The North American automotive air filter market is expected to reach USD 1.6 B by 2024, according to a new report
by Grand View Research, Inc.
Grand View Research, Inc. reports that our automotive air filter market may cross over USD 1.6 B as we move towards 2024. This tremendous growth of automotive air filter market can be attributed to higher automobile sales in North America. Another factor is more companies of automotive air filter market becoming OEMs.
Why do we predict this growth? Growing consumer awareness over periodic maintenance requirements is the main reason. As density of vehicles on roads increase, demands of automotive air filter market will consequently increase. In North America, automotive air filter market dominates in the aftermarket segment. The main reason for this is already high numbers of existing vehicles.
Maintenance schedule requirements mandate changing automotive air filter after mileage milestones are reached. This is in line with government efforts to keep a closer watch on vehicle emissions standards. State officials monitor vehicle maintenance for this pollution control requirements.
North American automotive air filter market will become a US $ 1.6 billion-industry by 2024, according to a new report by Grand View Research, Inc.
Also favoring growth rate of automotive air filter market is that government regulatory bodies have become strict in monitoring fleet owners. Inspection checks for average fuel economy along with Clean Air Act implementation contributes to market place. Automotive air filters function to trap dust and airborne particles for better performance and engine efficiency. Defective, older or absence automotive air filters cause increase in exhaust emissions having more of NOx fumes.
Department of Pollution Control mandates use of air filters for all vehicles plying North American roads. Road and Traffic officials carry out standard checks at regular intervals.
Sales of passenger cars in the U.S and Canada are expected to continue slowing down. However, there is already a large or rather huge numbers of vehicles on roads. This is enough to keep creating increasing demands for automotive air filter. Hence, over the entire forecast period, from current up to 2024, this demand will drive automotive air filter market growth. On the other hand, a rise in electric cars in near future is expected to bring down automotive air filter market demands. Since there will be no gasoline exhaust fumes in electric vehicles.
Intake air filters was one of the largest product segment in 2015. It will generate revenue over USD 936.7 million by 2024. Commercial vehicles segment growth of 9.0% over the next eight years. Aftermarket segment will grow at a CAGR of 9.1% making it fastest growing end-user market place segment Read the full report:
