LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global fuel filter market is projected to grow to 106.93 million units by 2021, at a CAGR of more than 4% over the forecast period.
This research report titled ‘Global Fuel Filter Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|The basic function of fuel filters is to prevent the entry of unwanted particles into the engine, which can severely affect the performance of engines. The increase in demand for logistics by roadways is leading to increased adoption of LCVs and M&HCVs, which is directly driving the market for fuel filters.|
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Based on the applications, the report categorizes the global fuel filter market into the following segments:
- Passenger cars
- Light commercial vehicles (LCVs)
- Medium and heavy commercial vehicles (M&HCVs)
“The passenger cars segment held a majority share of nearly 75% in 2016, and is expected to hold its dominance through the forecast period driven by the rising ownership of vehicles in APAC,” says Praveen Kumar, a lead analyst at Technavio for automotive components research.
APAC accounts for the largest market share in terms of volume of passenger cars. In India, compact cars with a good fuel economy are witnessing swift adoption rates. The Chinese and Japanese demographics have also witnessed a rise in procurement of new vehicles post the implementation of stringent carbon emission norms.
Light commercial vehicles (LCVs)
The global fuel filter market by light commercial vehicles are expected to grow faster than all other segments, showcasing a CAGR of more than 5% through the forecast period. The growth of the market segment can be attributed to the increase in sales of LCVs across all demographics due to their wide array of applications.
Some of the widely-adopted LCVs include RAM1500, GMC Sierra, Toyota Tacoma, Nissan Frontier, Ford Transit Connect, Ford F-150, and Chevy Silverado. LCVs are mainly popular in the Americas due to their multipurpose applications and powerful engines.
Medium and heavy commercial vehicles (M&HCVs)
“The market for medium and heavy commercial vehicles is growing, driven by the need to curb carbon emissions and increase fuel economy. Emerging economies such as India, China, and Brazil are creating the highest demand for these vehicles,” says Praveen.
Factors such as supportive government regulations, fuel prices, and market conditions are the most important factors affecting the sales of M&HCVs. Also, the improving aftersales experience of consumers through better logistics management is boosting the sales of M&HCVs.
The top vendors highlighted by Technavio’s research analysts in this report are:
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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