BURNABY, British Columbia, August 28, 2014 /PRNewswire/ --
Growing Demand for Two-wheelers in Rural Markets and Revival in Passenger Car Sales is Poised to Drive the Demand for Automotive Air Filter Cartridges in India
According to "India Automotive Air Filter Cartridges Market Forecast & Opportunities, 2019", the automotive air filter cartridges market in India grew at a CAGR of about 12% in volume terms during 2009-13. This growth was supported by a strong automobile fleet growth, estimated to be around 150 million vehicles in 2013, coupled with short replacement period for air filter cartridges. Over the next five years, the country's reviving construction sector, small medium enterprises (SMEs) and mining sector is likely to boost the demand for commercial and OTR vehicles, which would consequently augment the demand for commercial air filter cartridges, thereby benefitting the overall automotive air filter cartridges market in India.
The country's automobile sector exhibited a CAGR of about 11% during 2009-13 in volume terms. However, the sector witnessed sluggish growth in 2013 due to slower economic growth in the country. Various factors like rising fuel prices, increasing financing cost and weakening of the Indian rupee impacted the growth in India's automotive sector. Despite increasing demand for micro and small SUVs, overall passenger car sales in the country witnessed negative growth in 2013 (year-on-year), which happened for the first time in over a decade. Similarly, volume sales of commercial vehicles also spiraled downwards in 2013. Two-wheelers was the only segment that exhibited positive growth in the Indian automotive sector in 2013.
Despite the negative growth in 2013, the automotive sector in India is projected to grow over the next five years. Low motorization rate, growing middle class and anticipated policy changes post the formation of a new central government are some of the key factors that are benefitting the Indian automotive sector, thereby creating growth opportunities for the air filter cartridges market in India. Besides significant OEM demand, India's passenger car air filter cartridges market is also witnessing strong growth in the replacement segment. Despite negative growth in the India passenger car market in 2013, passenger car sales in the country are reviving strongly, thus augmenting the demand for passenger car air filter cartridges in the replacement market.
"The demand for air filter cartridges is directly related to the demand for automobiles such as two-wheelers, passenger cars, buses, trucks, etc. Growth in all of these segments is highly dependent on the country's macro-economic scenario. The market for air filter cartridges in India is one of the largest in the world and offers enormous growth potential. Two-wheeler air filter cartridges segment is projected to be the fastest growing segment in volume terms, followed by the passenger car, off-the-road vehicles, commercial vehicles and three-wheeler air filter cartridge segments." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Automotive Air Filter Cartridges Market Forecast & Opportunities, 2019" has evaluated the future growth potential of the India Automotive Air Filter Cartridges market and provides statistics and information on market structure, exports and future growth trajectory. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the automotive air filter cartridges market in India.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research