units in 2017, as compared to the production in previous year, which was around 94,976,569
units.
Agriculture machinery segment is expected to exhibit the highest CAGR over the forecast
period (2018-2026)
Among application, agriculture machinery segment is expected to exhibit the highest CAGR by
2025. The spin-on hydraulic filters are used in agriculture machinery to filter hydraulic fluids and
lubricating oils in power units. Agriculture equipment, which uses the hydraulic filters takes
lubricant consolidation, which consists of fluid filters. A fine mesh suction filter protects
hydraulic components from contaminants generated by the gear drives mainly due to the wear
on gears, wet brakes, and clutches. The spin-on hydraulic filters in return line ensure the level
of oil cleanliness the system requires. These filters aid in high corrosion environments.
Moreover, use of these filters in agriculture vehicles benefits in providing absolute filtration of
the oil for hydrostatic drive and protection against damages from cavitation under adverse
conditions.
Aftermarket segment is expected to account for the largest market share by 2026
Among distribution channel, aftermarket segment accounted for the largest share in the global
spin-on hydraulic filter market in 2017. As per the data published by the Automotive
Aftermarket Products Expo (AAPEX) in 2018, global automotive aftermarket industry accounted
for US$ 740 billion with around 1.2 billion units of vehicles on the road. Furthermore, the
industry is expected to exhibit annual growth rate of around 3.4% over the forecast period.
The Middle East, Latin America, and Africa regions are expected to exhibit the highest CAGR
in the market over the forecast period
The growth of spin-on hydraulic filter market in the Middle East and Africa is attributed to
increasing vehicle production. For instance, according to Export.gov (The International Trade
Administration (ITA), U.S. Department of Commerce manages Export.gov), Saudi Arabia is the
largest market for automotive and auto parts market in the Middle East, accounting for an
estimated 40% of all vehicles sold in the region. Moreover, according to the Organisation
Internationale des Constructeurs d'Automobiles (OICA), vehicle production was 1,515,396 in
2017, which increased by 18.19% from 2016. Therefore, growing vehicle production will
increase the demand for spin-on hydraulic filters in this region.