing 20% emissions by 2020 is expected to have a positive influence on the expansion of the regional market.
The Rest of the World, which encompasses Latin America and the Middle East & Africa, resonates strong growth opportunities and is forecasted to exhibit significant growth throughout the assessment period due to the flourishing automobile industry.
Global Market for Automotive Fuel Filter-Competitive Dashboard:
Some of the key players profiled in the report include Mann+Hummel, Denso Corporation, Cummins Ltd, Ahlstrom-Munkjso, ALCO Filters Ltd, Parker Hannifin Corp, Donaldson Company Inc., Hengst SE, Mahle GmbH, and Sogefi SpA.
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