According to the new research report published by The Insight Partners, titled “Automotive Filters Market – Global Analysis and Forecast to 2027”, the global automotive filters market is expected to reach US$ 5,383.8 million by 2027, registering a CAGR of 5.0% during the forecast period 2020-2027.
Fuel efficiencies of the automobiles, and vehicular emissions have remained as a huge topic of concern for the automotive industry since decades, and therefore huge emphasis have been laid in these areas. Automotive filters are those components that enhance the fuel consumptions and also help in mitigating the vehicular emissions from automobiles. These filters ensure smoother operation of the engines of a vehicle extending the service life of a vehicle by removing the unwanted dust particles that enter the engine during runtime of the automobile. The global automotive filters market is bolstered by emission standards set forth by the regulatory bodies as well as regulations laid by the governments for environmental safety. Although, increasing adoption of EVs may restraint the growth of automotive filters market to certain extent. On the other hand, a surge in demand for vehicles, particularly in emerging countries, is projected to offer lucrative opportunities for the market players.
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The heavy commercial vehicles are in huge demand worldwide owing to the inter-country and intra-country transportation and logistics. The US, Canada, and Mexico has a trade pact, NAFTA (North America Free Trade Agreement) which enables the manufacturers and producers to transport within the states as well as cross borders easily. This agreement has increased the procurement and fleet size of heavy commercial vehicles in the North America region. Owing to the increasing demand from North American industries, the heavy commercial vehicle manufacturers in the region are increasing their production line in order to meet the rising demand.
Similarly, in the Asia Pacific region, rapid industrial developments, economic digitalization, and adequate government support, are some of the attributable factors that have ensured a smooth transition of these economies from the developing stage towards a developed stage. Government as well as various industries, both play an essential role in the development of logistics service across the region. Almost 60% of the world’s population lives in the Asia Pacific region, and many of the countries are the manufacturing hub, which further raises the growth of the respective industry in the region. Increase in the number of industries and manufacturers raise the demand for better value-added logistics service to efficiently manage supply chain and thereby demand for large number of heavy commercial vehicles to operate their transportation system. China, being the most significant vehicle manufacturing country in the Asia Pacific region, produced approximately 2.1 million heavy commercial vehicles in 2018, which showcases, the support for above mentioned factors.
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