Light Vehicle (LV) Cabin AC Filters Market

Introduction

Cabin AC filter is a component that prevents the entry of dust, airborne pollen and other allergic materials, which result in an unpleasant environment and can cause harm to people. It maintains the quality of air inside the cabin of a vehicle. Cabin AC filters are divided into four types based on the filtration media and purposes. A basic and common type of filter is particle type that comprises fine mesh to trap large particles.

Combined type of cabin AC filter has a layer of fine activated charcoal to neutralize bad odor and improve air quality. The third type of filter is anti-allergen filters, wherein filter media is provided with certain type of surface treatment, which has anti-allergenic properties. Fourth type is the high efficiency cabin filter having efficiency over 92.5% and can trap particles of smaller size.

The global LV cabin AC filters market was estimated to be valued at over US$ 3,000 Mn by 2016 end and is expected to reach a market valuation in excess of US$ 4,500 Mn by the end of 2024, expanding at a CAGR of 5.1% over the forecast period.

The global LV cabin AC filters market is anticipated to represent incremental opportunity of US$ 1,523.5 Mn between 2016 and 2024. In terms of volume, the global LV cabin AC filters market was estimated to reach 372,274 (‘000) units by 2016 end and is anticipated to increase to 549,545 (‘000) units by 2024, exhibiting a CAGR of 5.0% over the forecast period.

Factors influencing the global LV cabin AC filters market growth

Steady rise in vehicle production around the globe, rising adoption of cabin AC filter to filter out pollutant, dust, soot, bacteria and other particles will drive the global demand for cabin AC filters during the forecast period. The cabin AC filter is an essential part of HVAC systems and its operational efficiency is mainly dependent on the cabin filters; thus growing demand for effective HVAC systems will help drive the global LV cabin AC filters market. However, lack of awareness about cabin AC filter and its replacement cycle may hinder the revenue growth of the global LV cabin AC filters market during the forecast period.

Integration and customization of LV cabin AC filters is one of the prominent trends likely to emerge in the global LV cabin AC filters market. Leading players of cabin AC filters across the world are focusing on expanding their product offering through the adoption of strategies such as collaborations, mergers and acquisitions, etc. Also, to increase aftermarket presence, prominent manufacturers are focusing on offering new and innovative products to customers.

Global LV Cabin AC Filters Market Analysis by Technology

By technology, the particle filter segment is projected to dominate the global LV cabin AC filters market over the forecast period. The particle filter segment in the global LV cabin AC filters market was valued at US$ 1,340.1 Mn in 2015 and is anticipated to increase 1.6X to be valued in excess of US$ 2,000 Mn by the end of 2024.

This segment is projected to gain 90 BPS by 2024 as compared to that in 2016, expanding at a healthy CAGR of 5.4% over the forecast period. Steady growth of this segment can be attributed to the rising adoption of cabin AC air filters in OEM and aftermarket in the APAC region, especially in countries such as China and India.

The very high efficiency filter segment is estimated to gain 10 BPS by 2024 as compared to that in 2016, expanding at a healthy CAGR of 5.1% over the forecast period. The combined and anti-allergen filter segments are projected to lose 40 BPS and 70 BPS respectively by 2024 as compared to that in 2016, expanding at a CAGR of 4.8% and 3.6% respectively over the forecast period.

The particle filter segment and the very high efficiency filter segment are collectively estimated to hold a little over 75% of the revenue share of the global LV cabin AC filters market by 2024. This growth is largely due to the efficiency of filters to trap particles of very small size i.e. less than 0.1μm and a comparatively less pricing than the combined and anti-allergen filters.

Market Segmentation

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