Market Trends of Automotive Air Filter Industry
Increasing Demand For Commercial Vehicle Parts And Components to Derive Market Growth
- As the sales of commercial vehicles increase, the demand for their parts and components also increases. The rise in commercial vehicle demand can be linked to increased construction and industrial activities and road freight transit. In 2022, Around 24 million commercial vehicles were sold. These vehicles include motor vehicles used for transporting goods or paying passengers. The shifting consumer preference for pick-up trucks that can transport both cargo and passengers is one of the reasons behind the growth.
- Commercial vehicles like medium and heavy-duty trucks tend to cover more miles on average than passenger cars. Hence, they often require servicing. Even their part and component maintenance & replacement cycle is more frequent due to high distances traveled in a relatively short period.
- According to Organisation Internationale des Constructeurs d'Automobiles (OICA), about 9.2 million motor vehicles will be produced in the United States in 2021, with 1.5 million being cars and 7.6 million being commercial vehicles, and this figure is expected to rise in the coming years.
- Thus, as the number of commercial vehicles increases, so will the opportunity for automotive air filter manufacturers to generate revenue, facilitating overall market expansion.
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Asia-Pacific Expected to Lead the Air Filter Market
- The automobile industry in India is supported by various factors, such as the availability of skilled labor at a low cost, robust R&D centers, and low-cost steel production. The industry also provides great investment opportunities and direct and indirect employment to skilled and unskilled laborers.
- China ranks first in terms of electric car sales, and many automakers are still in the process of testing electric mobility. The complete shift from internal-combustion (IC) engine vehicles to electric vehicles will take time, at least until 2030, which, in turn, is expected to boost the demand for cabin air filters.
- Japan is regarded as one of the major markets for luxury cars in the Asia-Pacific region. Some of its most well-known global brands, which belong to the automotive industry, include Toyota, Honda, and Nissan.
- These factors are expected to revive the automobile industry and boost the air filter market over the forecast period.
- South Korea is among the most advanced automobile-producing countries in the global automotive market. However, the automobile industry in the country is suffering from an adverse domestic market, owing to a political fallout with China and the financial troubles faced by small- and medium-sized parts manufacturers.
- To support the industry, the South Korean government has set high goals for its electric vehicle industry over the next ten years and is making heavy investments in both vehicles and the infrastructure necessary.
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