Oil Filter Market Overview:
An oil filter removes impurities from oil used to lubricate an ICE engine and helps to maintain the quality of lubricating oil. This enhances the engine life and ensures smooth vehicle operation by keeping the oil unadulterated and safe. Growing automotive industry has had a major impact on the growth of this market. Furthermore, stringent government regulations and technological advancement in oil filter have also contributed to the growth of the market.
Global Oil Filter Market held a market is expected to grow at 5% CAGR during the forecast period.
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The prominent players in the global Oil Filter market include MAHLE GmbH (Germany), A.L Filter (Israel), MANN+HUMMEL GmbH (Germany), North American Filter Corporation (U.S.), Robert Bosch GmbH (Germany), Fildex Filters Canada Corporation (Canada), Filtrak BrandT GmbH (Germany), Siam Filter Products Ltd., Part. (Thailand), ALCO Filters Ltd. (Cyprus), and Luman Automotive Systems Pvt. Ltd. (India).
The rise in vehicle miles driven, growing demand for diesel vehicles, and rising pollution levels worldwide are set to drive the global oil filter market. The technological advancements in oil filter device, the rising demand for off-road vehicles due to growing construction, agriculture, mining, and other sectors worldwide, improving economies from developing regions such as Brazil, Argentina, UAE, Africa, Argentina, and India are providing an opportunity for the expansion of this market.
Oil Filter Market Segmentation:
The global oil filter market is segmented on the basis of filter type, filter media, vehicle type, sales channel, fuel type, and region.
On the basis of filter type, the fuel filter segment is projected to be dominant throughout the study period. This type of filter is responsible for cleansing of fuel before entering the engine cylinder and helps to reduce vehicle emissions. Hence, the demand for fuel filter is growing.
In the segmentation based on filter media, the cellulose oil filter segment is expected to witness the largest share in global oil filter market during forecast period. Cellulose filter media provide a great filter at a lower cost to the consumers without sacrificing engine life and also helps in removing more contaminants, in comparison with glass or synthetic filter media without blocking pore spaces.
On the basis of vehicle type, the commercial vehicle segment is projected to grow at higher rate in the oil filter market from 2018 to 2023. This growth is attributed due to growing diesel-based vehicles worldwide.
Geographically, the global Oil Filter Market has been segmented into four major regions namely North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region is estimated to hold the largest market share during the forecast period owing to improving automotive infrastructure and increasing government efforts and incentives to curb vehicle emissions across the region. Moreover, growing disposable incomes in India and China is expected to boost the demand for oil filter in this region.
The key driving factors of this market are improving automotive infrastructure, particularly in developing regions, increasing production and sales of vehicles globally, stringent environmental norms, increasing concern over environment safety and vehicle emissions, and growing miles drive. Growing commercial vehicle demand globally, improving economy, growing population, and rising purchasing power of people from countries like China, India and Middle East countries are providing ample opportunities to the growth of this market. However, lack of skilled labor, increasing electric vehicle sales, and measures taken by major countries to phase out internal combustion vehicles in the near future could pose a threat to the market.
Table of Contents
1. Executive Summary
2. Scope of The Report
2.1. Market Definition
2.2. Scope of The Study
2.2.2. Research Objective
2.3. Research Process
2.3.1. Primary Research
2.3.2. Secondary Research
2.4. Market Size Estimation
2.5. Forecast Model
3. Market Landscape
3.1. Porter’s Five Forces Analysis
3.1.1. Threat of New Entrants
3.1.2. Bargaining Power of Buyers
3.1.3. Threat of Substitutes
3.1.4. Segment Rivalry
3.1.5. Bargaining Power of Buyers
3.2. Value Chain/Supply Chain Analysis
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