According to a new market report published by Transparency Market Research , “Oil Filter Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026” is expected to reach US$ 5.3 Bn by 2026, expanding at a CAGR of 3% during the forecast period.
The global oil filter market for automotive is projected to expand at a CAGR of 3% between 2018 and 2026, according to a new research report by Transparency Market Research (TMR). According to the report, the global market is likely to be influenced by a range of political, economic, social, technical, and industry-specific factors. Latin America is expected to witness rapid rise in demand for oil filters, with the market in the region anticipated to expand at a CAGR of 3% during the forecast period.
Stringent carbon emission norms, leading to lowered carbon emission levels, are expected to propel the overall oil filter market for IC engine vehicles. China 5 standards for emissions, which are similar to Euro 5, were implemented to new vehicles sold in the country, in January 2017, for gasoline engines. These standards are applicable for diesel engines from January 2018.
China has mandated real-driving emissions testing modeled after the EU RDE regulations with a few enhancements and modifications with the implementation of these norms. In March 2014, the U.S. EPA finalized new emission standards for vehicles and fuels, commonly referred to as Tier 3 emission standards. This is anticipated to reduce both tailpipe and evaporative emissions from passenger cars, light-duty trucks, medium-duty passenger vehicles, and some heavy-duty vehicles. A well maintained and properly functional oil filter is required to cooperate with the norms mentioned above.
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Rising amount of greenhouse gases and carbon footprint has led to the development of electric vehicles, which are predicted to impact the IC engine vehicles market in the next five to seven years. The oil filter market for automotive in some regions is expanding at a moderate pace, owing to limited usage of some oil filters such as fuel filter and engine oil filter in electrical vehicles. This, in turn, is likely to impact the demand for oil filters. However, the demand for hydraulic filters and coolant filters are anticipated to rise owing to the increase in production of vehicles.
The oil filter market for automotive can be segmented based on fuel type, filter type, sales channel, vehicle type, and region. Based on fuel type, the diesel segment is likely to dominate the market by the end of the forecast period. This is primarily due to its major application in commercial vehicles. It is expected to expand at a CAGR of more than 3% and in terms of revenue, the segment is estimated to reach near to US$ 3 Bn by 2026.
