LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global oil filter market is expected to grow at a CAGR of more than 4% during the forecast period.
This research report titled ‘Global Oil Filter Market 2016-2020’ 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.
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The report categorizes the global oil filter market into the following end-user segment: passenger cars, commercial vehicle, two wheelers, and others. The top three segments are:
- Passenger cars
- Commercial vehicle
- Two wheelers
Global oil filter market by passenger cars
Improving economic situation, evolving lifestyle, rising income levels, and high consumer confidence have resulted in higher demand for new, fuel-efficient, and technologically advanced cars equipped with more safety features. The low auto loan rates in the developed and developing countries are also influencing automotive sales positively.
“MNC automobile manufacturers such as Ford, Volkswagen, BMW, Toyota Motors, Honda Motors, Daimler, Fiat, and Tata Motors have made substantial investments in production facilities in developing countries, including India, Thailand, and Mexico,” says Anju Ajaykumar, a lead analyst at Technavio for tools and components research.
Rising sales and demand for automobiles and increased investments in the automotive sector will fuel the growth of the global oil filter market. For instance, the global passenger vehicles sales rose from 85 million units in 2014 to 91 million units in 2015.
Global oil filter market by commercial vehicles
Generally, most medium or heavy-duty trucks are installed with diesel engines. For instance, in the US, more than 93% of heavy-duty trucks in the country are diesel-powered, and the remaining gasoline-powered. The new clean diesel truck technology is gaining popularity among end-users. In 2014, the diesel-fueled truck segment accounted for nine million vehicles, wherein large trucks were recorded to hold 38% share.
Over the years, there have been improvements in vehicle design to enhance efficiency. Diesel vehicles manufactured after 2010 have been able to achieve 5% improvement in fuel economy. Fuel efficiency standard jointly proposed by the US EPA and the Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) in 2014 is applicable for medium and heavy-duty vehicles. This standard is aimed at ensuring energy security and driving manufacturing innovations. As a result, diesel vehicle manufacturers have adopted additional fuel-saving strategies such as improved engine refinements and vehicle aerodynamics to increase their market penetrations. Such measures propel market growth and drive the demand for oil filters.
Global oil filter market by two-wheelers
The global two-wheeler segment has been witnessing slow growth for the past couple of years, and it is projected to grow at a moderate pace during the forecast period. The two-wheeler segment is expected to account for a low CAGR compared to other segments due to decrease in sales of two-wheelers, mainly in major economies of APAC, such as China, Indonesia, and Thailand.
In APAC, China is the largest market for two-wheelers followed by India and Indonesia. The two-wheeler market has been declining in China; two-wheeler sales in China accounted for 18.8 million units in 2015, down by 11.6% from the previous year.
India is predicted to be the major market for two-wheelers. India and China accounted for a market share of more than 45% of the global two-wheeler market in 2015. However, the growth rate of two-wheelers is expected to reduce during the forecast period due to weak demand from the rural market in India as untimely rains affected agriculture yield and farmer revenues in 2015, thereby impacting motorcycle sales.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Ahlstrom
- Clarcor
- DENSO
- MAHLE
- MANN+HUMMEL
Browse Related Reports:
- Global Automotive Oil Filter Market 2015-2019
- Oil Filter Market for Automobile in APAC 2015-2019
- Electric Vehicle Charging Station Market in China 2016-2020
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About Technavio
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, re-sellers, and end-users.
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