Press release
Automotive Engine Oil Global Market Report 2024 - By Trends, Size, Share, Demand, Forecast To 2033
Automotive Engine Oil
The Business Research Company offers in-depth market insights through Automotive Engine Oil Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The automotive engine oil market size has grown strongly in recent years. It will grow from $41.47 billion in 2023 to $43.81 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to increased car ownership, growth of automotive industry, growing urbanization, consumer awareness on maintenance.
The automotive engine oil market size is expected to see strong growth in the next few years. It will grow to $54.12 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to electric vehicle adoption, stringent emission standards, advanced engine technologies, sustainable and bio-based lubricants, digitalization in automotive maintenance. Major trends in the forecast period include synthetic engine oils, nanotechnology in lubricants, extended oil change intervals, focus on fuel efficiency, circular economy in oil production.
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Market Segmentation:
The automotive engine oil market covered in this report is segmented -
1) By Grade: Mineral, Synthetic, Semi-Synthetic
2) By Engine: Gasoline, Diesel, Alternative Fuel
3) By Technology: Premium Conventional Engine Oil, Full Synthetic Engine Oil, Synthetic Blend Engine Oil, Higher Mileage Engine Oil
4) By Application: Passenger Vehicles, LCV, HCV, Two-Wheelers, Other Applications
Major Driver - Sme Demand For Carrier Vehicles Fuels The Automotive Engine Oil Market
The increasing demand for carrier vehicles from small and medium scale enterprises is significantly driving the growth of the automotive engine oil market. The carrier vehicles are lightweight commercial vehicles used to carry goods. The production of lightweight commercial vehicles is increasing globally. This incremental increase in the production of light commercial vehicles (carrier vehicles) will invariably increase the demand for automotive engine oil to be used in them. For instance, according to the International Organization of Motor Vehicle Manufacturers, light commercial vehicle production has increased from 11.84 million vehicles in Q1-Q3 of 2020 to 13.72 million vehicles in Q1-Q3 of 2021. Hence, the increasing demand for carrier vehicles is promoting the growth of the automotive engine oil market.
Competitive Landscape:
Major companies operating in the automotive engine oil market report are Exxon Mobil Corporation, Valvoline Inc., Fuchs Petrolub SE, Castrol Ltd., Shell plc, Chevron Corporation, BP plc, TotalEnergies SE, Sinopec Group, Motul SA, Petroliam Nasional Berhad, Pentagon Lubricants, Eni SpA, Hinduja Group, Saudi Arabian Oil Co., PetroChina Company Limited, Idemitsu Kosan Co. Ltd., JXTG Nippon Oil & Energy Corporation, Lukoil Oil Company, Phillips 66 Company, Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited, Petronas Lubricants International Sdn Bhd, Caltex Australia Petroleum Pty Ltd., SK Lubricants Co. Ltd., Repsol SA, PTT Public Company Limited, PT Pertamina, Gazprom Neft
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Top Trend - Advancements In Technology Drive The Automotive Engine Oil Marke
Advancements in technology have emerged as the key trend gaining popularity in the automotive engine oil market. Major companies operating in the automotive engine oil sector are focused on bringing advancements in energy-efficient engine oils to meet consumer demand. For instance, in May 2023, Uno Minda, an India-based manufacturer of proprietary automotive solutions and systems, has announced the launch of its BS VI -compliant automotive engine oils for two-wheelers in the aftermarket. The company aims to address the growing demand for energy-efficient engine oils in the automobile industry as well as cater to the evolving demands of its consumers, who are on the lookout for high-performing lubricants for their vehicles.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Engine Oil Market Characteristics
3. Automotive Engine Oil Market Trends And Strategies
4. Automotive Engine Oil Market - Macro Economic Scenario
5. Automotive Engine Oil Market Size And Growth
…..
27. Automotive Engine Oil Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology.
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