The global automotive fuel filter market is anticipated to register a CAGR of about 5.31% during the forecast period (2019
NEW YORK, Nov. 12, 2019 /PRNewswire/ --
Market Overview
The global automotive fuel filter market is anticipated to register a CAGR of about 5.31% during the forecast period (2019 – 2024).
Read the full report: https://www.reportlinker.com/p05826193/?utm_source=PRN
- Automobile engines around the world have become very sophisticated and advanced in recent years. These engines have a low tolerance level for low and irregular quality fuel. The high quality of oil fuel filters is thus, required to ensure the smooth running of the engine.
- Automotive fuel filters play a very important role in controlling emissions. The governmental agencies around the world have become very vigilant with regard to adherence to emission norms and this has boosted the fuel filters market. Due to alarming pollution levels in cities, emission norms, especially in emerging markets, such as India and China, are being upgraded at a high rate.
- The growing technological advancement is also driving the fuel filter market growth. The demand for in-tank fuel filter is growing they are more efficient. This technology delivers better engine performance due to maintaining a high flow, while still protecting against contamination from dirty fuel. These filters are more reliable, due to longer life and help avoid towing call-outs and breakdowns. In-tank filters have consistent flow rate with a low-pressure drop, which prevents clogging and damage to injectors and avoids premature engine wear.
Scope of the Report
The global automotive fuel filter market has been segmented by fuel type, vehicle type, sales channel, and geography.
Key Market Trends
Growing Sales of Electric and Hybrid Vehicle - Hindering Market Growth
The increasing market for electric and hybrid vehicles is a major restraint for the fuel filter market. This along with the lesser requirement of mechanical moving parts as well as motors in EVs has proved to be a key restraining factor for the fuel filter market.
Electric mobility is expanding at a rapid pace. In 2018, the electric car fleet exceeded 5.1 million, up 2 million compared to 2017 and almost doubling the number of new electric car sales. China remains the world's largest electric car market, followed by Europe and the United States. Norway is the global leader in terms of electric car market share.
The leading countries around the world are promoting electric mobility and taking a variety of measures such as fuel economy standards coupled with incentives for zero- and low-emissions vehicles, economic instruments that help bridge the cost gap between electric and conventional vehicles. Increasingly, policy support is being extended to address the strategic importance of the battery technology value chain.
Asia-Pacific Dominating the Fuel Filter Market
The global automotive fuel filter market is dominated by Asia-Pacific, followed by Europe and North America. The growing vehicle production in the major countries of the Asia-Pacific region such as China, Japan, and India, is driving the fuel filter market in the region.
Automotive engine technologies in North America are becoming increasingly sophisticated, and supplying clean fuel to these complex engines is a critical task. Fuel filters are an integral part of conventional engine vehicles automobiles, as they not only fuel but also play a major role in engine efficiency and emissions. Since, stringent emission and fuel efficiency norms enforced by governments and governing bodies around the world, have forced automotive manufacturers to seek different methods to meet these standards. This is driving the demand for automotive fuel filters.
Competitive Landscape
The global automotive fuel filter market is dominated by major players like Denso Corporation, Parker Hannifin Corp, Mahle GmbH, Mann+Hummel, Hengst SE, Cummins Ltd, and among others. The companies are expanding their business by opening new production plants. For instance, Italy-based UFI Filters announced it will invest EUR 4 million to expand its operations in Brazil. The new facility will begin operations in 2020, producing the entire UFI Filters product line, which includes air, oil, cabin and fuel filters for light and heavy vehicles. UFI Filters estimates that the new Brazilian unit will represent approximately 15% of the company's annual revenue.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p05826193/?utm_source=PRN
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
Share this article