Rockville, MD -- (SBWIRE) -- 06/24/2019 -- Global car oil filter market is driven by many factors. The rising automotive industry is a prime aspect which drives the growth of the car oil filter market. Certain government regulations regarding the manufacturing of vehicles has forced the manufacturers to implement improvements in the design aspect of the engine and along with the technological changes and advancements in the oil filter domain, this has imparted support to the growth of the car oil filter market.
As far as vehicles are concerned, the increase in the passenger cars has triggered the growth of the car oil filters. Moreover, public awareness regarding the safety of the engines of their vehicles and the benefits of oil filters such as removal of contaminants, ensuring good engine health and enhance the life of the components within the engine has spurred the growth of the global car oil filter market. However, the challenge faced by this sector is the introduction of the electric cars which do not need oil filters. Another challenge cum opportunity is the life of the filter. It has low life and has to be replaced but the opportunity aspect is that it needs to be changed frequently and this can be beneficial to the manufacturers of the filters. Europe region shows great potential and market share by 2022 end. The Asia-Pacific excluding Japan (APEJ) region shows higher growth rate during the period of forecast.
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Fuel pumps and injectors are subjected to high contamination ratios owing to rampant adoption of unfiltered fuel. Additionally, deposition of contaminants and rust caused by moisture accumulation in fuel tanks necessitate adoption of car oil filters. Matured markets comprising Europe and North America lead the squad in terms of lucrative prospects. However, astounding number of commercial vehicles and passenger cars across emerging economies are estimated to soon follow suit, thereby promising novel growth scope for veterans in car oil filter market.
Owing to limited life span of car oil filters, frequent maintenance and replacement remain persistent challenges for car owners. However, independent aftermarket as well as OEMs are expected to explore the drawback, thereby churning maximum revenues from optimum car oil filter replacement. On the back of premiumlization of cars, luxury cars have crafted decent customer loyalty. The trend is expected to propel car oil filters market towards lurking opportunities in the near future.
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Highlights on Global Car Oil Filter Market
The luxury passenger car segment by vehicle type enjoys a higher market share by revenue and accounts for 36.5% share which is higher than all other segments during the period of forecast.
Europe region is on the vanguard as far as regional dominance is concerned. It has a higher market share by revenue than any other region and is poi9sed to grow at a steady growth rate.
Cellulose segment by filter media has a high market share by revenue but experiences a not so high growth rate. However, the synthetic segment is poised to grow at a higher CAGR of 3.4% among other filter media segments during the period of forecast
Car Oil Filter Market: Competition Landscape
The report has also profiled leading players in the global market for car oil filters, which would remain active through 2022. These include companies like Champion Laboratories Inc., UFI Filters SpA, Freudenberg & Co. KG, Hengst SE and Co. KG, Cummins Inc., Alco Filters ltd., Ahlstrom Corporation, K&N Engineering Inc., Hollingsworth and Vose Company, Mann Hummel GmbH, Sogefi SpA., Donaldson Company Inc., Denso Corporation, Robert Bosch GmbH and MAHLE GmbH.
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