Introduction of regulations regarding emission of greenhouse gases, increase in demand for luxury vehicles with greater cabin comfort, and rise in production & sale of automotive drive the growth of the global automotive air filter market to hit $7.8 billion by 2030.
According to the recent report by Allied Market Research titled - Automotive Air Filters Market by type (air intake filters, cabin air filters), by vehicle type (passenger cars, light commercial vehicles, heavy commercial vehicles), by propulsion (ice and hybrid vehicles, electric vehicles), by sales channel (OEM and aftermarket) - Global Opportunity Analysis and Industry Forecast, 2021-2030, the market is anticipated to grow at a CAGR of 5.4% till 2030. According to the report, the global automotive air filter industry was estimated at $4.7 billion in 2020.
The rise in demand for electric vehicles impedes growth to some extent, the report said. However, advancements in technology and a surge in demand for the multi-filtration system are anticipated to pave the way for lucrative opportunities in the industry.
The decrease in vehicle production and decline in sales of automobiles due to COVID gave way to a shortage of automotive components, which resulted in delays of vehicles across the globe, thereby impacting the automotive air filter market negatively. However, as the global situation improves, the market is also projected to get back on track soon.
Key players in the industry include Denso Corporation, Donaldson Company, Hengst SE, MANN+HUMMEL International, Hanon Systems, Mahle GmbH, Robert Bosch GmbH, Ahlstrom-Munksjo Oyj, Sogefi S.P.A, General Motors Company (AcDelco), Alco Filters, CabinAir Sweden, Freudenberg Filtration Technologies and Cummins.
Cabin Air Filters
According to the report, the cabin air filters segment, by type, contributed to the major share in 2020, holding around more than half of the global automotive air filter market. Furthermore, the same segment would also cite the fastest CAGR of 5.9% during the forecast period since it aids in improving the car's ventilation by removing particles such as dust, pollen, and bacteria from the air.
Passenger Cars To Maintain Lion's Share
By vehicle type, the passenger cars segment accounted for the major share in 2020, holding more than four-fifths of the global automotive air filter market. The same segment is also expected to grow at the fastest CAGR of 5.6% from 2021 to 2030. This is attributed to several automobile manufacturers launching new passenger cars with improved cabin air filters to provide improved HVAC (heating, ventilation, and air conditioning) systems in vehicles.
Asia-Pacific
By region, the market Asia-Pacific had the lion's share in 2020, generating more than two-fifths of the global automotive air filter market. Increasing sales of passenger cars with advanced features to reduce carbon footprints drives the market growth. However, the European region is projected to portray the fastest CAGR of 6.3% by 2030. This is due to increase in sales of cars and electric vehicles in the province, the report noted.
Courtesy: Allied Market Research. Photo is representational; courtesy: Bosch.