The automobile industry is one of the most critical for any nation’s economic development which is why countries focus so much attention on it. Global carmakers have shifted their focus to emerging markets as the strong economic growth there has led to an increased desire for personal mobility.
With a number of emission scandals dominating headlines in the last few years, customers would naturally be concerned with the quality of fuel used in their vehicles, making the car fuel filter market get its fair share of the limelight. Proactive customers, coupled with stricter governmental regulations pertaining to emissions, are expected to make the fuel filter market boom in the long term.
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The car fuel filter market is on track to record a modest CAGR of 2.8% and be worth approx. US$ 435 million by the end of the forecast period i.e. 2024.
Highlights of the Car Fuel Filter Market
- Diesel has had a reputation for some time now as the ‘dirtier fuel’ which is why it is expected to comprise nearly 3/5th revenue share in the car fuel filter market by fuel type. Commercial vehicles in particular, both light commercial vehicles as well as heavy commercial vehicles often rely on diesel over gasoline and they would need fuel filters to ensure that their emissions are in-line with governmental norms. Diesel is much more popular in Europe as opposed to North America and the Europe diesel fuel filter market is on track to be worth almost US$ 64 million in 2024.
- Gasoline occupies the balance 2/5th revenue share in the car fuel filter market. Gasoline is generally considered ‘cleaner’ than diesel which explains its popularity in the passenger vehicle segment. However, the fuel quality in emerging markets is often of an inferior quality when compared to developed countries for a number of reasons. If fuel filters are not deployed, there is a high probability that the combustion engine can get damaged with dust particulates. Thus, a market opportunity of just under US$ 180 million by 2024 exists in the gasoline fuel filter market as well. Companies could look at targeting North America over Europe as consumers there express an overwhelming preference for gasoline vehicles over their diesel counterparts.
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- The premium passenger car segment represents a small market opportunity in the car fuel filter market in terms of vehicle type. However, it would be unwise to ignore a market of nearly US$ 50 million by end 2024 as rising disposable incomes would make consumers demand premium passenger cars in the long run. Europe and APEJ are neck-and-neck in the premium passenger car segment and it will be interesting to see if and when APEJ outpaces Europe.
- The compact car segment accounts for a third of the revenue share in the car fuel filter market by vehicle type and is especially important in emerging economies where the price-sensitivity is higher than in Europe or North America. The compact car segment is predicted to be worth roughly US$ 120 million in 2024 and companies in the car fuel filter market are advised to make their business strategies keeping this in mind.
- The mid-sized segment consists of a quarter of the revenue share by vehicle type in the car fuel filter market but is likely to lose market share to both premium and compact cars. Key stakeholders are advised to target Europe and APEJ as these are the only two regions that should push past US$ 28 million by the end of the study period.
The car fuel filter market report has profiled prominent companies such as Champion Laboratories, UFI Filters SpA, Valeo SA, Hengst SE, Cummins Inc., and Sogefi SpA.
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