LONDON, June 6, 2016 /PRNewswire/ --
According to a new market report published by Lucintel, the future of the global automotive filter market looks good with opportunities in the OEM and aftermarkets. The global automotive filter market is forecast to grow at a CAGR of 4.9% from 2016 to 2021. The major drivers of growth for this market are increase in the production of vehicles, increasing focus of vehicle owners on preventive maintenance, increasing average age of vehicles in operation, and increasing miles driven per vehicle. In this market, oil filter, air filter, fuel filter, and cabin air filter are some of the major segments of automotive filters. On the basis of its comprehensive research, Lucintel forecasts that the fuel filter and cabin air filter segments are expected to show above average growth during the forecast period. Within the global automotive filter market, the oil filter segment is expected to remain as the largest market. Rising vehicle production and increasing demand from original equipment manufacturer (OEM) and aftermarket is expected to spur growth for this segment over the forecast period. Asia Pacific is expected to remain the largest market due to high vehicle production, improvement in the economic conditions, and increasing investments by the industry players within the APAC region. North America and Asia Pacific are expected to witness significant growth over the forecast period because of rapidly increasing demand of filters in OEMs as well as the aftermarkets of China, India, and Germany.
For market expansion, report suggests innovation and new product development to enhance the filter performance. The report further suggests the development of partnerships with customers to create win-win situations and development of low-cost solutions for customers. Emerging trends, which have a direct impact on the dynamics of the industry, include the development of filters with organic materials, development of polyurethane-based adhesive filters, and customizable air filter concept. Mann+Hummel Holding GmbH, Mahle International GmbH, Donaldson Company, Inc., Sogefi SpA and NGK Insulators Ltd. are the major filter manufacturers in the global automotive filter market. Some companies are opting for merger and acquisition as strategic initiatives for driving growth. Lucintel, a leading global strategic consulting and market research firm, has analyzed the global automotive filter market by product types, end use, and region and has come up with a comprehensive research report, "The Global Automotive Filter Market 2016-2021: Trends, Forecast, and Opportunity Analysis." The Lucintel report serves as a springboard for growth strategy, as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes the forecast for the global automotive filter market through 2021, segmented by product type, end use industry type and region as follows:
By product types ($ billion from 2010 to 2021):
• Oil filter
• Air Filter
• Fuel Filter
• Cabin Air Filter
By End Use ($ billion from 2010 to 2021):
• OEM • Aftermarket By region ($ billion from 2010 to 2021):
• North America
Rest of the World This report answers following 11 key questions:
Q. 1. What are some of the most promising, high-growth opportunities in the global automotive filter market by segments and regions?
Q. 2. Which segments will grow at a faster pace and why?
Q. 3. Which region will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers, challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6 What are emerging trends in this market and reasons behind them?
Q.7 What are some of the changing demands and needs of customers in the market?
Q.8 What are some of the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are taken by key players for business growth?
Q.10 What are some of the competitive services and processes in this area and how big of a threat do they pose for loss of market share via materials / service substitution?
Q.11. What M & A activity has transpired in last 1 to 2 years, and describes its impact on the industry?
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