Asia-Pacific: From Follower to Leader
For the past few years, Asia-Pacific has been the major market for investment and expansions for the automotive industry. With the vast population and increasing disposable income of consumers in the countries of China and India, major automobile manufacturers such as BMW, Volkswagen Group, Mercedes Benz have already setup their manufacturing units in these countries to capitalize on the opportunity they provide. The Asia-Pacific region, home to some of the largest automobile producers such as Honda, Mazda, Toyota etc. along with the growing markets of India and South Korea, the region has been spearheading the automotive industry for the last few years and is expected to continue on its path to glory in the near future. The region is expected to witness a fast growth in its vehicle parc alongside the growth in the automotive manufacturing industry. These two factors coupled together are expected to catapult the market into the top spot over the period from 2013 to 2018. The region’s oil and fuel filters market is expected to grow at a CAGR of 14.90% over the forecasted period.
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LCVs: Raging Bull
Light commercial vehicles have been traditionally associated with the commercial side more than the personal side of their usage. But, with more and more budding small scale businesses and demand for spacious vehicles, these vehicles have gained considerable market share over the past few years and are expected to continue on their growth path over the next five years as well. The LCVs market is expected to be the strongest in the North American region, while Asia-Pacific is expected to be at the second spot in this segment. The global LCV oil and fuel filters market voluems are estimated to grow at CAGRs of 9.24% and 11.97% respectively over the next five years.
Diesel Engines: Providing Economy and Performance
Gasoline engines have enjoyed preferential treatment from automotive manufacturers as well as the consumers on account of the performance advantages they hold over diesel engines. But, with continuous advancements in diesel technology, diesel engines have slowly bridged this gap in performance and have come very close to providing the same levels of these parameters as that of gasoline engines, while providing much better fuel economy figures. In these times of high fuel prices, this has turned out to be a very lucrative proposition for the automotive manufacturers who have cashed in on the increasing demand for diesel engines by launching diesel variants of their popular models as well as developing new vehicles with diesel powertrains. This has led to diesel acquiring larger shares of the market year by year. Thus, this would give rise to increase in the installation of more oil and fuel filters in diesel vehicles.
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