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Automotive Filters Market in the Europe to hit US$ 2 billion over the forecast period

Author : Ronak Bora | Published Date : 2019-04-22 

Europe automotive filters market is estimated to be valued over USD 2 billion by 2023 owing to OEM product demand, high degree of awareness and price trends.

The Asia Pacific automotive filters market holds 45% of global share and is projected to have about 8.5% CAGR from 2016 to 2023. This growth is attributed to rapid growth automobile sector across countries such as Japan, India and China.

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Automotive fuel filters Market is expected to grow by 10.5% CAGR in the forecast timeframe. Fuel powered vehicles face various challenges such as costly repairs, spark plug ignition problems, and proper engine functioning leading to rising demand for electric vehicles. Eco friendly vehicles pose a challenge to the global automotive filters market owing to benefits such as less maintenance and operational costs comparatively over the forecast timeline.

Timely replacement of filtrates helps in increasing vehicle fuel mileage by 14% and amplifies acceleration by 6% to 11%. Increasing innovation for mileage enhancement accompanied by benefits such as cost effectiveness, reduced emissions and stable fuel performance is predicted to boost the automotive filters market demand over the forecast timeline.

The automotive filters market can be segmented into light & heavy commercial vehicles, passenger cars, and two wheelers. Passenger cars held over 50% industry share of the overall revenue in 2015. Increasing demand for passenger vehicles due to rising disposable income and health concerns over in-vehicle atmosphere may positively stimulate the industry growth.

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Rising concerns over climate change, environmental hazards and pollution owing to incomplete fuel combustion, release of harmful gases from vehicles has prompted the need to develop energy efficient, and environment friendly alternatives. Favorable initiatives from environmental regulatory bodies such as EPA and CCC may favorably impact the automotive filters market growth.

Aftermarket automotive filters market is estimated to grow over 70% by 2023. Aftermarket enables appropriate filtration thereby providing high efficiency. The OEM segment may experience steady growth rate in the coming years.

Vehicle filtrates comes under the umbrella of the automobile aftermarket and service parts segment. These products help in increasing the lifespan and efficiency of vehicle engines. The function of this component is to protect various internal parts of the engine such as cylinders, power steering, automatic transmissions, and pistons from dirt, debris and unwanted particles. These locomotive parts help in maintaining the air-fuel ratio and regulate the engine air intake resulting in appropriate fuel consumption. These filtrate functions enhance emission control system and minimize the spark plug ignition problems.

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The companies involved in the automotive filters market include Lydall, Cummins, Denso, Mann+Hummel, Mahle, Ahlstrom, etc.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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