Pune, India, July 31, 2019 (GLOBE NEWSWIRE) -- MRFR, in its recent report, has suggested that the global automotive fuel filter market will record a robust CAGR of 5.05% between 2018-2023. A fuel filter serves as an essential function in the modern tight-tolerance engine fuel systems. A fuel filter refers to a filter set in the fuel line used to screen out dirt and dust particles from the fuel. It is generally made into cartridges containing a filter paper. The growth in the global automotive fuel filter market is directly linked to the behavioral patterns of the global automotive sector. On the other hand, the aftermarket business is likely to provide new growth avenues to the original equipment manufacturers (OEMs) during the forecast period.
Furthermore, other factors fueling the growth in the automotive fuel filter market include the rising awareness towards the dangerous effects of high carbon emission, stringent government policies to curb these carbon emissions, development of new fuel types and the introduction of improved automotive engines. Additionally, automotive fuel filters are also undergoing product innovation and evolving speedily, like many other automotive components. This coupled with government initiatives to promote clean energy usage is estimated to prompt exciting developments in the same, including various other automotive components in the foreseeable future.
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Key Players
The MRFR report contains profiling of many key market players including Mann+Hummel, Cummins Ltd, Denso Corporation, ALCO Filters Ltd, Donaldson Company Inc., Ahlstrom-Munkjso, Parker Hannifin Corp, Hengst SE, Mahle GmbH, and Sogefi SpA.
Market Segmentation
Segmentation of the global automotive fuel filter market is carried out on the basis of fuel type, sales channel, filter material, and vehicle type. Based on fuel type, the global automotive fuel filter market is segmented into diesel and gasoline. The diesel segment is dominating the global market and is expected to augment at a high CAGR through the forecast period. A boost in the adoption of diesel-based cars and the burgeoning growth witnessed by the transport industry are the primary contributors to progress in the segment. Whereas, the gasoline segment is anticipated to register a CAGR of 4.9% throughout the assessment period.
Based on filter material, the global automotive fuel filter market is studied for the segments of cellulose, and synthetic. The cellulose segment is the frontrunner in the market, accounting for a whopping 45.7% share with a valuation of USD 1960 million in 2017. The synthetic segment, however, is estimated to strike the highest CAGR during the forecast period, capturing the dominant position by the end of 2023.
On the basis of sales channel, the Automotive Fuel Filter Market is analyzed for the segments of OEM and aftermarket. The aftermarket segment is accounting for the highest market share and is likely to maintain its dominance through the review period. The aftermarket segment is estimated to record a relatively higher CAGR of 5.41% during this period. Increasing traveling distance and the rising carbon emission levels of the vehicles are two factors primarily driving the aftermarket segment.
By vehicle type, the automotive fuel filter market is segmented into passenger vehicles, light commercial vehicle, and heavy commercial vehicle. Among these segments, the passenger vehicle segment encompasses 64% of the market. The passenger vehicle segment is estimated to grow at a comparatively higher CAGR, retaining its dominance in the market.
Asia Pacific to Spearhead Global Automotive Fuel Filter Market Through Review Period
Based on region, the global automotive fuel filter market is segmented into North America, Asia Pacific (APAC), the Middle East (MEA), Europe, and South America. The APAC is projected to spearhead the global automotive fuel filter market between 2018-2023. Such growth is attributed to surging infiltration level of vehicles, growing automobile demand, and a rise in the disposable income. Also, the APAC boasts the highest number of fuel manufacturers, which is spurring market growth and augmenting revenue generation during the forecast period.
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North America is estimated to garner the second highest market share, exhibiting a lucrative CAGR through the review period. The U.S. is likely to lead the country-specific market in the region. Such growth can be ascribed to hefty investments in product development, a growing number of manufacturing units in Canada and Mexico, and increasing awareness towards filter replacement.
Meanwhile, Europe poses as a vital growth pocket which is likely to witness substantial growth in the forthcoming years. The region’s goal to curb carbon emissions by 20% by 2020 is estimated to overlay a positive influence on the fuel filter market. Also, the Middle East and Africa (MEA) are anticipated to register speedy growth during the assessment period, thanks to the flourishing automotive industry in the region.
Competitive Analysis
With stringent government policies to curb carbon emissions, many companies are investing heavily in the development and innovation of fuel filters to support clean energy-based fuels such as biodiesel and hydrogen. Further, advancements in present fuel filter technology are also on the rise with market players enhancing their product portfolio for competitive advantage. For instance, in January 2019, Steelbird International introduced a fuel filter that can hold double the amount of dust as before.
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