The global automotive air filters market is expected to reach USD 8.62 billion by 2024, according to a new report by Grand View Research, Inc. Rising disposable income coupled with the growth of global automobile industry and stringent emission norms is expected to drive the market growth over the next eight years.The global automotive air filters market is estimated to witness a high growth owing to rising automobile production along with rapid industrialization and urbanization. Stringent emission control regulations are expected to foster the market growth.Growing disposable income in developing regions such as Asia Pacific and the Middle East is presumed to drive the growth. Economies such as India and Mould Manufacturers China are projected to have brisk growth and lead their regional market. Volatile raw materials cost is presumed to hamper the industry growth.
The increase in electric vehicles production is also estimated to hinder the market growth shortly.Favorable regulation such as EU and EEA member states emission standards which include Euro VI petrol and diesel norms. This norm is to govern light and commercial passenger vehicles emissions and is anticipated to have a positive impact on automotive air filters demand in engine components.The several marketing strategies and business propositions being employed by the industry players engaged in the automotive OEM coatings market are a testimony to its interesting competitive landscape. A geographical analysis of the market would project more opportunities and prospects for growth in various regions of the world.Asia-Pacific poised for promising growthThe global automotive OEM coating market has a strong presence in all those regions that tend to have a higher production scale of automobiles. It is relatively easier for coatings companies to be located in vicinity to auto parts makers, to readily offer the paints and coating solutions tailored for specific products.
The Asia-Pacific region, along with LAMEA (Latin America, Middle Eastern, and Africa) countries, together accounted for nearly two-fifths of the total market, in terms of volume. This trend is expected to continue from 2016 till 2022, owing to the rapid pace of urbanization. Considering the volume of automotive coatings demanded, the Asia-Pacific region is projected to grow at a CAGR of 4.7% till 2022.The urbanization and higher purchasing power of the population in developing economies of India, China, and Brazil would be essentially instrumental in the development of the market. China, in particular, was accountable for nearly one-third of the total Asia-Pacific market in 2015. Overall consumer spending on advanced automobiles by the urban population in these emerging nations would increase and create a greater demand for durable and efficient high-performance coatings.The higher disposable income of the population coupled with encouraging consumption of automobiles has triggered a boom in the automobiles market in the region.