Booming economic growth in emerging markets has culminated in nations committing big bucks towards self-sufficiency in all aspects, particularly the automotive industry that is one of the clearest signs of a nationâ€™s economic development. As the desire of personal mobility increases, consumers may be concerned about the fuel quality that is used in their vehicles. In addition to this, increasing governmental regulations pertaining to stricter emission norms is predicted to benefit the car fuel filter market. The advantage for car fuel filter makers is that their product will be necessary irrespective of the fuel direction the market veers in â€" be it petrol or diesel â€" making the long-term prospects extremely bright in the car fuel filter market.
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A fuel filter is a fuel line filter that automatically screens out rust and dust particles from the fuel and it is usually in cartridges that contain a filter paper. Fuel filters are now in almost all types of combustion engines and they serve a critical role in tight-tolerance engines. Fuel filters need to be maintained regularly and they improve performance considerably, making them vital in a combustion engine.
The market opportunity is likely to be similar in the spin-on filter and inline fuel filter segment as both have a revenue share of more than a fifth of the car fuel filter market. The spin-on filter segment is on track to be worth more than US$ 100 million by the end of the forecast period. Europe contributes more than a quarter of the revenue in the car fuel filter market for the spin-on filter segment and companies would be advised to focus their energy on this continent. While the continent is also a strong market for inline fuel filters, APEJ is projected to record a strong CAGR and it could even become larger than Europe in the long-term on account of a massive population that seeks out personal mobility coupled with strong economic growth.
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At present, nylon fuel filters comprise less than a sixth of the car fuel filter market in terms of revenue. However, there is a possibility that large investments into this promising material could make it much more important in the longer term. Europe and APEJ are the only two regions that are estimated to be worth more than US$ 15 million by the end of 2022 and companies are advised to take this into consideration while devising their business strategies.
The IAM segment is substantially larger than the OEM and OES channel combined and has more than half the revenue share in the car fuel filter market. The IAM segment is poised to grow to just under US$ 252 million in 2022 and it wouldnâ€™t be surprising if companies decide to target this segment over other sales channels in the car fuel filter market.
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