Automotive Cabin Ac Filter Market t to Exceed US$ 3,738.2 Mn by 2024
A report published by Persistence Market Research (PMR) estimates the global automotive cabin AC filter market to reach $3,738.2 million by 2024 end, registering 6.9% CAGR between 2016 and 2024. While the automotive cabin AC filters global consumption was anticipated to reach 366,547 thousand units by 2016 end and is estimated to reach at 4.9% CAGR during the forecast period.
Rise in vehicle production to increase the automotive cabin AC filters demand
The steady increase in global vehicle production will significantly increase automotive cabin AC filters demand. Major factors that are expected to increase the cabin AC filters demand include the rise in demand for HVAC systems and increase in adoption of the filters to filter dust particles and pollutants.
Automotive cabin AC filters are an essential part of HVAC system in vehicles. However, most of the vehicle owners are unaware of the existence of this system. Moreover, they are also not aware of the replacement cycle of automotive cabin AC filters. These factors are expected to hamper the growth of automotive cabin AC filters market during 2016-2024.
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Particulate segment in filter type to register the highest growth in terms of value
The report titled ‘Automotive Cabin AC Filter Market: Global Industry Analysis and Forecast, 2016-2024’ is segmented into filter type, vehicle type and sales channel. According to the report, on basis of filter type, the particulate segment is anticipated to register 6.2% CAGR in terms of value during 2016-2024. While, an electrostatic segment is expected to grow in terms of volume, registering 7.1% CAGR during the forecast period. There is an increase in adoption of automotive cabin AC filters in aftermarket and OEM categories in developing countries like India, China, Brazil and the Middle East and Africa. This will also result in a steady growth of electrostatic segment in the coming years.
In terms of vehicle type, passenger car segment was projected to reach around 76.3% market share by 2016 end. However, the passenger car segment is anticipated to be valued at $2,913.6 million by 2024 end, registering CAGR of 7.1% during 2016-2024. On basis of value, the segment is projected to grow 1.7X during the forecast period.
On basis of sales channel, OEM segment is anticipated to register 5.6% CAGR during 2016-2024. While automotive segment will be more attractive in terms of market share and CAGR during the forecast period.
Asia Pacific to account for 33.6% market share by 2024 end
Region-wise, the global automotive cabin AC filter market segments include Latin America, North America, Europe, Middle East & Africa and Asia Pacific. Among all the regions, Asia Pacific is anticipated to have 33.6% market share in terms of value by 2024 end. APAC market is projected to 10.5% value CAGR during the forecast period. While the markets in North America and Europe were expected to account 60% market share on basis of value by 2016 end.
Leading market players profiled in the report include Sogefi SpA, Robert Bosch GmbH, Mann+Hummel GmbH, Donaldson Company, Inc., Denso Corporation, MAHLE GmbH, Hengst SE & Co. KG, Ahlstrom Corporation, Freudenberg & Co. KG, K&N Engineering, Inc., ALCO Filters Ltd., Airmatic Filterbau GmbH, ACDelco and Eurogielle s.r.I.
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