The automotive engine oil global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Automotive Engine Oil Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Automotive Engine Oil Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
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.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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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Regional Insights –
Asia-Pacific was the largest region in the automotive engine oil market in 2023. The regions covered in the automotive engine oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
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
Table of Contents
1. Executive Summary
2. Automotive Engine Oil Market characterstics
3. Automotive Engine Oil Market Trends And Strategies
4. Automotive Engine Oil Market – Macro Economic Scenario
5. Global Automotive Engine Oil Market Size And Growth
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31. Global Automotive Engine Oil Market Competitive Benchmarking
32. Global Automotive Engine Oil Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Automotive Engine Oil Market
34. Automotive Engine Oil Market Future Outlook and Potential Analysis
35. Appendix
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