Oil Filter Elements Market is Estimated To Witness High Growth Owing To Growing Automotive Industry

The Oil Filter Elements Market is estimated to be valued at US$ 3.59 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Oil filter elements are the important component of engine used in automotive vehicles for filtration of oil. It filters out harmful particulates from engine oil and keeps engine lubrication clean. The filtered oil lubricates the internal engine parts and cools them down during operation.

Market key trends:
One of the key trends contributing to the growth of oil filter elements market is growing automotive industry. The rising vehicle production and sales are increasing the demand for engine oil and filters. As per International Organization of Motor Vehicle Manufacturers (OICA), the global vehicle production reached 95 million units in 2018 from 72 million units in 2010. This growth in automotive industry will augment the consumption of oil filter elements during the forecast period. Additionally, strict emission regulations mandated inspection and replacement of filters at regular intervals, which is further propelling the market growth.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate since the oil filter elements market requires high R&D investments and established distribution networks. Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitute products and undifferentiated products leading to intense price competition. Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw material costs account for a significant portion of total costs and there are multiple raw material suppliers. Threat of new substitutes: The threat of new substitutes is moderate as no close substitute products exist for oil filter elements. Competitive rivalry: Intense competition exists among existing players to gain market share.

SWOT Analysis
Strengths: Well-established brands and global presence of key players. Wide product portfolio tailored for all vehicle types.
Weaknesses: Heavy reliance on automotive industry growth and production volumes. High customer concentration risks.
Opportunities: Growth in automotive production and vehicle parc in emerging economies. Advancements in filter design and materials to improve performance.
Threats: Stricter emissions regulations lowering oil change intervals. Shift towards electric vehicles reducing demand over long-term.

Key Takeaways
The global Oil Filter Elements Market Share is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing automotive production. Asia Pacific dominates the global market with China being the largest producer of automobiles globally. Key players operating in the oil filter elements market are MANN+HUMMEL, Mahle GmbH, Denso Corporation, Robert Bosch GmbH, Donaldson Company, Inc., Clarcor Inc. (Acquired by Parker Hannifin Corp), Sogefi SpA, Hengst SE, ACDelco (Subsidiary of General Motors), Cummins Inc., Fram Group, K&N Engineering, Inc., Freudenberg Group, WIX Filters (MANN+HUMMEL), UFI Filters.

Regional analysis: Asia Pacific accounted for the largest share of over 35% of the global oil filter elements market in 2023. China dominates the market in the region with the country being the leading automotive producer globally. Europe and North America were also significant regional markets driven by strong automotive manufacturing bases.

Key players: Key players operating in the oil filter elements market are focusing on expanding their global footprints and product portfolios through mergers and acquisitions. For instance, Mann+Hummel acquired WIX Filters and Clarcor Inc. while Mahle acquired ElringKlinger’s Filtration Business to enhance their global filter solutions offerings. Technological advancements in filter materials and designs are also guiding organic growth strategies

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