The air intake system market is estimated to increase at a value CAGR of 3.6% over the forecast period of 2022-2032 to reach a valuation of nearly US$ 17.8 Bn by the end of 2032.
Growing automobile production and sales are the major and fundamental drivers affecting the growth of the automotive air intake system market. The trend of vehicle customization to boost performance also influences the growth of the market on an upward scale in the aftermarket segment.
Since the last decade, the auto industry has been undergoing the most dramatic and disruptive technological breakthroughs. This has had a significant impact on all major components, including air intake systems. To satisfy changing market requirements, address tough laws on fuel efficiency and carbon emissions, and remain competitive in the market, significant advancements in air intake system designs, techniques, and materials have been made.
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Key Takeaways from Market Study
By sales channel, the OEM segment is projected to hold a market share of more than 83% by 2032. However, the aftermarket segment will comparatively expand at a faster rate at 4.2% CAGR.
Petrol engines are anticipated to hold the largest market share of more than 60% in the engine type segment.
By vehicle type, passenger cars are projected to create an absolute $ opportunity of nearly US$ 3 Bn by 2032.
By region, East Asia is expected to account for the largest share of 26% in the global market by 2032.
The U.S and China are projected to register an absolute $ opportunity of nearly US$ 2 Bn, collectively, from 2022 to 2032.
“Economic reforms in Asia Pacific and Europe as well as increased private equity investments in air intake manufacturing companies around the world are expected to positively impact market growth,” says a Persistence Market Research analyst.
Market Landscape
To improve vehicle performance and fuel efficiency, manufacturers are working on developing air intake systems following engine designs. Businesses have been increasing their footprint by opening additional facilities and introducing sophisticated air intake system models.
Some of the key air intake system manufacturers included in the report are Donaldson Company, Keihin Corporation, Holley Performance Products, Magneti Marelli, Mikuni Corporation, Novares, Rochling Group, K&N Engineering, Inc., Advanced FLOW engineering, Injen Technology, Mishimoto, STILLEN, MANN+HUMMEL, and Toyota Boshoku Corporation
Conclusion
Over the forecast period, rising product demand from the automotive industry, owing to stringent government regulations for vehicle emissions, is expected to drive market expansion.
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Because of increased purchasing capacity and improved living conditions around the world, the automotive sector is predicted to rise rapidly. Increased worries about environmental pollution caused by the smoke generated from car exhausts are likely to drive demand for automobile air intake systems.