Sales of automotive oil filters is expected to be highest through IAM. Towards the end of 2022, IAM is likely to surpass US$ 1000 million revenue.
[EUPRwire, Fri Oct 05 2018] According to the report compiled by Fact.MR, the global automotive oil filter market is likely to witness a steady growth, registering 5.4% CAGR during 2017-2022. Owing to the increasing number of cars manufactured globally, the demand for the automotive oil filter is also rising. With new car models and advanced engine, manufacturers of automotive oil filters are also using advanced technology to capture and hold particles, ensuring smooth engine function. Below given insights show how the global market for automotive oil filter will perform in the coming years.
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Automotive oil filters help to remove contaminants from the oil. Oil filter in an internal combustion engine in vehicle helps to eliminate wear particles, transfers heat to cool the engine, and lubricates internal parts. With the increase in a number of vehicles manufactured, the demand for the automotive oil filter is also rising. Hence, manufacturers are working on improving the filter design and technology to ensure it works with increased engine power. Manufacturers of automotive oil engine are also focusing on developing filters, eliminating the need to change the oil filter for a long time. Automakers are also moving towards constructing replaceable element filter, leading to minimizing waste with each filter change. Better filter efficiency is also one of the vital focus areas for manufacturers. They are offering improving filter efficiency to hold or capture even the smallest particles, ensuring better engine performance.
Europe is expected to remain dominant in the global automotive oil filters market. Europe automotive oil filter market is estimated to exceed US$ 1,000 million value by the end of 2022. Stringent emission norms and rising environmental awareness by the government is one of the factors driving the demand for automotive oil filters in the region.
North America is likely to emerge as the second most dominating market. Due to the rise in new vehicle models, new technologies are being used in automotive oil filters. Moreover, new emission norms are also being imposed by the government which is further contributing to the growth of North America automotive oil filter market.
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Sales of automotive oil filters is expected to be highest through IAM. Towards the end of 2022, IAM is likely to surpass US$ 1000 million revenue. Meanwhile, OEM will also account for nearly two-fifth of the revenue share by 2017 end.
The synthetic automotive oil filter is likely to be one of the highly preferred oil filters for vehicles. During 2017-2022, the synthetic filter is projected to create an incremental opportunity of more than US$ 200 million.
Mid-sized passenger cars are likely to emerge as the largest users of the automotive oil filters. Mid-sized passenger cars are projected to bring in nearly US$ 600 million revenue towards 2022 end. Although compact passenger cars will also witness steady growth during the forecast period, 2017-2022.
The report also provides a detailed profile of the various key players in the global automotive oil filter market, to remain active through 2022. These include companies such as FRAM Group IP LLC, Sogefi SpA, Donaldson Company, Inc., Mann+Hummel GmbH, Cummins Inc., Denso Corporation, K & N Engineering Inc., Champion Laboratories, Inc., Hengst SE & Co. KG, Mahle Group, UFI Filters Spa, Freudenberg & Co. KG, and Robert Bosch GmbH.
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