The report forecasts the global gasoline particulate filter market for passenger cars to grow at a CAGR of 314.86% during the period 2016-2020.
In the light of fluctuating fuel prices, OEMs are concentrating on developing their compact car segment. A considerable focus is put on to provide direct injection and turbocharged engines in their compact car variant. This trend will increase considering the cost sensitive nature of the market, fuel prices, and increasing need for powerful engines.
According to the report, government regulations on vehicular particulate emission levels will be a key driver for market growth. Emission standards and testing are being implemented and followed throughout the world. Emerging nations like India and China follow Euro emission standards to maintain uniformity. Government bodies across the globe have formulated various vehicular emission norms for checking vehicle particulate emissions such as Euro Emission Standards formulated by the European government, Corporate Average Fuel Economy (CAFÉ) standards formulated by the US, and the Japanese New Long-Term Emission Standards (2005).
Further, the report states that promotion of alternative fuels and rising sales of electric cars will be a challenge for the market. With the growing environmental concerns to reduce vehicular emissions there has been an increasing tendency among governments and vehicle manufacturers all over the world to promote alternative fuels and advanced power systems for vehicles China, where 5 out of the 30 most polluted cities are located, has improved its air quality by adopting various measures like the promotion of R&D in electric vehicles (EVs), investments for EV development, and increasing the number of charging stations.