CLEVELAND, Jan. 18, 2017 /PRNewswire/ -- The US is the largest market for internal combustion engine (OEM) and related filters in the world, and in 2015 was significantly larger than the Chinese market, which was the second largest. According to analyst Brendan Eyre, "This is not surprising, given that the number of motor vehicles in use in the US is far greater than in any other country in the world." US product demand totaled $4.5 billion in 2015, accounting for 17 percent of global ICE filter sales. These and other trends are presented in Global Internal Combustion Engine & Related Filters Market, a new study from The Freedonia Group, a Cleveland-based industry research firm.
The US ICE filter market is also supported by the advanced nature of the US economy. The country is a major producer of motor vehicles and other transportation equipment, as well as off-highway equipment, creating substantial demand for ICE filters in original equipment manufacturing (OEM) applications.
Through 2020, US demand for ICE filters is expected to advance 1.9 percent per year to $5.0 billion, matching the pace registered during the 2010-2015 period, but trailing overall global sales increases. As in all ICE filter markets, the primary factor fueling sales gains will be the number of motor vehicles in use, which is expected to increase at just less than one percent per year through 2020 in the US. However, manufacturers serving the US will also benefit from rising levels of motorcycles and other transportation equipment in use, as well as from ongoing, although modest, increases in the production of most types of transportation equipment. Imported ICE filters from countries with lower labor costs will continue to restrict price increases, holding back value gains for these goods.
Related studies include:
#3454 World Motorcycles (October 2016)
#3443 Global Air & Fluid Filters Market (January 2017)
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group