The automotive air filter market has been forecast to reach an industry value of $5.1 billion by 2018, increasing at a compound annual growth rate (CAGR) of 6.97% over the next five years.
Air filters are the key components for automobiles, and evolves with developments in the automotive industry. Automotive air filters are classified into two categories-engine/intake air filter and cabin air filter.
The intake air filter is used to prohibit the entry of foreign particles such as road dust, and debris into the engine. This helps in the enhanced functionality of engines. It minimizes the emissions from vehicles and prevents the engine and its components from damages caused by foreign particles.
Air filters fit in all vehicles as engine air filtration is essential. In terms of volume, cabin air filters are catching up with intake air filters, as cabin air filters are not installed in every vehicle.
The penetration of cabin air filters is higher in European countries, Japan, and South Korea. Penetration rates in other countries such as the US, China, Canada, Brazil, and Russia are also growing significantly.
According to a recent market report, 'Automotive Air Filters Market: Global Trends & Forecast to 2018,' Asia-Oceania represents the region with the fastest growing economies such as China and India.
Vehicle production in this region is the highest globally, and is estimated to show a promising growth in the automotive air filters market from 2013 to 2018. The increasing numbers of vehicle production and vehicle parts crafts Asia-Oceania as the most important market for the automotive air filters industry.
Growing population, developed as well as developing economies, gradually improving infrastructure, and increased construction activities, growing purchasing power, and governmental initiatives to promote industrial growth have fuelled the automobile industry in this region.
For more information on the automotive air filters market, see the latest research: Automotive Air Filters Market
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