In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Automotive filter remove the solid matters such as dust, mould and pollen from the fuel and gas. Automotive filters help the engine to run smoothly and ensure that there is adequate air flow to the engine which further lessens the fuel consumption and carbon emission. High research & development and collaboration between companies have been seen as an emerging trend across the global automotive filter market.
The market of automotive filter is anticipated to grow at a CAGR of 8.8% over the forecast period 2017-2024. Further, global automotive filter market is expected to reach USD 10.1 Billion by 2024 from USD 5.6 Billion in 2016. This can be attributed to various factors such as increasing number of automobiles on road, burgeoning middle class population and rising concerns about environment.
Regionally, Asia-Pacific holds the largest market share of automotive filter market accounting for more than 43% and is likely to continue its dominance over the forecast period. Further, Asia-Pacific is anticipated to expand at a CAGR of 9.1% during the forecast period 2017-2024. This significant growth can be attributed to expansion of automotive industry in the region. Further, growing economies such as China and India are anticipated to witness the augmented demand for automotive filters on the back of increasing sale of automotive in the nations. Europe occupies second position in the terms of market share and is anticipated to foresee growth in automotive filter market. Further, Europe automotive filter market is expected to garner about USD 1.8 Billion by 2024. In Europe, government regulation on carbon emissions is expected to drive the market of automotive filter market within the region over the forecast period. CLICK TO DOWNLOAD FREE SAMPLE
On the basis of type, the automotive filter market is segmented into air filter, fuel filter and oil filter. Air filter accounts for the highest percentage of market share accounting for more than 75%. Stringent government regulations to curb carbon emission and greenhouse gases are major factor driving the growth of the air filter segment. Further, air filters reduce the fuel consumption by providing proper air flow to the engine.
Our in-depth analysis segmented the global automotive filter market in the following segments:
Global automotive filter market is further classified on the basis of region as follows:
Increasing demand and sale of automotive is anticipated to be the key factor behind the growth of automotive filter market. Further, rising disposable income impelled the purchasing power to demand for more cars. On the other hand, elevated replacement rate of automotive filter due to tear and wear is further expected to boost the growth of automotive filter market.
Strict government regulation to curb the carbon emission is expected to spur the growth of global automotive filter market. Government of developed countries such as UK, U.S., Germany and others has enforced strict laws to reduce the pollution caused by vehicle. For instance, in U.S., the environment protection agency has implemented the mandatory average fuel economy of 42mpg for cars and 26mpg for trucks. Similar regulations have been implemented by other developed countries across the globe. This factor is likely to boost the market of automotive filter.
In contrast, increasing demand and sale of electric vehicle is the major factor restraining the growth of global automotive filter market.