SEATTLE, May 24, 2018 (GLOBE NEWSWIRE) -- The global automotive AC filter market was valued at US$ 2275.7 million in 2017 and is projected to exhibit a CAGR of 7.1% over the forecast period (2018 – 2025).
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Key Driver and Analysis of the Automotive AC Filter Market:
Increasing adoption of passenger cars due to rapid urbanization is one of the major drivers for growth of the market. This has significantly impacted affordability and expenditure on luxury vehicles, which has further propelled adoption of AC filters.
China is expected to witness significant growth and is responsible for global as well as regional automotive AC filter market growth. In 2017, around 24.8 million passenger cars and around 4.2 million commercial vehicles were manufactured in China. China ranked first among countries with the largest production of passenger cars, accounting for production volume of around 21 million passenger cars in 2015, followed by Japan, Germany, U.S., and South Korea.
China’s economy started off with a strong impact in 2018, and is continuing to defy concerns of an expected downfall. This can be attributed to robust private consumption. GDP expanded by 6.8% in annual terms in Q1, matching Q4’s performance, Q1’s performance was also well above the government’s expectation of 6.5% economic growth for 2018. This scenario is indirectly favorable for growth of the automobile and associated markets especially that of automotive AC filters.
CO2 emissions are among the key factors contributing for the overall growth of the market. The International Energy Agency (IEA) estimated that emissions in China are expected to be 18% of the global total in 2020, from 29% recorded in 2015. This reflects a vast scope for adoption of automotive AC filters in various types of vehicles such as passenger cars, and commercial vehicles.
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Key Market Takeaways:
- Major players operating in the global automotive AC filter market include Mann+Hummel GmbH, Sofegi SpA, Donaldson Company, Inc., Robert Bosch GmbH, Denso Corporation, Ahlstrom Corporation, MAHLE GmbH, Freudenberg & Co. KG, Hengst SE & Co. KG, ALCO Filters Ltd., K&N Engineering, Inc., EuroGIELLE s.r.l., ACDelco, and Airmatic Filterbau GmbH.
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