According to a recent report by Fact.MR, worldwide sales of automotive oil filter are estimated to surpass US$ 2,400 Mn in 2019, up from US$ 2,329.3 Mn in 2018. Drastic increase in vehicle sales depicts a bright future for the global automotive sector, which in turn is working in favor for the manufacturers of automotive oil filters during the forecast period.
[USPRwire, Wed Aug 07 2019] According to a recent report by Fact.MR, worldwide sales of automotive oil filter are estimated to surpass US$ 2,400 Mn in 2019, up from US$ 2,329.3 Mn in 2018. Drastic increase in vehicle sales depicts a bright future for the global automotive sector, which in turn is working in favor for the manufacturers of automotive oil filters during the forecast period. Dramatic transformations in the automotive landscape, primarily shaped by evolving customer expectations and new regulations, are further upholding the growth of automotive oil filter market.
“Increasing preference for scheduled servicing and preventive maintenance among vehicle owners to boost their vehicle longevity is resulting in augmented demand for aftermarket parts & services, including automotive oil filters. This, in turn, is likely to pave new avenues of growth of the key stakeholders in the automotive oil filter market”, says the report.
According to the report, synthetic oil filters continue to be the top-selling variant, with global sales estimated to exceed US$ 760 Mn in 2019. High-performance engines in case of new age automobiles require synthetic oil to keep up with the evolving efficiency standards. In line with aforementioned, synthetic oil filters are in high demand, on account of the cutting-edge filtration capabilities.
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As per the research study, independent aftermarket (IAM) will continue to be the most-promising sales channel, with global demand anticipated to surpass US$ 870 Mn in 2019. Demand for routine maintenance parts, including wiper blades, oil filters, brake pads, and others is expected to witness a steep rise, which is a key factor underpinning growth of IAM channels in the automotive oil filter market space.
Key players in the automotive oil filter market are focusing on improvement of filter designs and incorporation of new technologies to boost their product positioning. Companies operating in the automotive oil filter market are offering extended life oil filters, with an objective of meeting the growing demand for extended oil change intervals. One of the key focal points in the manufacturing framework of market players is reinforcing efficiency of automotive oil filters to make them capable of capturing the smallest particles, which in turn will ensure optimal engine performance.
As per the report, the automotive oil filter market remains consolidated among the top 4 companies, namely Mann Hummel GmbH, Fram Group IP LLC, Mahle GmbH, and Robert Bosch GmbH, who account for nearly 40-45% of the global market share. Buoyancy of these companies in the automotive oil filter market can be ascribed to their strong product portfolios coupled with robust operational efficiencies. Manufacturers in the automotive oil filter market are using high-quality and laboratory-controlled materials, which aids them in ensuring that the components, including filter medium, valves, housings, and springs offer the desired performance amid the most-challenging operating conditions.
Manufacturers operating in the automotive oil filter market are also focusing on synchronization of the design & characteristics of valves with specifications & requirements of the automaker, thereby ensuring impeccable functionalities of the oil filters. During the production process, manufacturers in the automotive oil filter market carry out numerous tests to verify the ‘tightness’ using automated measuring machinery, which helps them gauge the possibilities of leakage from the filters.
The Fact.MR report traces opportunities brimming in the automotive oil filter market space over the forecast period of 2017 to 2022. As per the report, the global automotive oil filter market is estimated to register growth at a value CAGR of over 5% through 2022.
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