- 13 September 2019 16:20
Automotive Filters Market: Government Support and Lucrative Opportunities Across Emerging Nations to Support Growth
An automotive filter is necessary to enable smooth function in the engine of a vehicle. While doing so, it subsequently increases the overall service life of the vehicle. The primary function of an automotive filter is to eliminate solid dust particles such a pollen and dirt. As a result it helps in reducing fuel consumption of a vehicle besides ensuring reduction in carbon emission, thereby achieving a higher vehicle-performance.
Implementation of Stringent Environmental Safety Norms to Support Growth
The automotive filter market will significantly gain from the implementation of stringent environmental safety norms by governments across various regions. However, the same factor is creating growth opportunities for the electric vehicles market, which in turn could hamper the adoption of automotive filters worldwide. Nonetheless, the rising demand for vehicles across emerging nations, supported by the increasing disposable income of customers domiciled therein will support the overall expansion of the market. Governments across various nations and an increasing number of international organizations such as the Environmental Protection Agency have implemented stringent standards to curb green house emission and ensure improved fuel-efficiency. Meanwhile various cities across German are entitled to put a ban on diesel vehicles as per rules of air pollution reduction observed in the European Union.
Competition from Electric Vehicles Pose Serious Threat to Growth
However, on the downside, the market witness limitations on account of the expanding market for electric and plug in vehicles. Besides ensuring high-performance, these vehicles have significantly lower impact on the environment since consume petrol, gasoline, or diesel. Furthermore, maintenance cost of these vehicles is very low, which is boosting their demand in turn hampering growth of the automotive filter market.
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Besides this, the cases of counterfeiting are a major challenge witnessed by the automotive filter market. Cases of counterfeiting are especially rampant in underdeveloped economies mainly due to the price sensitivity of customers in these countries. Counterfeit automotive parts such as automotive filters come at a significantly lower price than their original brethren. This negatively impacts the market Asia Pacific, which otherwise shows impressive growth. Emerging Nations to Offer Lucrative Growth Opportunities
It is important to note here that an increasing number of manufacturers are focusing their attention towards the region. This paradigm shift is primarily steered by saturation in developed markets and the prevalence of unmet demand in emerging nations. Leading automakers are opening their facilities in emerging markets to capitalize on the opportunities prevalent therein. Toyota, Honda, General Motors, and Nissan are a few of the most notable automakers to have expanded their network across developing nations. Besides suitable infrastructure supporting the operations of their facilities, these countries also provide them access to cheaper labor and high skills. This is identified as one of the chief growth drivers of the automotive filters market in emerging nations.