[308 Pages Research Report] Introduction of regulations regarding emission of greenhouse gases, increase in demand for luxury vehicles with greater cabin comfort, and rise in production & sale of automotive drive the growth of the global automotive air filter market.
/EIN News/ — Portland, OR, June 02, 2022 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Automotive Air Filters Market By Type (Air Intake Filters, Cabin Air Filters), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), By Propulsion (ICE and Hybrid Vehicles, Electric Vehicles), By Sales Channel (Original Equipment Manufacturer (OEM), Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021-2030.” According to the report, the global automotive air filter industry was estimated at $4.7 billion in 2020, and is anticipated to hit $7.8 billion by 2030, registering a CAGR of 5.4% from 2021 to 2030.
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Prime determinants of growth-
Introduction of regulations regarding emission of greenhouse gases, increase in demand for luxury vehicles with greater cabin comfort, and rise in production & sale of automotive drive the growth of the global automotive air filter market. On the other hand, rise in demand for electric vehicles impedes growth to some extent. However, advancements in technology and surge in demand for the multi-filtration system are anticipated to pave the way for lucrative opportunities in the industry.
- Decrease in vehicle production and decline in sales of automobiles gave way to a shortage of automotive components, which resulted in delays of vehicles across the globe, thereby impacting the automotive air filter market negatively.
- However, as the global situation is getting better, the market is also projected to get back on track soon.
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The cabin air filters segment to dominate by 2030-
By type, the cabin air filters segment contributed to the major share in 2020, holding around more than half of the global automotive air filter market. The same segment would also cite the fastest CAGR of 5.9% during the forecast period, since it aids in improving the car’s ventilation by removing particles such as dust, mold, pollen, and bacteria from the air.
The passenger cars segment to maintain the lion’s share-
By vehicle type, the passenger cars segment accounted for the major share in 2020, holding more than four-fifths of the global automotive air filter market. The same segment is also expected to grow at the fastest CAGR of 5.6% from 2021 to 2030. This is attributed to the fact that several automobile manufacturers are launching new passenger cars with improved cabin air filters in order to provide improved HVAC (heating, ventilation, and air conditioning) systems in vehicles.
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Asia-Pacific garnered the major share in 2020-
By region, the market Asia-Pacific had the lion’s share in 2020, generating more than two-fifths of the global automotive air filter market. Increase in sale of passenger cars with advanced features to reduce carbon footprints drives the market growth. The Europe region, however, is projected to portray the fastest CAGR of 6.3% by 2030. This is due to increase in sales of cars and electric vehicles in the province.
Key players in the industry-
- Denso Corporation
- Donaldson Company, Inc.
- Hengst SE
- MANN+HUMMEL International GmbH & Co. KG
- Hanon Systems
- Mahle GmbH
- Robert Bosch GmbH
- Ahlstrom-Munksjo Oyj
- Sogefi S.P.A
- General Motors Company (AcDelco)
- Alco Filters Ltd
- CabinAir Sweden AB
- Freudenberg Filtration Technologies SE & Co. KG
- Cummins Inc.
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This news story originally appeared at Books - Reality Syndicate Viewers on 4 June 2022