Categories: Automotive

Automotive Filter Market to Surpassing US$ 30.3 Billion by the end of 2030

The automotive filter market size reached US$ 22.92 billion in 2022 and is predicted to expand around US$ 30.3 billion by 2030 with growing at a CAGR of 4.7% from 2022 to 2030.

Automotive vehicle facilitates smooth functioning of the engines by eliminating harmful dust particles from the engines and hence improves the vehicle performance. The growing demand for the automotive vehicles is augmenting the automotive filter market. Rising personal disposable income and rise in the standard of living in the developed countries had significantly contributed to the market growth in the past. Rising fuel prices have fostered the demand for the efficient automotive filter among the consumers.

Report Highlights

Cabin air filter segment led the global automotive filter market with remarkable revenue share in 2020. Rising adoption of passenger vehicles and growing health consciousness among the population are uplifting the segment growth.
By vehicle type, the commercial segment held the major revenue share in the global automotive filter market in 2020 owing to the higher demand and the growing investment on urbanization, infrastructure, and industrialization.
By distribution channel, the aftermarket segment held the major revenue share in the global automotive filter market in 2020 owing to its increased penetration in the developed markets of North America and Europe.

Regional Snapshots

North America is the dominating automotive filter market. The increased disposable income, higher demand for passenger vehicles, higher demand for luxury vehicles, presence of top OEMs, and developed infrastructure has fueled the growth of the automotive filter market in the region. Moreover, North America is a matured market for automotive filters. The population in US has higher demand for personal means of transport due to the less availability of public transport has perfectly fostered the automotive filter market in the region.

Asia Pacific is the most opportunistic market, owing to the factors such as increased investments on developing infrastructure and connectivity, rising middle class, growing demand for vehicles, rapid urbanization, and rapid industrialization.

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Automotive Filter Market Dynamics

Drivers

Strict government regulations for reducing carbon footprint are a primary factor augmenting the demand for the automotive filter. The automotive filters improves the vehicle performance by protecting the engine from malfunctioning and also increases fuel efficiency of the vehicle. Furthermore, the rising prices of gasoline are positively driving the market growth. In order to reduce carbon footprint and control fuel consumption, the manufacturers are investing in the production of advanced automotive filters.

Restraints

One of the major restraints hampering the growth of the automotive fuel market is the growing adoption of electric vehicle.Growing environmental concerns have led to the growth of the electric vehicles. Therefore, the world is planning to shift to the electric vehicles in order to reduce carbon emission from vehicles and for the safety of the environment. Hence, the rapid growth and adoption of electric vehicles is retraining the growth of the automotive filter market across the globe.

Opportunities

The heavy investments by the automotive filter market players in developing advance filter technology are expected to provide growth opportunities in the upcoming future. The filter media protects from dust and metal particles. In the forthcoming years, there will be a huge market for the odor and dust filter. Moreover, the development of synthetic media will enhance fuel consumption and lower carbon emission. These technological enhancements will augment the automotive filter market in the forthcoming years.

Challenges

The upsurge in the demand for the installation of non-replaceable filters poses a great challenge to the growth of the automotive filter market. The non-replaceable filters can be used for a longer time period as it is washable. Moreover, the availability of non-replaceable filters in the aftermarket is further hampering the growth of the automotive filter. The presence of unauthorized aftermarket is a much bigger challenge, especially in the developing markets like India and China.

Some of the prominent players in the automotive filter market include: