A new report from Grand View Research, Inc., says the global heavy-duty road filtration aftermarket industry is expected to reach $1.01 billion by 2024.
According to Grand View, rising environmental concern across countries coupled with new norms issued by the government is expected to aid the aftermarket sales for heavy-duty road filtration products over the forecast period.
Additionally, Grand View’s new report shows fuel filters are presumed to be the fastest growing product segment growing at a CAGR of 7.1 percent over the forecast period. Construction application segment also is presumed to grow at a CAGR of 7.1 percent over the next eight years. Various filter types are used in construction machines that primarily protect their hydraulic systems against unnecessary wear.
Grand View says Europe accounted for above 25 percent of the market in 2015 and is expected to continue the similar trend over the forecast period. Though the European aftermarket for heavy-duty filtration is declining owing to changing economic conditions in Spain and France, it still holds a majority portion of the production of automotive and hence, the aftermarket sales, the company says.
The filtration industry also is fragmented in nature with the presence of both regional and international market participants. Grand View says this has resulted in increased competition between the manufacturers and the distributors as well.
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