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Global Automotive Engine Oil Market 2024 - By Size, Drivers, Trends, Competitors
Global Automotive Engine Oil Market
As per the report, 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 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%.
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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.
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 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
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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
Contents of the report:
1. Executive Summary
2. Automotive Engine Oil Market Report Structure
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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