Automotive Motor Oil Market to Reflect Tremendous Growth Potential with A CAGR Of 3.80% BY 2032
Research Reports
Oct 06, 2023
Insights from Future Market Research
According to MRFR analysis, Automotive Motor Oil Market is expected to register a CAGR of ~ 3.80% from 2022 to 2030 and hold a value of over USD 35.7 billion by 2030. The automotive motor oil market refers to the industry involved in the production, distribution, and sale of motor oil specifically designed for use in vehicles. Motor oil is a lubricant that is essential for the proper functioning and maintenance of internal combustion engines, including those found in cars, trucks, motorcycles, and other automotive vehicles.
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Regional Analysis:
Region-wise, the global automotive motor oil market has been segmented into Europe, the Americas, and Asia Pacific.
The market in Europe/AME is expected to dominate the automotive motor oil market. The established infrastructure and significant players in this area provide opportunities for growth in the forecast period for the European/AME market. Europe strategically seeks to reach a 20% reduction in emissions by 2020. Given the rising transport sector in Europe, the government has agreed to reduce emissions and set a sustainability criterion for regulating fuel emissions. The European Union has set a number of standards for CO2 (carbon dioxide) and CO (carbon monoxide) emissions that improve demand for automotive motor oil. In addition, manufacturers are strategically investing in the development of automotive motor oil in order to reach the standard emission specification. In addition, the presence of major automotive companies, strict government emission control regulations, and increased investment in the development of automotive motor oil is helping the regions of Europe / AME to raise their revenue.
The Americas earned the second-largest share of the global automotive motor oil market in 2018. The scope of automotive motor oil is expected to rise in the Americas, with increased demand for automobiles, mainly in the US. The area has strong growth and is expected to show steady growth during the forecast period. These countries have a comparatively higher number of premium and luxury passenger vehicles, increasing the market for automotive motor oil. The expansion of automotive repair shops and service stations is contributing to a rise in demand for fuel-efficient vehicles, and rising customer understanding of oil change is expected to increase demand for automotive motor oil. The Petroleum Quality Institute of America is working with automotive motor oil manufacturers on the development, quality, and integrity of lubricants and on reducing the cost of manufacturing advanced lubricants such as synthetic blends for automotive applications.
Greater China is expected to see a tremendous rise in the automotive motor oil industry. Increased demand for passenger cars and commercial vehicles, due to the rapid industrialization of the country, contributes to the development of the market in the region. The automotive sector, including the oil industry, is expected to expand rapidly under the most recent government economic development plans, which call for attention to the new emission standards. In the past few years, there has been an enormous rise in passenger cars and commercial vehicles in China, which has contributed to the government’s concern to regulate vehicle emissions. The Chinese government has set C5 emission standards, which increase the opportunities for manufacturers to improve automotive motor oil and several emission technologies to comply with the standards. The Government has also introduced a variety of policies for the benefit of the automobile and automotive motor oil manufacturers, including regulations on import restrictions, export requirements, and subsidies. The automotive industry continues to develop in China due to increased passenger and commercial vehicles and hybrid vehicles. The rise in the production of automobiles is contributing to an increase in the production of automotive motor oil. These factors are predicted to spur the growth of the market in Greater China during the forecast period. It is estimated that China will report a CAGR of 7.3% during the forecast period.
Market Segmentation:
The global automotive motor oil market has been segmented into Type, Sales Channel, and Vehicle Type.
Based on product type, the global automotive motor oil market is segmented into conventional, synthetic blend, full synthetic, and high mileage. The synthetic blend segment held the largest market share in 2020. The synthetic blend is also knowns as semi-synthetic oil, which is factory-made from conventional and synthetic oil. This oil is manufactured to originate the benefits of both synthetic and conventional oil while falling their drawbacks. The synthetic blend offers much better protection and performance.
Based on sales channel, the global automotive motor oil market has been segmented into Quick Lube, Independent Workshop, Maintenance/Repair Shop, FWS/OEM dealership Service Station, and Truck Stop. The Quick Lube segment held the largest market share in 2020. The quick lube service center provides quick, easy, and trusted services to customers to uphold their vehicles. The quick lube service center is mainly focused on the optimization of service quality, employee training, and involving the manufacturers, traders, and repair shops with each other.
Based on vehicle type, the global automotive motor oil market is segmented into Passenger Cars (PCMO), and Heavy-Duty Commercial vehicles (HDMO). The Passenger Car (PCMO) segment held the largest market share in 2020. The sale of passenger cars is speedily increasing. The upsurge in demand for passenger cars is primarily driven by the emerging-middle and upper-middle-income groups. The growth in the economy of developing regions, the expected global rise in spending capacity all over the world, and the focus on reducing fuel consumption, vehicular pollution, and overall vehicle upkeep and operating cost are anticipated to raise the demand for automotive motor oil.
Key Players:
Exxon Mobil Corporation (US), Royal Dutch Shell PLC(Netherlands),Infineum International Limited (UK), Valvoline Inc. (US) , Gulf Oil Lubricants India Limited(India) , The Lubrizol Corporation (US) , Chevron Corporation(US) , BP PLC (UK) , Total(France) , China Petroleum & Chemical Corporation(China) , Petro?Canada Lubricants Inc. (Canada) , GP Petroleums Ltd (India) , Caltex Australia (Australia)
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