The North American automotive air filter market is expected to reach USD 1.6 billion by 2024, according to a new report by Grand View Research, Inc. High penetration of automotive sales as well as presence of many OEMs in the region has resulted in higher penetration of air filters. Large number of vehicles plying on road combined with consumer awareness pertaining to the periodic maintenance will probably trigger the market growth over the forecast period.
Government regulatory bodies strictly monitoring fleet owners average fuel economy along with Clean Air Act implementation will also favor the market growth. Air filters trap dust and other airborne particles which affect the engine efficiency. Absence of or ineffective air filters result in excessive emission with heavy amount of NOx. Air filters is a mandate for all vehicles plying on North American roads and also subjected to air standard checks at regular intervals.
Aftermarket segment dominates the North American automotive air filters market as a result of high number of existing vehicles. All the vehicles are subjected to change the air filters after a certain mileage under scheduled maintenance services. Vehicle maintenance is also monitored by some of the government agencies to keep a check on emission standards.
Although the sales of passenger cars in the U.S and Canada are seeing a downfall in the current years, the presence of a vast number of vehicles plying on these roads is estimated to maintain the demand for automotive air filters during the forecast period. Moreover, increasing number of commercial vehicles is also expected to drive the market growth. However, the rise of electric cars is likely to bring down the air filters demand.
Further key findings from the report suggest:
The North American automotive air filter market value exceeded USD 701.1 in 2015 and is expected to grow at a CAGR of 8.8% from 2016 to 2024
Intake air filters emerged as the largest product segment in 2015 and is estimated to generate revenue over USD 936.7 million by 2024
Commercial vehicles segment is expected to witness a growth of 9.0% over the next eight years
Aftermarket segment is likely to grow at a CAGR of 9.1% and emerge as the fastest growing end-use segment
Some of the key players include Cummins, Inc., Parker-Hannifin Corporation, Hollingsworth & Vose Co. Inc. who dominated the automotive air filter market in North America.