DUBLIN, Jan. 28, 2022 /PRNewswire/ -- The "Automotive Air Filter Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The automotive air filter market was valued at US$4.962 billion in 2019 and is expected to grow at a CAGR of 7.92% over the forecast period to reach a market size of US$8.460 billion by 2026.
Automotive Air Filters Market growth is attributed to a rising standard of living, higher consumer spending power, and higher passenger transportation.
Additionally, growing concerns about pollution caused by smoke emitted by vehicles are fuelling the growth. One of the key market drivers is the rising demand for automotive products due to government regulations concerning vehicle emissions.
This is partly due to the growing automotive sector in BRIC countries, as well as the implementation of strict emission laws and the presence of regulatory authorities like the EPA in the United States.
Furthermore, the market for automotive air filters is expected to grow due to the trend of increasing passenger transport in developed countries. Better air quality intake in the engine and the cabin will increase passenger comfort, further propelling the market.
Every automotive internal combustion engine must have a clean air filter attached to keep more air flowing into the cylinders. To prevent dirt, dust, grit, and other debris from damaging the cylinders, these products clean the air before it passes through them.
Due to the aforementioned benefits, the automotive air filter market is expected to grow. In developed regions such as North America and Europe, well-established regulatory frameworks are likely to drive demand for automotive air filters, along with the expansion of the automotive industry in regions such as Asia, the Middle East, and Africa.
Expansion of Automotive Industry:
The main driving force behind the growth of this market is the expanding automotive industry, especially the surging production of passenger cars. Furthermore, car consumers have also realized the importance of air filters in preventing dust from entering their cars, leading to a boom in the market.
These factors account for the automotive air filter market's growth. With rising disposable income among consumers across the globe, auto sales have increased and the passenger car segment has grown rapidly.
A majority of the market share is accounted for by economies in the Asia-Pacific region such as China, India, Indonesia, and Japan due to their rapid economic growth. Over the forecast period, cabin air filters are expected to grow in popularity due to an increasing number of electric and hybrid cars. In the automotive air filter industry, the presence of key players such as Toyota, Honda, Hyundai, Chery, Tata, Maruti, Isuzu, and Suzuki has a significant impact on the growth of the industry in the region.
As post-pandemic sales in Asia fail to gain momentum, Renault Group has announced a partnership with a company based in China. In order to bring hybrid vehicles to China's fast-growing Asian market, the Renault Group will share resources and technology with Geely Holding, China's largest privately owned automotive group. Together the two companies will release a line of hybrid vehicles branded Renault in China and the pair plans to sell cars in South Korea using the energy-efficient vehicle technology of Geely subsidiary, Lynk & Co.
The most common air filters currently available are made of cellulose media, which is expensive. Various technological advancements in air filters, including synthetic media, are now gaining popularity owing to their improved performance, low sensitivity to moisture, and more efficient airflow.
This market is expected to grow due to all these advanced properties of synthetic materials over the forecast period. The demand for automotive air filters is anticipated to rise as more luxury cars are being built, including air filters and intake manifolds designed to improve vehicle efficiency. The need to replace air filters frequently on luxury cars is also expected to foster market growth.
Rising Adoption of Electric Vehicles:
Consumers' growing interest in plug-in/battery electric vehicles is most likely to hamper the growth of the market due to its features including not emitting any pollutants and not requiring fuels such as gasoline and diesel.
Additionally, reduced maintenance costs and lower overall expenses may also contribute to the growth of eco-friendly electric vehicles (EVS). As a result, the growing popularity of electric vehicles among consumers is projected to hamper and lower the market size for automotive air filters.
The British Prime Minister, Boris Johnson, published a 10-point plan for a green industrial revolution in 2020 that included banning the sale of new petrol and diesel vehicles by 2030. Israel and Singapore have also established a similar deadline.
President Joe Biden vowed to achieve zero-emission cars for half of all vehicles sold in the United States by 2030. Both fully electric and plug-in hybrid cars are part of his plan.
As part of a joint statement, General Motors, Ford Motor Company, and Chrysler parent Stellantis NV each stated they aimed to sell 40-50% of U.S. volumes of electric vehicles by 2030.
COVID-19 Impact on Automotive Air Filter Market
Decline in Growth Backed by Halt in Automotive Production:
COVID-19 pandemic has had a profound effect on the automotive industry, which has halted production everywhere. In light of the fact that this industry growth is directly related to vehicle production, this situation is expected to affect the market. Automotive air filters will likely be adversely affected by a decline in automobile production.
This market is also likely to be affected by the high cost of filters and the fluctuations in raw material prices. The impact of COVID-19 on this market has caused the global manufacture of air filters to halt. As a consequence, the supply chain among automotive manufacturers has been disrupted.
Hengst SE & Co. KG
Roki Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/3mnate
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets