The global spin-on hydraulic filter market, by Application (Agriculture Machinery, Metallurgical, Construction Machinery, and Machine Tools), by Distribution Channel (Original Equipment Manufacturing (OEM) and Aftermarket), and by Geography (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), was valued at US$ 1,293.0 million in 2017, and is expected to increase to US$ 1,677.1 million by 2025, registering a CAGR of 3.4% over the forecast period (2018-2025).
Government regulations for the reduction of CO2 emission from vehicles is one of the major factors driving growth of the spin-on hydraulic filter market. Increasing global warming, rising focus on regulations concerning CO2 emission, dearth of conventional fuels, and increasing fuel prices is increasing the demand for hydraulic filters in vehicles. For instance, the European Union has set its own emissions standards. EU Regulation No 443/2009 sets an average CO2 emissions target for new passenger cars of 130 grams/kilometer. A target of 95 grams/kilometer will be applicable from 2021. These factors are expected to boost growth of the global spin-on hydraulic filter market over the forecast period.
Increasing vehicle production across the globe is one of the major factors driving growth of the market Increasing production of vehicles, especially in emerging economies, leading to rising demand for spin-on hydraulic filter in the automotive industries is fueling growth of the market. Emerging economies such as China, Japan, India, and South Korea are the growth engines for the Asia Pacific spin-on hydraulic filter market. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2016, vehicle production in China accounted for 29.6% of the global production. Moreover, the country’s production increased about 14.5% in 2016 from 2015.
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Key Trends and Analysis of the Global Spin-on Hydraulic Filter Market:
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