Infinium Global Research added Latest Research Report titled “Automotive Air Filters Market by Manufacturers, Regions, Product Type and Application, Forecast to 2024” to its Large Report database.
Pune, India -- (SBWIRE) -- 11/16/2018 -- The main objective of this report is to define, describe, and forecast the global "Automotive Air Filters" market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report attempts to forecast the market size for 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It contains key vendor profiles and comprehensively analyzes their core competencies. The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market. According to the report the global automotive air filters market is projected to grow at a CAGR of 4.4% over the forecast period of 2018-2024.
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Rapidly Growing Automotive Industry Is the Key Factor Driving the Growth of the Automotive Air Filter Market
The rapidly growing automotive industry is the key factor driving the growth of the automotive air filter market. Additionally, growing environmental pollution awareness is anticipated to boost the demand of automotive air filter market over the forecast period. Wide-ranging and transformative changes in the automotive industries contribute to the growth of the automotive air filter market. However, the booming electric vehicle market is restraining the growth of the air filter market. Moreover, the use of non-replaceable filters is likely to create a negative impact on market growth. Entry of dirt particles can damage the engine walls, cylinders, pistons and piston rings, which may lead to reduced engine life. Furthermore, ongoing advancements in the filter technology are creating huge growth opportunities for the key players in the automotive air filters market significantly. The global automotive air filter market is highly competitive.
ChungHo Nais' affiliate sets up air filter JV in Korea with Japan's Toray
In October 2018, MCM, an affiliate of ChungHo Nais, a South Korean water purifier manufacturer, and Japan's Toray announced they held a ceremony to launch a joint venture named M&T Engineering (M&TE) in Jincheon, Chungbuk.
M&TE which will be dedicated to research, manufacturing and marketing of home and industrial air filters expects synergy benefits from the combination of MCM's marketing, production technology and automation know-how and Toray's filter development technology and raw material production capability.
M&TE plans to focus on home air filters initially and expand its business scope to include automotive and industrial air filters.
Asia Pacific Is the Largest As Well As the Fastest Growing Region In the In the Air Filtration Market
Asia Pacific is the largest as well as the fastest growing region in the in the air filtration market. Increased production of passenger cars, new technological developments and increased demand of two-wheelers from countries such as China and India are driving the growth of automotive air filter market. In addition, lower-cost labor and rapidly growing automotive industry are expected to contribute in the growth of automotive air filter market in the Asia Pacific region. Asia Pacific is the largest as well as the fastest growing region in the in the air filtration market.
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The major key players in Automotive Air Filters Market are Sogefi SpA, TOYOTA BOSHOKU CORPORATION, Valeo, ROKI Co. Ltd, MANN+HUMMEL, MAHLE GmbH, Lydall, Inc, DENSO CORPORATION, Cummins, CLARCOR Inc..
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