Technavio, a tech-focused market research firm, has published a new report on the global fuel filter market, which is expected to grow at a CAGR of more than 4% during the forecast period, 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global fuel filter market into the following key regions: the Americas, APAC, and EMEA.
Source: Technavio
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Top three contributors for the global fuel filter market are elaborated below:
Fuel filter market in APAC: China and India are the main markets for automotives in APAC. Increase in disposable income and launch of new car models by OEMs are some of the key forces driving growth of the fuel filter market in the APAC region. Technavio’s market research analysts predict the fuel filter market in the APAC region to account for almost 21 million units by 2021.
According to Siddharth Jaiswal, a lead analyst at Technavio, specializing in research on automotive components, “Falling trade volumes in stock exchanges and reduced property sales have diverted the consumer spending toward new car purchases. The low rates of gasoline are also helping new car sales in China.”
Fuel filter market in the Americas: Low gasoline prices, valued at around USD 2 per gallon in 2015 (more than 95% of cars in the Americas have gasoline engines), low-interest rates, easy credit availability, low unemployment rate, and increase in the leasing of vehicles are factors that have spurred the sales of new vehicles and are propelling the demand for fuel filters in the region. The market for fuel filters in the Americas is projected to register growth at a CAGR of almost 4% between 2017 and 2021.
Fuel filter market in EMEA: Factors such as Brexit and Volkswagen diesel scandal whereby car OEMs lost about 2.5% market share in 2015 are the fundamental driving forces behind the demand for fuel filters in EMEA. A rise in the inclination toward quality automobiles and higher income levels in Europe and Middle East are likely to facilitate further growth of the fuel filter market in EMEA during the forecast period. The market is estimated to have a growth of about 6% to reach around 47 million units by 2021. The increase in demand for the automotive industry is directly correlated with the demand for the fuel filter market.
The leading vendors operating in the global fuel filters market are:
- DENSO
- Bosch
- Affinia (acquired by MANN+HUMMEL)
Other prominent vendors in the market include Ahlstrom, MAHLE, and SOGEFI Group.
A more detailed analysis is available in the Technavio report titled, ‘Global Fuel Filter Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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- Global Motorcycle Instrument Cluster Market 2017-2021
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