Global Engine Air Filter Market: Snapshot
The global market for engine air filters derives much of its growth from the rise in the worldwide automotive industry. The augmenting demand for automobiles, particularly cars, coupled with the increasing concerns of alarming rise in air pollution, is reflecting positively on the uptake of engine air filters across the world. Consumers are becoming aware of the significance of air filters in eliminating atmosphere dirt and purifying air, which is likely to propel this market in the near future.
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By 2017 end, the global engine air filter market is expected to present an opportunity of US$479.5 mn. Progressing at a CAGR of 6.40% between 2017 and 2024, the market’s valuation is likely to increase to US$652.4 mn by the end of 2024. On the other hand, the current boom in the electric vehicle market, globally, may limit the adoption of engine air filters over the next few years, thereby slowing down the growth of this market.
Demand for Paper/Cellulose Filter Stronger than Other Filters
The analysis of the global market for engine air filter market is majorly conducted on the basis of the type of the media filter, type of vehicle, and the sales channel. Based on the type of the media filter, the market is categorized into foam filter, paper/cellulose filter, synthetic oil filter, gauze filter, and stainless steel mesh filter. The demand for paper/cellulose filters is relatively greater across the world than other filters available in this market, making it the leading segment. By 2017 end, this segment is expected to account for 28% of the overall market and is projected to maintain its leadership with a CAGR of 6.30% between 2017 and 2024.
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By the type of the vehicle, the market is bifurcated into commercial vehicle, premium vehicle, mid-sized vehicle, compact vehicle, luxury vehicle, and heavy commercial vehicle. Currently, the commercial vehicle segment is dominating the worldwide market and the trend is anticipated to continue over the next few years. Original equipment manufacturers (OEM) and aftermarket are the two main sales channels of engine air filters across the world.
APEJ to Continue on Top Spot
Asia Pacific excluding Japan (APEJ), Europe, the Middle East and Africa, Latin America, North America, and Japan are the primary regional markets for engine air filters across the world. With the presence of several automotive giants, such as TATA, Maruti, and Hero Motocorp., the Asia Pacific excluding Japan region has been leading the global market. Rising at a CAGR of 7.0% between 2017 and 2024, this regional market is expected to retain its position over the next few years. Europe is projected to maintain its second position by 2024 end, creating US$162.9 mn in revenues, thanks to its ever-rising automotive industry. Among other regional markets, North America and the Middle East and Africa are likely to observe noticeable growth in the years to come.
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The global market for engine air filters is extremely diverse and fragmented on account of the presence of a number of international as well as regional vendors. The market also demonstrates a high degree of competition among its players. Sogefi SpA, Donaldson Co. Inc., Mahle International GmbH, UFI Filters Spa, MANN+HUMMEL, Cummins Inc., Parker Hannifin Corp., K & N Engineering Inc., Denso Corp., and Robert Bosch are some of the leading vendors of engine air filters across the world.
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