Skip to main content

Automotive Engine Oil Market Share and Growth Factors Impact Analysis 2032

 The global automotive engine oil market is estimated to increase at a value CAGR of 2.2% and reach a valuation of US$ 55.1 Bn by the end of 2032.

Engine oil’s primary function is to lubricate each component of an engine to reduce friction and avoid excessive power loss. A well-lubricated engine will perform better and burn fuel more effectively. As engine oil works to reduce friction, the surfaces and other engine parts that are vulnerable to this friction are shielded. Without engine oil, engine components run the risk of being damaged, which increases engine emissions. Additionally, the engine is shielded from unwanted chemical reactions such as corrosion.

Growth in the automotive industry, increase in the demand for fuel-efficient vehicles, rising sales of lavish passenger cars, and various automotive requirements such as extending the engine's life, offering low-viscosity engine oil to improve fuel economy, and meeting shifting vehicle pollution criteria established by various government entities are factors acting as significant drivers for the growth of the global automotive engine oil market.

Key Takeaways from Market Study

  • By grade, synthetic oil is projected to hold a market volume share of 7% by 2032.
  • By engine type, diesel engines are anticipated to hold the largest market share of 4% by 2032.
  • By vehicle type, light commercial vehicles will account for a prominent market share of 7% by 2032.
  • By 2032, North America is expected to hold the largest share of the global market, accounting for 2% share.

“Increasing automotive production and sales, surge in sales of luxurious passenger vehicles & commercial vehicles, and high disposable income are expected to have a beneficial effect on market growth,” says a Persistence Market Research analyst.

Market Landscape

By making technological advancements, industry players attempt to increase their market share. Top players want to collaborate with other manufacturers to grow their companies and their market share worldwide. To improve their total operating efficiency, several key competitors are working on product development.

Some of the key automotive engine oil manufacturers included in the report are Saudi Arabian Oil Co, Total S.A, Exxon Mobil Corporation, BP p.l.c., Chevron Corporation, Sinopec Lubricant Company, and Eni SPA.

Conclusion

The market for automotive engine oil is anticipated to develop over time due to rising demand from end-use application areas such as passenger vehicles, light and heavy commercial vehicles, and other types of automotive. Over the coming years, the market is anticipated to expand with a rise in the automotive sector in developing economies. Manufacturers are focusing on expanding their product portfolios through merger & acquisition activities with other market players.

Key Segments of Automotive Engine Oil Industry Research

By Grade:

  • Mineral Engine Oil
  • Synthetic Engine Oil
  • Semi-Synthetic Engine Oil

By Engine:

  • Gasoline Engines
  • Diesel Engines

By Vehicle:

  • Passenger Vehicles
  • Heavy Commercial Vehicles
  • Light Commercial Vehicles
  • Two Wheelers

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa

Want to Know More?

Persistence Market Research, a research and consulting firm, has published a revised market research report on the automotive engine oil market that contains a global industry analysis of 2017–2021 and an opportunity assessment for 2022–2032.

The report provides an in-depth analysis of the market through different segments, namely, grade, engine, vehicle, and region.

For More Info @ https://www.persistencemarketresearch.com/market-research/automotive-engine-oil-market.asp

About FMI – Automotive and Transportation

The Automotive and Transportation division of FMI provides exclusive coverage and actionable insights about the automotive and transportation industry encompassing the automotive, aviation, shipping and marine, and railway sectors. Market findings and competition intelligence of OEM, aftermarket, services, and technology landscape have helped numerous industry stakeholders’ right from automakers, component manufacturers, channel partners, and service providers in taking informed decisions and keeping them up-to-date with market behavior.

Comments

Post a Comment

Popular posts from this blog

Frozen Foods Market Demand, Supply, Growth Factors, Latest Rising Trend and Forecast to 2032

 The Frozen Foods Market has experienced a significant transformation in recent years and continues to be a prominent and dynamic segment of the global food industry. As we move into 2033, this market remains a crucial part of modern lifestyles, offering a wide variety of convenient and preserved food options for consumers. The growth of the Frozen Foods Market is fueled by changing consumer preferences, technological innovations, and an ever-increasing demand for convenient, time-saving, and nutritious meal solutions. In 2033, the Frozen Foods Market is expected to continue its upward trajectory, as more consumers seek the benefits of frozen products. This market encompasses an extensive range of items, from frozen vegetables and fruits to ready-to-eat meals, appetizers, and desserts. The versatility and extended shelf life of frozen foods have made them an essential staple in many households. Consumers are drawn to the convenience of having quick, easy-to-prepare, and
Post a Comment
Read more

Perineal Care Market : Value Chain, Stakeholder Analysis and Trends by 2032

 The perineal care market is a segment of the healthcare industry that focuses on products and services designed to maintain hygiene and manage health concerns in the perineal area. The perineal region includes the genital and anal areas, and effective perineal care is crucial for maintaining personal comfort and preventing various health issues, particularly in aging populations and individuals with limited mobility. One of the primary drivers of the perineal care market is the growing aging population worldwide. As people age, they may experience mobility issues, incontinence, and an increased risk of developing conditions like pressure ulcers. Proper perineal care is essential in preventing complications and maintaining the quality of life for elderly individuals, leading to increased demand for perineal care products and services. In addition to the elderly population, perineal care is vital in healthcare settings, particularly in hospitals and long-term care facilit
Post a Comment
Read more

U.S. Automotive and Aircraft Interior Genuine Leather Aftermarket Key Players, Industry Overview, Applications and Analysis 2031

  The   U.S. automotive and aircraft leather aftermarket  is projected to reach a valuation of   US$ 7.8 Bn   in 2021. Rising demand for high-quality, lightweight, and durable leather for automotive and aircraft interiors is expected to push sales at   3.6% CAGR,   with the market valuation reaching   US$ 11.1 Bn   in 2031. Automotive and aircraft interior genuine leather is designed to provide comfort and to improve the visual appeal of the interiors. It also leaves the vehicle with a remarkable appearance and feel. It is used widely in midrange and premium passenger vehicles and in business class aircraft. The interior of a vehicle and aircraft that adds to the aesthetic appeal, is also a major factor that influences consumer buying decision. Longer operational life and extended warranties are some factors aiding the growth of the market. Request a Sample of this Report @   https://www.futuremarketinsights.com/reports/sample/rep-gb-14237 Leather manufacturers are providing customizat
3 comments
Read more