Car oil filters are essential components in vehicles. The global car oil filter market is thriving on many facts which make them essential and are driving the growth of the global market. The growing automotive industry is one of the primary reasons impacting the global car oil filter market indirectly. The more the number of vehicles manufactured, the more the number of oil filters required. Strict government regulations have compelled the manufacturers to design efficient engines, and the technological advancements in the oil filter sector has aided the growth of the global oil filter market.
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Among the vehicles types, the rising number of passenger cars has lifted the oil filter market spurring its growth tremendously. Even public or commercial transport has contributed to the market growth. Other direct aspects related to the car oil filter benefits such as removal of contaminants from oil and maintaining the oil level ready for its use. However, the introduction of electric vehicles can be a restraint to the global car oil filter market. But the threat from this restraint can reduce as the commercial vehicle sector needs diesel and hence the need for oil filters in these vehicles. Another challenge cum benefit would be the life of the filter.
The challenge part is that one needs to keep track and change the oil filters as it has low life, but the benefit side of this would be the increased global consumption of oil filters in cars owing to less life. The Europe region is expected to dominate the global car oil filter market.
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An oil filter, as per the name, is a vehicle component used to maintain the oil quality in the vehicle. The main function of the oil filter is to separate the contaminants from the oil and filter them out keeping the oil unadulterated and safe. This enhances the quality of oil and life and ensures smooth vehicle operation. More importantly, a safe pure oil ensures good health of the engine, as the pistons work on the oil level inside and if oil gets contaminated, the contaminants can enter the pistons harming the engine. Hence, the need for oil filters is increasing to ensure safety of the engine and the vehicle in general. Mechanical, magnetic, sedimentation, centrifugal, high efficiency are few types of oil filters.
According to Fact.MR’s research report on the global car oil filter market, the market is anticipated to reach a value more than US$ 530 Mn by 2022 reflecting a moderate CAGR during the forecasted period of 2017-2022.
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Premium Ties with Luxury in Terms of Growth, yet Luxury Enjoys an Upper Hand
The premium passenger cars segment and luxury passenger car segment by vehicle type reflect same compounded annual growth rate of 3.1% throughout the forecast period of 2017-2022, however, the market share by revenue of luxury passenger car segment is almost four times than that of the premium cars segment. The luxury passenger car segment by far, has the highest market share compared to all other segments. The compact passenger car segment is next in line from growth rate point of view with a medium market share on a global basis, yet it can register a loss in the BPS by 2022-end. The luxury passenger car segment is poised to enjoy a higher BPS than any other passenger car segment in vehicle type in the global car oil filter market.
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