PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1238844
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1238844
Automotive air filter market size was valued at USD 5,390.3 Million in 2022, expanding at a CAGR of 7.7% from 2023 to 2030.
Automotive air filters are used to restrict dirt particles or other impurities from entering the automobile's engine or the cabin of a vehicle. Moreover, these air filters prevent dirt, bugs, debris, and contaminants from entering the engine's delicate system. In addition, it also ensures a good mixture of fuel and air as a result vehicle can perform well and maintain the air quality of the vehicle. Furthermore, it helps in maintaining appropriate engine power, low fuel consumption, and torque, while increasing the longevity of vehicles. There is various material used in the manufacturing of automotive air filters, including cotton, foam, and paper.
Stringent vehicle emission and fuel economy regulation globally is driving the market growth. In addition to this, the rising concern is related to the increasing greenhouse gas emission, carbon footprint, and air pollution levels. As a result, the increasing rates of vehicle production are resulting in high utilization of automotive filters, which in turn propels product demand. However, increasing demand for electric vehicles may restrain the market growth.
Technological advancements and growing demand for the multi-filtration system are the factors to offer lucrative opportunities over the forecast period. The COVID-19 crisis impacted the automotive air filter industry negatively. The lookdown has resulted in a decrease in vehicle production and disruption in the supply chain. Additionally, the lack of automotive components resulted in a decrease in the production of vehicles globally.
The global automotive air filter market is segmented on the basis of product type, application, end use, and region.
The market is divided into two categories based on product type: intake filters and cabin filters. The cabin filters sector is expected to hold the largest market share. The cabin filters ensure the efficient working of the automobile's engine. Additionally, it helps in preventing harmful pollutants from entering the passenger cabin.
The market is divided into three categories based on application: passenger cars, commercial vehicles, and two-wheelers. The commercial vehicles sector is likely to maintain its dominance during the forecast period. Due to the continuous demand for commercial vehicles and owing to the increasing logistic industry and frequent replacement of air filters.
The market is divided into two categories based on end use: OEMs and aftermarkets. The aftermarket sector is expected to hold the largest market share. Changing consumer preference includes increasing demand for comfortable and fuel-efficient vehicles.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The factors contributing to the market growth include the advent of electric vehicles, inflating disposable income levels, the flourishing automotive industry, extensive research and development, and improved living standards. Additionally, market players are focusing on organic growth strategies such as product launches, product approval, and others including events and patents. Inorganic growth strategies include marketwere acquisitions and partnership & collaboration. For instance, in October 2021, Nirvana launched its Airific Car Cabin filter solution for pollution. Additionally, the product built a barrier for PM 2.5, PM 1, SOX & NOX gasses, bacteria, pollen, viruses, and TVOCs. It also prevents them from recirculating within the cabin and entering the cabin of the car.
This proposed research study on automotive air filter market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for automotive air filter market.
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the automotive air filter market.
Impact of COVID-19 on Automotive Air Filter Market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on automotive air filter market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the automotive air filter market, we have also included competitive landscape and key innovator analysis for the automotive air filter market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the automotive air filter market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global automotive air filter market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows: