Global Oil Filter and Fuel Filter Market: Overview
The global oil filter and fuel filter market is slated to expand at a considerable pace over the oncoming period, as these filters are mandatory components in vehicles. Clean motor oil is necessary for maintaining the wear and tear of vehicle engines. If left unfiltered for long, unfiltered oil can become saturated with minuscule, hard particles which can potentially damage the engine surface.
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The key function of fuel filters is to eliminate dust and other contaminants present in fuel. While fuel filters are installed in internal combustion engines, oil filters are used in different types of hydraulic machines. Oil filters are chiefly used for removing contaminants from engine oil, lubricating oil, hydraulic oil, and transmission oil.
The research report on global oil filter and fuel filter market can be segmented by geography, type, vehicle type, and sales channel. Several facets of the global oil filter and fuel filter market including attractiveness, value chain analysis, SWOT analysis, and drivers and restraints have been discussed in detail in the report.
Global Oil Filter and Fuel Filter Market: Drivers and Restraints
Since oil filters and fuel filters have a limited lifespan, they need to be replaced often. As a result, the demand for these automotive parts is expected to stay elevated. The phenomenal growth of the automotive industry is one of the key drivers of the global oil filter and fuel filter market. The large scale production of automobiles in developing countries, technological advancements in the field of fuel filters and oil filters, and strict regulatory frameworks have also been aiding the market to expand.
The passenger car segment promises substantial growth, thanks to the escalating demand for passenger vehicles and commercial transport. As a result, this segment might represent the largest portion of the market by type of vehicle. On the flip side, the augmenting demand for electric vehicles can pose a threat to the expansion of the global oil filter and fuel filter market. The need for long drain intervals is another major restraint of the global oil filter and fuel filter market. However, the market will keep progressing on account of growing inclination toward diesel powered vehicles.
Global Oil Filter and Fuel Filter Market: Regional Outlook
By geography, the global oil filter and fuel filter market can be segmented into the Middle East and Africa, Europe, Asia Pacific, Latin America, and North America. North America is expected to emerge as the leading segment of the global oil filter and fuel filter market, triggered by increasing preference for environment-friendly automobiles across the region, alongside stringent government policies regarding the deployment of eco-friendly components in vehicles. Europe might represent a significant chunk of the global oil filter and fuel filter market over the next few years. Presence of several key market players and high demand for automobiles has been responsible for the expansion of European oil filter and fuel filter market.
The developing nations housed in Latin America, the Middle East and Africa, and Asia Pacific are also poised for immense growth. Vehicle production is gaining traction with technological advancements leading to emergence of advanced automobiles. China, India, Brazil, Indonesia, Thailand, South Korea, and Mexico are likely to contribute substantial volume of revenue to the global oil filter and fuel filter market by the end of 2020.
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Companies mentioned in the research report
Hollingsworth & Vose Co. Inc., Hengst Gmbh & Co. Kg, Ahlstrom Corporation, Affinia Group Inc., Gud Holdings Ltd., AC Delco Inc.,Clarcor Inc., Cummins Inc., and Cummins Inc. are some major companies operating in the global market for oil filter and fuel filter.