Moreover, rapid urbanization and industrialization in various emerging economies such as India
and China is one of the key drivers for growth of the market. Increase in GDP is supporting
growing urbanization. For instance, according to the World Bank Group, GDP per capita has
increased globally from US$ 9509.4 in 2010 to US$ 10,150.8 in 2016. This is an indicator of
increased standard of living, which has significantly impacted affordability and expenditure on
luxury vehicles.
The export value of vehicles from China increased massively, with majority of cars developed in
China being sold to Iran, Algeria, Russia, Egypt, and other emerging economies. For instance,
according to Organization Internationale des Constructeurs d'Automobiles (OICA), in 2017, sales
of 96,804,390 unit vehicles were recorded globally, which was an increase from 93,905,634 units
in 2016. These are key factors influencing the adoption of automotive AC filters globally.
North America Automotive AC Filter Market is expected to grow at highest CAGR
The market for North America is expected to grow at highest CAGR over the forecast period from
2018 to 2025. This growth is attributed to stringent government regulation regarding emission
control, which is major factor driving the regional market growth. For instance, Corporate
Average Fuel Economy (CAFÉ) Standards in the U.S. is propagating adoption of energy efficient
automotive by formulating regulations for reduction of greenhouse gas emissions and promoting
development of innovative technologies to increase their reliance on renewable and conservation
of energy sources. This in turn creates a highly conducive environment for growth of the global
automotive AC filter market.
Moreover, another key factor propelling regional market growth is increasing passenger car
sales. The U.S. accounted for largest share in North America passenger car sales in 2017.
According to Organization Internationale des Constructeurs d'Automobiles (OICA), in 2017,
around 11,302,188 units of passenger cars were sold, among which in the U.S. around 6,096,111
units of passenger cars were sold. Hence, increasing adoption of passenger cars in country is
propelling demand for AC filters to meet regulatory demand from the U.S. government.
Browse More About the Market Study @
https://www.coherentmarketinsights.com/market-insight/automotive-ac-filter-market-1669
The market for AC filter in Europe is expected to grow at significant rate over the forecast period
from 2018 to 2025. This growth is attributed to growing government concern for the reduction of
CO2 emission. 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.