Oil Filter and Fuel Filter Market to Record an Exponential CAGR by 2020
The
global oil filter and fuel filter market is slated to expand at a
considerable pace over the oncoming period, as these filters are
mandatory components in vehicles. Clean motor oil is necessary for
maintaining the wear and tear of vehicle engines. If left unfiltered
for long, unfiltered oil can become saturated with minuscule, hard
particles which can potentially damage the engine surface.
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The
key function of fuel filters is to eliminate dust and other
contaminants present in fuel. While fuel filters are installed in
internal combustion engines, oil filters are used in different types
of hydraulic machines. Oil filters are chiefly used for removing
contaminants from engine oil, lubricating oil, hydraulic oil, and
transmission oil.
The
research report on global oil filter and fuel filter market can be
segmented by geography, type, vehicle type, and sales channel.
Several facets of the global oil filter and fuel filter market
including attractiveness, value chain analysis, SWOT analysis, and
drivers and restraints have been discussed in detail in the report.
Global
Oil Filter and Fuel Filter Market: Drivers and Restraints
Since
oil filters and fuel filters have a limited lifespan, they need to be
replaced often. As a result, the demand for these automotive parts is
expected to stay elevated. The phenomenal growth of the automotive
industry is one of the key drivers of the global oil filter and fuel
filter market. The large scale production of automobiles in
developing countries, technological advancements in the field of fuel
filters and oil filters, and strict regulatory frameworks have also
been aiding the market to expand.
The
passenger car segment promises substantial growth, thanks to the
escalating demand for passenger vehicles and commercial transport. As
a result, this segment might represent the largest portion of the
market by type of vehicle. On the flip side, the augmenting demand
for electric vehicles can pose a threat to the expansion of the
global oil filter and fuel filter market. The need for long drain
intervals is another major restraint of the global oil filter and
fuel filter market. However, the market will keep progressing on
account of growing inclination toward diesel powered vehicles.
Global
Oil Filter and Fuel Filter Market: Regional Outlook
By
geography, the global oil filter and fuel filter market can be
segmented into the Middle East and Africa, Europe, Asia Pacific,
Latin America, and North America. North America is expected to emerge
as the leading segment of the global oil filter and fuel filter
market, triggered by increasing preference for environment-friendly
automobiles across the region, alongside stringent government
policies regarding the deployment of eco-friendly components in
vehicles. Europe might represent a significant chunk of the global
oil filter and fuel filter market over the next few years. Presence
of several key market players and high demand for automobiles has
been responsible for the expansion of European oil filter and fuel
filter market.
The
developing nations housed in Latin America, the Middle East and
Africa, and Asia Pacific are also poised for immense growth. Vehicle
production is gaining traction with technological advancements
leading to emergence of advanced automobiles. China, India, Brazil,
Indonesia, Thailand, South Korea, and Mexico are likely to contribute
substantial volume of revenue to the global oil filter and fuel
filter market by the end of 2020.
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Companies
mentioned in the research report
Hollingsworth
& Vose Co. Inc., Hengst Gmbh & Co. Kg, Ahlstrom Corporation,
Affinia Group Inc., Gud Holdings Ltd., AC Delco Inc.,Clarcor Inc.,
Cummins Inc., and Cummins Inc. are some major companies operating in
the global market for oil filter and fuel filter.
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