Fuel Filter Market Global Industry Review 2019 To 2023
The latest report published by Market Research Future (MRFR) reveals that the global automotive fuel filter market is likely to grow at 5.05% CAGR over the forecast period 2018 to 2023. The worth of the market is anticipated to witness a surge from USD 4,290.8 Mn in 2017 to USD 5731 Mn by the conclusion of 2023. Presently, fuel efficiency is the primary focus for the automotive manufacturers. It is expected to catalyze investments towards the growth of fuel filters. The filters find wide application in churning out fuel for combustion which ensures increased efficiency. The manufacturers of fuel filters have capitalized on the gap between performance limits and technologically progressive vehicles. Adding high-end filter media has become a prominent trend now and it is likely to develop in the coming years.
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Market Segmentation
Market Research Future has conducted a detailed study which helps in segmenting the market based on sales channel, filter material, fuel type, and vehicle type. Based on sales channel, the market has been segmented into aftermarket and OEM. Among these, the aftermarket segment is presently representing the highest market share. It is estimated to uphold its dominance in the forecast period developing at a considerably higher CAGR of 5.41%. The development is owing to the propelling emission levels of automobiles and increasing traveling distance. Based on filter material, the market has been segmented into synthetic, cellulose, and others. The cellulose segment represents the highest share of the market which is approximately 45.7% of the global filter material market. In 2017, the market was valued at USD 1960 Mn. The synthetic segment is expected to hold a key share of the market towards the conclusion of 2023 striking a higher CAGR. Based on fuel type, the market has been segmented into gasoline and diesel. Among these, the diesel segment is presently dominating the market and is likely to grow at a significant CAGR over the forecast period. The growth is attributed to the rising transport sector and expansion in sales of diesel driven vehicle. Meanwhile, the gasoline segment is anticipated to develop at 4.9% CAGR throughout the forecast period. Based on vehicle type, the market has been segmented into light commercial vehicle, heavy commercial vehicle, and passenger vehicle. Among these, the passenger vehicle segment represented 64% share of the market in 2017. The market is likely to witness a comparatively higher CAGR.
Regional Analysis
The reports published by Market Research Future segments the global automotive fuel filter market into Europe, North America, Asia Pacific, and the Rest of the World. Asia Pacific holds the largest market for automotive fuel filter. APAC is estimated to hold its position consistently over the forecast period. The development in this region can be attributed to factors such as increasing demand for automobiles, surging disposable income, and an expansion in infiltration level of automobiles. Asia Pacific has the largest number of fuel suppliers which is estimated to boost the revenue and market size in the upcoming years. North America represents the second largest position in the market. It is estimated to reflect an increasing CAGR during the forecast period. US dominates the North American market and is likely to continue doing it over the forecast period. The market is likely to expand owing to the factors such as rising cognizance about filter replacement coupled with surging investments in product development. The Rest of the World markets encompass the Middle East & Africa region and the Latin America region. These regions are likely to witness strong growth avenues and are expected to reflect substantial expansion over the forecast period owing to the growing automobile industry.
Key Players
Global automotive fuel filter market has been largely dominated by key players such as Denso Corporation, Mann+Hummel, Cummins Ltd, ALCO Filters Ltd, Ahlstrom-Munkjso, Donaldson Company Inc., Parker Hannifin Corp, Mahle GmbH, Sogefi SpA, and Hengst SE.
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LIST OF TABLES
TABLE 1 GLOBAL AUTOMOTIVE FUEL FILTER MARKET, BY VEHICLE TYPE
TABLE 2 GLOBAL AUTOMOTIVE FUEL FILTER MARKET, BY FUEL TYPE
TABLE 3 GLOBAL AUTOMOTIVE FUEL FILTER MARKET, BY SALES CHANNEL
TABLE 4 GLOBAL AUTOMOTIVE FUEL FILTER MARKET, BY REGIONS
TABLE 5 NORTH AMERICA AUTOMOTIVE FUEL FILTER MARKET, BY VEHICLE TYPE
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LIST OF FIGURES
FIGURE 1 RESEARCH METHODOLOGY
FIGURE 2 GLOBAL AUTOMOTIVE FUEL FILTER MARKET: BY VEHICLE TYPE
FIGURE 3 GLOBAL AUTOMOTIVE FUEL FILTER MARKET: BY FUEL TYPE
FIGURE 4 GLOBAL AUTOMOTIVE FUEL FILTER MARKET: BY SALES CHANNEL
FIGURE 5 GLOBAL AUTOMOTIVE FUEL FILTER MARKET: BY REGION
…….Continued
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