(MENAFN- America News Hour) Automotive filters market from the
global passenger vehicle car segment is expected to surpass USD 1.5 trillion by
2023. Increasing vehicle financing options by several organizations has
resulted in the easy purchase of products, propelling the demand for automotive
filters in this segment. Rising production coupled with low cost advantage due
to economies of scale will support the market demand. Further, rising demand
for passenger vehicles due to increasing population in urban areas coupled with
increased consumer spending will support the automotive filters business
expansion.
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The Automotive filters market is
competitive and fragmented in nature with industry participants including
Cummins Inc., Ahlstrom Corporation, Denso Corporation, Neenah Paper Inc.,
Lydall Inc., Roki Co., K & N Engineering Inc., Parker Hannifin Corp., Toyota
Boshoku Corporation, Mahle GmbH, Robert Bosch GmbH, and Freudenberg & Co.
The manufacturers adopt strategies including mergers and acquisitions, new
product launch, capacity expansion to gain the market share and increase
profits.
Asia Pacific air filtration
market is expected to grow at an annual rate of 8.6%, with automotive air
filters having occupied more than 55% of the overall revenue in 2015. This significant
growth will lead to Automotive filter industry earning heavily from the Asia
Pacific region. In 2015, APAC contributed to more than 45% of the overall
revenue and is expected to grow at a rate of 9% over 2016-2023. The massively
growing automotive sector across the emerging economies such as India, Japan,
and China will drive the regional growth. In addition, the government has
mandated strict legislations regarding vehicular emissions in these regions,
which will further drive APAC Automotive filters market.
Some major findings of the automotive filters
market report include:
-
The demand for automotive filters is
increasing across the globe due to increasing pollution problems and strict
regulations pertaining to environment.
-
The government policies in Asia
Pacific to enhance the economic growth will boost the demand.
- The
increasing demand for automotive filters to reduce the contaminants present in
the vehicle environment and the engine.
-
Some of the major players operating
in the automotive filters market include MANN+HUMMEL, Toyota Boshoku, Ahlstrom
Corporation, Robert Bosch, Cummins, Parker Hannifin Corp. and Mahale GmbH
-
Companies are investing in research
and development to develop new products to gain competitive edge
-
Asia pacific automotive aftermarket
may surpass USD 145 Billion by 2022 owing to increasing average age of cars in
the region has resulted in frequent aftermarket services, thus stimulating
product demand.
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About Global Market Insights
Global Market Insights, Inc.,
headquartered in Delaware, U.S., is a global market research and consulting
service provider; offering syndicated and custom research reports along with
growth consulting services. Our business intelligence and industry research
reports offer clients with penetrative insights and actionable market data
specially designed and presented to aid strategic decision making. These
exhaustive reports are designed via a proprietary research methodology and are
available for key industries such as chemicals, advanced materials, technology,
renewable energy and biotechnology.
Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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