Car Fuel Filter Market is Predicted to Reach US$ 3.05 Billion with Expanding at a CAGR of 5.8% by 2034 | Fact.MR Report
Rockville, MD, Nov. 14, 2024 (GLOBE NEWSWIRE) -- According to a recently revised study published by seasoned analysts at Fact.MR, worldwide revenue from the sales of car fuel filters is set to reach US$ 1.74 billion in 2024. The global car fuel filter market has been analyzed to increase steadily at a CAGR of 5.8% from 2024 to 2034.
Ever-increasing sales of vehicles worldwide are contributing to the growing demand for car fuel filters. Since clean fuel delivery is necessary for efficient combustion and reduced emissions, fuel filters are important to maintain engine health and performance. Even though electric vehicles (EVs) don't require fuel filters, their sales are extremely less as compared to gasoline cars. Hybrid cars, which combine internal combustion engines with electric propulsion systems, still need high-quality gasoline filters to ensure a clean fuel supply and efficient engine functioning. Because people want higher fuel efficiency from their automobiles, the hybrid vehicles industry is growing substantially, which is contributing to car fuel filter market growth.
Japan is at the center of automotive technology progress, being one of the top automakers in the world. High-performance fuel filters are increasing in demand as modern cars with advanced engines become more complicated.
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Key Takeaways from Market Study
- The global car fuel filter market is evaluated to reach a size of US$ 3.05 billion by the end of 2034.
- North America is expected to hold 1% of the global market share in 2024.
- Demand for fuel filters for use in SUVs is forecasted to increase at 2% CAGR through 2034.
- The East Asia market is forecasted to reach US$ 740.3 million by the end of 2034.
- In 2024, China is poised to account for 75% of the market share in the East Asia region.
- Based on fuel type, the CNG/gasoline segment is forecasted to generate revenue worth US$ 2.37 billion by 2034.
- The market in China is projected to rise at a CAGR of 9% between 2024 and 2034.
“Car fuel filter manufacturers will do well to partner with automotive part retailers and service centers as well as expand their e-Commerce presence to drive D2C sales,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Car Fuel Filter Market
Key players in the car fuel filter market are Denso Corp, MAHLE GmbH, Parker Hannifin Corp., Cummins Inc., Mann+Hummel Group, Sogefi S.p.A, UFI Filters Group, ACDelco, FRAM Group IP LLC, Hengst SE & Co. KG, Robert Bosch GmbH, Valeo SA.
Compact & Mid-Sized Cars Account for Higher Product Deployment
Car fuel filters are increasing in demand due to rapidly rising sales of small- and medium-sized cars globally. These cars are budget-friendly compared to SUVs and premium vehicles. Due to this, use of fuel filters is high in compact and medium-sized cars. To maintain the long life and performance of any type of vehicle, fuel filters are necessary. More people now prefer compact and medium-sized cars due to fuel efficiency and less cost.
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Car Fuel Filter Industry News:
- The largest car filter manufacturer in Latin America, Tecfil, of Brazil, unveiled The EcoLigna, the first sustainable lignin-based vehicle filter, to the North American market in October 2023.
- Uno Minda introduced a comprehensive range of fuel filters for commercial vehicles in October 2023 that enhance engine performance and lifetime. In order to address the evolving needs of commercial vehicle owners and operators, these new filters were developed to ensure optimal fuel filtering and adhere to stringent emission laws.
- Uno Minda unveiled a wide selection of commercial vehicle fuel filters in August 2023 that improve engine performance and lifetime. These new filters were created to meet the changing demands of operators and owners of commercial vehicles while maintaining the highest standards of gasoline filtration and complying with strict emission regulations.
- On the 58th Founder's Day in March 2022, TVS Auto Bangladesh and Steelbird International, a well-known auto component maker and an industry pioneer in India, formally formed a joint venture to manufacture premium, best-in-class automobile filters.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the car fuel filter market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (spin-on fuel filters, inline fuel filters, cartridge fuel filters, nylon fuel filters, in-tank fuel filters, universal fuel filters), fuel type (diesel fuel filters, CNG/gasoline fuel filters), vehicle type (compact & mid-sized passenger cars, premium passenger cars, SUVs), and sales channel (OEM, OES, IAM), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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