Increasing Production and Sales of Light-Duty Vehicles to Have a Positive Impact on Engine Oil Consumption, Driving the Growth of the Engine Oil Market

Tue, 16 July 2019 7:35

Market Overview

The Engine oil market has been gaining prominence in recent years, owing to stringent emission norms and rising awareness among consumers towards controlling air pollution and adhering to regulations set by the authorities. Engine oil are widely used to facilitate lubrication in machines and ensure less friction and corrosion arising from the constant combustion of fuels in the engine. Smoother functioning amongst engine parts ensures that a high amount of fuel does not need to be combusted to power the vehicle, even during temperature fluctuations.

Regional Insights

The global Engine oil market is segmented into four regions, namely North America, Europe,                         Asia-Pacific, and Latin America and the Middle East and Africa (LAMEA).

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Asia-Pacific is expected to gain major traction in the global market during the forecast period. This is attributed to factors such as the presence of high-growth economies such as India and China that contribute significantly to the growth of automobile sales and production. Economies such as Singapore, Malaysia, and Thailand are developing, owing to rising population and rapid urbanization. Additionally, there has been an increasing awareness amongst the general population for controlling pollution due to emission. For instance, the Indian government has decided to implement Bharat Stage 6 by the year 2020.

North America too is expected to witness significant growth in the Engine oil market. The U.S. was one of the highest consumers of cars in 2016, followed by Canada and Mexico whose contributions were notable. Stringent emission norms such as the Tier 4 norms in Canada are expected to further boost this market.

Europe is expected to witness significant growth in the global engine oil market, owing to the presence of prominent automobile manufacturing companies, which are investing in research and development to build models that are environment-friendly.

LAMEA is expected to witness healthy growth in the global engine oil market. This is attributed to consistent economic development, rising income, shifting preference from two-wheelers to four-wheelers.

Segmental Insights

The global Engine oil market is segmented on the basis of grade, engine type, and vehicle type.

On the basis of grade, the market is segmented into mineral, semi-synthetic, and synthetic. The ability of synthetic grade engine oil to prevent friction drives its application; the segment is expected to acquire the largest maket share.

Based on engine type, the market is classified into gasoline, diesel, and alternative fuel. Among these, the diesel engine type segment is expected to grow at a significant rate during the forecast period.

On the basis of vehicle type, the market is segmented into passenger cars, LCVs, heavy-duty vehicles, and motorcycles. Passenger cars are expected to be one of the most significant gainers in this market. Increasing efforts and heavy investments & spendings, and the rising production of various passenger cars are expected to propel the segment’s growth during the forecast period.

Engine Oil Market: Segmentation

By Grade

  • Mineral
  • Semi-Synthetic
  • Synthetic

By Engine Type

  • Gasoline
  • Diesel
  • Alternative Fuel

By Vehicle Type

  • Passenger Cars
  • LCVs
  • Engine Cycles

Regions Covered:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • U.K.
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Rest of Asia-Pacific
  • LAMEA
    • Brazil
    • Saudi Arabia
    • South Africa
    • Rest of LAMEA

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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