“The global fluid filter market attained a market size, in terms of value, of $823.1 million in 2014, and is expected to reach $1,463.7 million by 2019, at a CAGR of 12.2 % from 2014 to 2019. Asia-Pacific is expected to hold a market share, in terms of volume, of 55.2% in the fluid market by 2019, growing at a CAGR of 8.2% from 2014 to 2019. The fluid filter market is segregated on the basis of region into Asia-Pacific, North America, Europe, and RoW. The market is driven by factors such as increasing vehicle production, stringent emission norms, increasing adoption of personal cars for daily commutes in emerging economies, and small but efficient filters. A factor hindering market growth is longer drain intervals. Fluid filters are crucial for the removal of sludge and dirt from oil and fuel (in turn reducing vehicle emissions through complete combustion of fuel), increasing engine service life, and lowering annual consumption of fuel.
Asia-Pacific occupies the largest market share, in terms of value, and is estimated to grow from $446.3 million in 2014 to $841.0 1 million in 2019 at a CAGR of 13.5% over the forecast period. North America and Europe are expected to grow at CAGRs of 13.3% and 8.8%, respectively. In terms of vehicle type, the fluid filter market is divided into passenger cars, light commercial vehicles, and heavy commercial vehicles.
By type, the fluid filter market is divided into oil and fuel filter. The oil filter market attained a market size, by value, of $222.1 million in 2014, and is expected to reach $376.2 million by 2019, at a CAGR of 11.1% from 2014 to 2019. The fuel filter market, by type, is expected to drive the fluid filter market, in terms of value, with the highest growth rate of 12.5% during the forecast period.
The fluid filter market is a competitive market, with a number of players. As of 2014, the global market is estimated to be dominated by Cummins Inc. (U.S.), Mann+Hummel (Germany), and Mahle GMBH (Germany). New product launches and partnerships, agreements, collaborations, and joint ventures are the key strategies adopted by market players to achieve growth in the global fluid filter market.
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