Global Automotive Engine Oil Market is estimated to grow at a CAGR 5.39%
Knowledge Sourcing Intelligence announces the publication of a new report on “Global Automotive Engine Oil Market – Forecasts from2020 to 2025" to their offering.
Automotive engine oil is used to lubricate the internal combustion engine in vehicles. Its basic function is to cool the engine, prevent the wear and tear, reduce friction on the moving parts and clean the engine of sludge.
According to the report, the Automotive Engine Oil Market is projected to increase at a CAGR of 5.39% in the coming years.
Growing awareness regarding the use of good engine oil
Rising awareness among people to use good quality engine oil to maintain a long-life of their vehicle is significantly driving the market growth of automotive engine oil. People are keeping a check on regular servicing of their vehicles. This is also attributed to the strict fuel emission regulations being implemented in countries around the world. Furthermore, rising investments by market players in R&D to improve the quality of engine oils while improving fuel efficiency is also contributing to the automotive engine oil market growth.
However, declining production of automobiles across the globe is currently restraining the market growth of automotive engine oil. Moreover, the global automotive industry has been hit hard by the recent COVID-19 global pandemic outbreak, due to temporary shut down of factories, which has further hindered the automotive engine oil market growth.
By type, the global automotive engine oil market has been segmented into synthetic engine oil, synthetic blend engine oil, and conventional engine oil. The global automotive engine oil market has also been segmented by vehicle type as passenger vehicle and commercial vehicle. Passenger vehicle segment holds a noteworthy share in the global automotive engine oil market. By sales channel, the global automotive engine oil market has been classified as online and offline. Offline sales channel accounts for a significant share in global automotive engine oil market throughout the forecast period.
By geography, the global Automotive Engine Oil market has been segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. Asia Pacific (APAC) Automotive Engine Oil market accounted for a substantial market share in 2019. Growing middle class population and living standards in countries like China and India are leading to a rise in the sales of premium cars. Moreover, rising awareness about benefits of regular car servicing is also bolstering the demand for automotive engine oil, thereby driving the market growth. Another major factor that is contributing to the growth of this regional market is the presence of production facilities of global auto manufacturers across this region. The European market for automotive engine oil also holds a noteworthy market share owing to the presence of global automakers in countries like Germany and France. However, this regional market is poised to witness a decline in market share on account of rising sales of electric vehicles in the region. European countries are increasingly focusing on reducing carbon emissions for which EV manufacturers are investing heavily in R&D in order to develop new and better models. Moreover, governments in various European countries are implementing initiatives and programmes in order to boost the sales of EVs. Middle East and Africa and Brazil regions are also projected to experience a decent compound annual growth rate during the forecast period.
The major players covered as part of the report are Shell, BP plc., Motul, Total, Petroliam Nasional Berhad (PETRONAS), Exxon Mobil Corporation, Valvoline, Repsol, Chevron Corporation, Calumet Branded Products, and ACDelco.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-automotive-engine-oil-market
This report has segmented the Global Automotive Engine Oil marketon the basis following terms:
- Synthetic Blend
By Engine Type
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Sales Channel
- United States
Middle East and Africa
- Saudi Arabia
- South Korea
- North America
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