• Stacy Lawlor

Global Automotive Hydraulic Oil Filters Market Size to grow by USD 1,908.8 million in 2028

The Global Automotive Hydraulic Oil Filters Market Size was valued at USD 800.6 million in 2020 and is expected to grow by USD 1,908.8 mn in 2028 at a CAGR of 4.3%.

Global Automotive Hydraulic Oil Filters Market Size to grow by USD 1,908.8 million in 2028

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A filter designed to remove impurities from engine oil, transmission oil, lubrication oil, or hydraulic oil is known as an automobile hydraulic oil filter. During the forecast period, increased vehicle production, which has a direct impact on the filter market, is predicted to grow at a high rate. For instance, the ACEA (European Automobile Manufacturers' Association) estimates that passenger car manufacturing reached 78.6 million in 2018, with the Asia Pacific and North America leading the way. The market for automotive filters is predicted to rise because of a steady rebound in car manufacturing post the COVID-19 impact.


Furthermore, the market's growth is expected to be fueled by rising demand for energy-efficient filters over the forecast period. Furthermore, advances in the automotive industry over the last few years, as well as growing technological explorations, are expected to drive the market during the forecast period, owing to the wide range of functions of hydraulic filters for an immense range of benefits such as optimum efficiency, longer combustion engine service life, improved gas mileage, and others.

Global Automotive Hydraulic Oil Filters Market Size

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The outbreak of COVID-19 has impacted and disturbed the whole automotive ecosystem's supply chain, bringing production facilities all over the world to a halt. This scenario is projected to have an impact on the automotive filters market, as market growth is directly tied to vehicle production. Furthermore, the automotive filters market is projected to be negatively impacted by the drop in car manufacturing as a result of the production standstill. Because these filters are more expensive than conventional filters, OEMs are unable to install them in all vehicle segments due to fluctuating raw material prices and the high cost of filter media such as activated carbon and electrostatic. Due to the economic effects of COVID-19, MANN+HUMMEL, a significant automobile filter maker, has said that the current financial year will be hard. However, the corporation has put itself in a secure financial position to withstand the impact of COVID-19 thanks to reduced operational costs and global reorganization.

Innovations in Hydraulic Oil Filters Drive Market Growth


The growing global vehicle population is resulting in increased product penetration as well as increased demand for hydraulic oil filters. The usage of aftermarket parts such as hydraulic oil filters on various types of autos, including two-wheelers, three-wheelers, taxis, and so on, has forced the use of aftermarket parts such as hydraulic oil filters, consequently favorably impacting this market. New advancements in the Hydraulic Oil Filters Market are being driven by the need to boost efficiency by using less expensive yet high-quality materials such as polymer composites with aluminum or metal lead frames.


Increasing Vehicle Production Has Increased Product Demand


COVID-19 has caused a drop in car production, which has a direct impact on the automotive filter market. However, the automotive filters market is expected to rise in the next years due to a forecast steady rebound in vehicle production in Q1-Q2 of 2021. The passenger automobile segment in Europe is likely to see increased demand for gasoline engines and gasoline filters as a result of environmental concerns and rigorous emission standards. These factors propelling the growth of the automotive hydraulic oil filter market during the forecast period.

Global Automotive Hydraulic Oil Filters Market Size

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The Asia Pacific is the largest market for automotive hydraulic filters due to the growing vehicle sector in countries like India and China. The demand for automotive hydraulic filters in this region is likely to be boosted by a high number of customers, rising annual incomes, and significant investment in the manufacturing of automobiles. Europe is expected to gain a considerable market share of the automotive hydraulic filters due to the increasing demand and production of automobiles in this region. The expansion of the automotive Hydraulic filters market is aided by rising urbanization and customer demand for vehicles.


KEY INDUSTRY DEVELOPMENTS:


In January 2019, Eaton Corporation plc, a multinational power management firm, stated that its Vehicle Group's Aftermarket division has reached an agreement with Bezares SA, a major manufacturer of pumps, motors, and hydraulic systems, to expand its footprint in North America. The partnership with Bezares will also enable the company to offer a comprehensive mobile power hydraulic portfolio, including hydraulic filters, to meet the dynamic needs of North American customers, according to the company.


In March 2019, UFI Filters, an Italian hydraulic filter manufacturer, stated that it had expanded its aftermarket base in the UK with the opening of a new warehouse and dedicated office. The aftermarket catalogue at the new distribution site has approximately 3,000 SKUs. In the next years, the company hopes to leverage its newly recruited supply chain partner, DB Schenker, a German logistics company, to gain traction in the highly fragmented Irish and UK aftermarkets.


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https://www.extrapolate.com/Automotive/automotive-hydraulic-oil-filters-market/25675

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