Global car oil filter market is driven by many factors. The rising automotive industry is a prime aspect which drives the growth of the car oil filter market.
Certain government regulations regarding the manufacturing of vehicles has forced the manufacturers to implement improvements in the design aspect of the engine and along with the technological changes and advancements in the oil filter domain, this has imparted support to the growth of the car oil filter market.
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As far as vehicles are concerned, the increase in the passenger cars has triggered the growth of the car oil filters. Moreover, public awareness regarding the safety of the engines of their vehicles and the benefits of oil filters such as removal of contaminants, ensuring good engine health and enhance the life of the components within the engine has spurred the growth of the global car oil filter market.
However, the challenge faced by this sector is the introduction of the electric cars which do not need oil filters. Another challenge cum opportunity is the life of the filter. It has low life and has to be replaced but the opportunity aspect is that it needs to be changed frequently and this can be beneficial to the manufacturers of the filters.
Europe region shows great potential and market share by 2024 end. The Asia-Pacific excluding Japan (APEJ) region shows higher growth rate during the period of forecast.
The global car oil filter market is poised to reach about US$ 535 Mn by the end of 2024 and is anticipated to grow at a steady CAGR during the forecasted period of 2017 to 2024.
5 Forecast Highlights on Global Car Oil Filter Market
- The luxury passenger car segment by vehicle type enjoys a higher market share by revenue and accounts for 36.5% share which is higher than all other segments during the period of forecast. The premium passenger car segment reflects a similar growth rate as the luxury passenger car segment but has less market share. The compact passenger car segment grows at a steady rate
- Europe region is on the vanguard as far as regional dominance is concerned. It has a higher market share by revenue than any other region and is poi9sed to grow at a steady growth rate. Asia-Pacific excluding Japan (APEJ) region reflects the highest growth rate to register a CAGR of 3.5% during the period of forecast. This can be attributed to the rising number of passenger cars in this region
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- Cellulose segment by filter media has a high market share by revenue but experiences a not so high growth rate. However, the synthetic segment is poised to grow at a higher CAGR of 3.4% among other filter media segments during the period of forecast
- The OEM segment is poised to grow at a slow rate during 2017 to 2024, with a low market share by revenue. IAM segment enjoys the highest market revenue share and is growing at higher rate to attain a CAGR of 3.2% along with a gain in the BPS by the end of 2024
- By product type, the anti-drain black seal has higher growth rate during the period of forecast and gains the highest BSP by the end of 2024. The base gasket segment has a high market share by revenue and accounts for 35.6%. APEJ region is a lucrative region for the base gasket segment
The report has also profiled leading players in the global market for car oil filters, which would remain active through 2024. These include companies like Champion Laboratories Inc., UFI Filters SpA, Freudenberg & Co. KG, Hengst SE and Co. KG, Cummins Inc., Alco Filters ltd., Ahlstrom Corporation, K&N Engineering Inc., Hollingsworth and Vose Company, Mann Hummel GmbH, Sogefi SpA., Donaldson Company Inc., Denso Corporation, Robert Bosch GmbH and MAHLE GmbH.
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