Automotive Engine Oil Market Growth and Share 2023, Emerging Trends, Key Players, Competitive Analysis and Future Scope 2022-2030: SPER Market Research
Automotive Engine Oil is a lubricant used to reduce friction and wear in vehicles’ internal combustion engines. It is a blend of base oil and additives designed to protect the engine by lubricating it, reducing corrosion, and cleaning the engine components. The market is expected to grow significantly due to the high level of technological innovation implemented in the overall automotive industry. The growing demand for high-performance engine oils is driven by tactical vehicle mechanisms and operational blueprints implemented by multinational automobile manufacturers.
According to SPER market research, ‘Automotive Engine Oil Market Size– By Sale Channel, By Engine Type, By Type, By Oil Type, By Vehicle Type, By End User- Regional Outlook, Competitive Strategies and Segment Forecasts to 2030’ state that the global cooling tower market is predicted to reach USD 48.66 billion by 2030 with a CAGR of 3.5%.
One of the major factors driving the growth of the automotive engine oil market is the global expansion of the automotive industry. The widespread use of spark plugs in electrical, marine, and aerospace applications benefits the market. The rise in consumer demand for high-performance and dependable automobiles is also hastening market growth. The increased demand for these upgraded vehicles drives up vehicle production. Besides this, the rise in demand for conventional oil, which is less expensive than modern lubricants, has an impact on the market. Synthetic lubes are popular due to their superior protection and longer-lasting performance. Furthermore, the development of the automotive sector, spike in investments, and higher disposable income all have a beneficial impact on the automobile engine oil market.
However, the high costs associated with the production and manufacturing of automotive engines, as well as the availability of low-cost engine oil substitutes, are expected to surge market growth. Furthermore, the growing societal preference for electric vehicles without engines is expected to pose a challenge to the automotive engine oil market during the forecast period.
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In addition, COVID-19 had a negative impact on the automotive engine oil market due to the strict lockdowns and social distancing implemented to contain the virus’s spread. Economic uncertainty, a partial business shutdown, and low consumer confidence all impacted demand for automotive engine oil. During the pandemic, the supply chain was affected, but so were the logistics activities. However, due to the relaxation of restrictions, the automotive engine oil market is expected to pick up speed in the post-pandemic scenario.
In 2021, the Asia Pacific region had the highest revenue share of more than 40%. This is due to the presence of a large consumer base as well as increased production and consumption in countries such as China. Product developers such as Total, are increasing their investments in the Asia Pacific region in order to capitalise on the region’s growing potential. Automotive multinationals operating in the region have begun to invest heavily in digitising their production facilities in order to deliver output more quickly. North America, on the other hand, was the second-largest regional segment in terms of revenue in 2021 and is expected to grow at a rapid pace in the coming years. This is due to the region’s growing demand for commercial vehicles from the e-commerce and logistics industries.
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Auto Engine Oil Market Revenue
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Sara Lopes, Business Consultant – U.S.A.
SPER Market Research