Automotive Fuel Filter Market - Growth, Trends, and Forecast (2020 - 2025)
発行: Mordor Intelligence Pvt Ltd
ページ情報: 英文 109 Pages
The global automotive fuel filter market is anticipated to register a CAGR of over 5.3% during the forecast period (2020 - 2025).
Growing Sales of Electric and Hybrid Vehicle - Hindering Market Growth
The increasing market for the electric and hybrid vehicles is a major restraint for the fuel filter market. This along with the lesser requirement of mechanical moving parts as well as motors in EVs has proved to be a key restraining factor for the fuel filter market.
Electric mobility is expanding at a rapid pace. In 2018, the electric car fleet exceeded 5.1 million, up 2 million compared to 2017 and almost doubling the number of new electric car sales. The China remains the world's largest electric car market, followed by Europe and the United States. Norway is the global leader in terms of electric car market share.
The leading countries around the world are promoting electric mobility and taking variety of measures such as fuel economy standards coupled with incentives for zero- and low-emissions vehicles, economic instruments that help bridge the cost gap between electric and conventional vehicles. Increasingly, policy support is being extended to address the strategic importance of the battery technology value chain.
Asia-Pacific Dominating the Fuel Filter Market
The global automotive fuel filter market is dominated by Asia-Pacific, followed by Europe and North America. The growing vehicle production in the major countries of Asia-Pacific region such as China, Japan, and India, is driving the fuel filter market in the region.
Automotive engine technologies in North America are becoming increasingly sophisticated, and supplying clean fuel to these complex engines is a critical task. Fuel filters are an integral part of conventional engine vehicles automobiles, as they not only fuel, but also play a major role in engine efficiency and emissions. Since, stringent emission and fuel efficiency norms enforced by governments and governing bodies around the world, have forced automotive manufacturers to seek different methods to meet these standards. This is driving the demand for automotive fuel filters.
The global automotive fuel filter market is dominated by major players like Denso Corporation, Parker Hannifin Corp, Mahle GmbH, Mann+Hummel, Hengst SE, Cummins Ltd, and among others. The companies are expanding their business by opening new production plants. For instance, Italy-based UFI Filters announced it will invest EUR 4 million to expand its operations in Brazil. The new facility will begin operations in 2020, producing the entire UFI Filters product line, which includes air, oil, cabin and fuel filters for light and heavy vehicles. UFI Filters estimates that the new Brazilian unit will represent approximately 15% of the company's annual revenue.