Mar 12, 2020: The global Filters market size is expected to reach USD 110.8 billion by 2027, expanding at a CAGR of 5.1%, according to a new report by Radiant Insights, Inc. Rapid technological advancements coupled with growing demand for filtration for industrial, commercial, and household purposes is anticipated to drive the market.
Presence of stringent regulatory framework, which stipulates lowering of the exhaust emissions, is anticipated to boost the product demand in the automotive industry. In addition, increasing investments towards the installation of high-quality filters in the cars for cabin air filtration by the automobile manufacturers is anticipated to benefit market growth over the forecast period.
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Growing population, depletion of water resources, and contamination of ground and surface water has resulted in an increased adoption of water treatment processes to improve the water quality. In addition, rapid industrialization in developing economies such as Asia Pacific is anticipated to further result in shortage of potable water, which is likely to promote the demand for water filtration systems.
Major market players such as Affinia Group Intermediate focus on integrated third party production/distribution and supply directly to end-use companies. In addition, companies have taken strong measures to develop theirproduct portfolio and increase their production capacity with an aim to gain a better foothold in the market.
Further key findings from the report suggest:
- The ICE filters segment accounted for USD 32.9 billion in 2019 and is projected to witness strong growth over the forecast period on account of growing production of automobiles and rising spending power among people across the globe
- The motor vehicle application segment is anticipated to reach USD 55.9 billion in 2027 owing to growing demand for vehicles coupled with rising environmental awareness across the globe
- The filters market in Europe is projected to witness a CAGR of 3.7% from 2020 to 2027 and reach USD 25.2 billion in 2027 due to the implementation of stringent regulations by government authorities to control the emission level from automobiles and industrial exhaust emissions in the region
- The market in Asia Pacific accounted for USD 32.1 billion in 2019 and is estimated to grow at a CAGR of 6.4% over the forecast period. Rapid industrialization in the region coupled with implementation of government regulations related to the industrial emission is projected to benefit market growth
- The industry in India is estimated to exhibit a CAGR of 7.8% owing to the increasing product demand on account of the rising number of water purification projects introduced in the country.
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Table of Contents
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
1.3. List Of Data Sources
Chapter 2. Executive Summary
2.1. Filters Market Snapshot
Chapter 3. Filters Market Variables, Trends, & Scope
3.1. Market Segmentation And Scope
3.2. Value Chain Analysis
3.3. Vendor Landscape
3.4. Raw Material Trends
3.5. Regulatory Scenario
3.6. Technological Landscape
3.7. Market Dynamics
3.7.1. Market Driver Analysis
3.7.1.1. Growing automotive demand
3.7.1.2. Growing demand for water treatment processes
3.7.1.3. Growth of global air filtration industry
3.7.2. Market Restraint Analysis
3.7.2.1. Exposure to nanoparticles
3.8. Key Opportunities - Prioritized
3.9. Global Filters Market - Company Market Share Analysis
3.10. Filters Market - Porter’s Analysis
3.10.1 Supplier Power
3.10.2 Buyer Power
3.10.3 Substitution Threat
3.10.4 Threat from New Entrant
3.10.5 Competitive Rivalry
3.11 Filters Market - PESTEL Analysis
3.11.1 Political Landscape
3.11.2 Environmental Landscape
3.11.3 Social Landscape
3.11.4 Technology Landscape
3.11.5 Economic Landscape
Continued………….
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Mar 12, 2020: The global Automotive Aftermarket size is expected to reach USD 513.8 billion by 2027, registering a CAGR of 4.0% over the forecast period, according to a new report by Radiant Insights, Inc. Digitalization of automotive repair and component sales, along with advanced technology incorporations in the automobile aftermarket component manufacturing, is expected to boost the market growth.
Growth in the automotive manufacturing sector across various regions, along with stringent emissions norms, are expected to drive the aftermarket component sales over the forecast period.
Third party services and technological advancements offer new and profitable revenue streams to leverage these opportunities.
In addition, the industry requires investment in product development, supply chain, organizational design, and pricing model to create significant surge in the demand.
To Request A Sample Copy Of This Report @: https://www.radiantinsights.com/research/automotive-aftermarket-market/request-sampleManufacturers in developing countries are adopting various strategies, including mergers, acquisitions, and partnerships to gain a strong foothold in the market.
With increasing penetration and acceptance of gas and hybrid electric cars, specialized repair centers, dedicated toward repairing of particular vehicles, are expected to increase.Further key findings from the report suggest:The aftermarket is estimated to grow significantly over the forecast period owing to increasing number of lightweight vehicles along with increasing age of the light vehicle fleetInnovative business models and solutions provided by the manufacturers and growing investments in the same, are expected to create sustainable growth opportunities for the marketNorth America has a higher technology adoption rate, which is anticipated to result in faster and higher adoption of hybrid electric automobiles in the region as compared to other geographiesThe automotive aftermarket is anticipated to witness a phase change owing to the growing proportion of specialized automotive collision repair centers that are dedicated toward serving specific vehicles such as alternate fuel powered vehiclesKey industry participants include Magneti Marelli S.p.A., Continental AG, 3M Company, Federal-Mogul Corporation, Delphi Automotive PLC, Robert Bosch GmbH, and Denso Corporation.
