Global Oil Filter Market To Reach $5.57 Billion By 2028 With A Growth Rate Of 7.2%

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What Levels of Growth Does The Oil Filter Market Showcase and What Catalysts Drive This Growth?

The oil filter market size has shown formidable expansion in recent years. It is projected to surge from $3.94 billion in 2023 to $4.21 billion in 2024, demonstrating a compound annual growth rate CAGR of 6.9%. This upward trend in the historic period can be attributed to several factors such as rising environmental concerns, escalating production of commercial vehicles, an increasing average age of vehicles in operation, bolstering the overall performance of the engine, and an increased popularity of electric vehicles.

Can We Forecast The Oil Filter Market Size In The Coming Years?

The oil filter market size foresees robust growth in the ensuing years. It is projected to rise to $5.57 billion in 2028 at a compound annual growth rate CAGR of 7.2%. This augmentation in the forecast period can be attributed to multiple drivers such as the escalating need for vehicle safety, surging vehicle manufacturing, demand for high-quality hydraulic filters, ascending adoption of electric vehicles, and swelling demand for diesel fuel oil filters for cars.

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What are the Major Trends And Drivers Influencing the Oil Filter Market?

Major trends influencing the forecast period encompass the continuous evolution of filtration technologies, technological adoptions, strategic partnerships and mergers, acquisitions, and innovative product introductions. The surging demand for commercial vehicles is propelling the growth trajectory of the oil filter markets. Commercial vehicles, designed for ferrying goods or passengers for business purposes, including trucks, buses, and vans, have seen an increasing demand scenario. An increased number of ecommerce activities, urbanization, and infrastructural development drive the requirement for efficient transportation and logistics solutions in consonance. Oil filters ensure sufficient protection for commercial vehicle engines by eliminating contaminants from the oil, ensuring dependable performance, minimized maintenance costs, and enhanced fuel efficiency. For instance, in January 2024, demand for new light commercial vehicles LCVs in the UK escalated by 21.0% in 2023, reaching a total of 341,455 units, as per the UK-based trade association, Society of Motor Manufacturers and Traders.

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Who Are The Major Players Influencing the Oil Filter Market?

There are numerous mighty companies operating in the oil filter market, including Exxon Mobil Corporation, Robert Bosch GmbH, Caterpillar Inc., Denso Corporation, Cummins Inc., DAIKIN INDUSTRIES Ltd, Eaton Corporation plc, Tenneco Inc., Parker Hannifin Corporation, Mahle GmbH, Mann+Hummel GmbH, Donaldson Company Inc., Purolator Inc., Sogefi Group, Hengst SE & Co. KG, Evotek, Hollingsworth & Vose Company, FRAM Group IP LLC, GUD Holdings Limited, Champion Laboratories Inc., K&N Engineering Inc., Bry-Air Inc., ACDelco

What Technological Advancements Are Impacting The Oil Filter Market?

Major companies operating in the oil filter market are pinpointing on the development of technologically enriched filtration solutions, such as synthetic endurance oil filters, to augment durability and strengthen engine performance. For instance, in April 2023, Fram Group Operations LLC, a US-based operator of a car repair and replacement parts business, introduced the FRAM Synthetic Endurance oil filter, optimized for high-functioning performance and durability.

How is the Oil Filter Market Segmented?

The oil filter market is broadly segmented into:
1 By Type: Fuel Filter, Engine Oil Filter, Hydraulic Filter, Other Types
2 By Media: Cellulose, Synthetic
3 By End-Use: Passenger Cars, Commercial Vehicles, Two-Wheelers, Other End-Users

What Regional Insights Define The Oil Filter Market Scenario?

Asia-Pacific emerges as the largest and quickest growing region in the oil filter market in 2023. The report comprehensively covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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