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.
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.
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.
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