Skip to main content

Global Automotive Lubricants Market: Expansion in Automotive Industry to Reflect Positively on Sales

Global Automotive Lubricants Market: Snapshot

Thanks to the increasing trend of owning a vehicle among consumers, the demand for automotive lubricants has been witnessing a significant rise across the world. The growing awareness level regarding the benefits of automotive lubricants, such as improved operations and enhanced average age of vehicles, is also having a positive impact on their sales. Researchers anticipate the scenario to remain more or less same over the next few years.

According to Transparency Market Research (TMR), the global market for automotive lubricants offered an opportunity worth US$55.4 bn in 2015. Progressing at a CAGR of 4.10% during the period from 2016 to 2024, the market is expected to reach US$78.9 bn by 2024.

 
Asia Pacific to Maintain its Leading Streak

The global market for automotive lubricants stretches across Europe, Asia Pacific, the Middle East and Africa, North America, and Latin America. The prominent rise of the automotive industry has given the market for automotive lubricants in Asia Pacific an edge over other regional markets. The increase in the purchasing power of consumers, thanks to the strengthening economy, has also supported the Asia Pacific market for automotive lubricants significantly. The growing consumption of automotive lubricant in this region, specifically in China and Japan, is likely to maintain the lead of Asia Pacific in the coming years too.

North America and Europe have also been exhibiting a healthy demand for automotive lubricants since the last few years. The implementation of stringent rules and regulations regarding the emission of fuels in Europe is boosting the demand for synthetic lubricants in this region and is expected to propel the Europe market for automotive lubricants in the coming years. However, the pace of demand for automotive lubricants in this region is anticipated to decline slightly in the near future. The North America market for automotive lubricants is likely to exhibit a similar condition in the years to come due to the rising enforcement of norms and regulations on fuel emissions.

On the flip side, Latin America and the Middle East and Africa are likely to experience a considerable rise in their respective markets of automotive lubricants over the next few years. The Middle East and Africa is projected to gain significantly from the infrastructural developments and an improving vehicle parc in the near future. Latin America, on the other hand, is likely to benefit from the rising trend of replacing old vehicles with newer models, growing usage of engine oils with lower viscosity, and the escalating sales of automobiles in Brazil and Mexico.

Fill the form to Gain Deeper Insights on this Market @
 
Demand for Engine Oil to Remain Strong

Gear oil, engine oil, and transmission fluid are the prime types of automotive lubricants available around the world. Among these, engine oil, also known as motor oil, is the most valued product in this market and is likely to remain so over the forecast period. The rising number of vehicle on road is the key driving force behind the exceptional growth of this segment.

On the flip side, the demand for gear oil and transmission fluid is likely to decline a bit in the near future due to the increasing usage of single fluid for both gearbox and transmission.
Labels:

Comments

Post a Comment

Popular posts from this blog

Wi-Fi Chipset Market Poised for an Explosive Growth in the Near Future

Wi-Fi is a technology based on the IEEE 802.11 standard which connects two or more devices using wireless communication within a limited area such as office building, school, home, or computer laboratory. Usage of Wi-Fi has increased significantly in residential and commercial places since the last several years due to the ease of its installation and operation. Currently, a number of devices including video-game consoles, digital cameras, digital audio players, digital printers, smart TVs, tablets, phones, and personal computers are available with built-in Wi-Fi technology. These devices can connect to the internet with the help of wireless access point or wireless LAN (Local Area Network) and can provide control and monitoring of a system from a remote location. Wi-Fi chipsets usually operate in 2.4 gigahertz UHF (Ultra High Frequency) band and 5.8 gigahertz SHF (Super high frequency) band. Wi-Fi Alliance, comprising more than 375 organizations worldwide, establishes and enforces W...
Post a Comment
Read more

Keyless Entry System Market: Industry Outlook, Growth Prospects and Key Opportunities

Keyless entry system is technology that provides physical access to an individual inside any premises or automotive without the use of a mechanical key for performing the locking and unlocking operation. Keyless entry system provides an enhanced convenience and security to the users. In case of a keyless entry system, the users get secure and authorized access to an automotive or premise with the use of various external devices or gesture such as a keyless fob or a smart card, or by the use of their own voice, fingerprints or facial recognition among others. Owing to rapidly increasing adoption of smart technologies across various application sectors, keyless entry systems is increasingly installed among users especially in the transportation sector, government sector, banking financial services and insurance (BFSI) sectors and hospitality industry among others. The global Keyless Entry System market is anticipated to experience a robust growth during the forecast period from 2017 to...
Post a Comment
Read more

Automotive Leaf Spring Suspension Market - Business Strategies and Recent Development

Key priorities of automotive manufacturers include increasing operational performance, improving drivability, and ensuring the safe transport of cargo and passengers. Increasing acceptance of hybrid and electric vehicles and integration of smart and connected technologies have prompted manufacturers to focus on improving the power and drivetrain systems such as clutch, transmission, propeller shaft, axle, and leaf springs. Leaf springs are located between the wheels and the body of the vehicle. When the wheel passes over a bump, it rises and deflects the spring; thereby, storing the energy in the spring. On releasing, due to the elasticity of the spring, it rebounds thereby expanding the stored energy. Increase in demand for automobiles globally, is driving the leaf spring market. The leaf springs are primarily used in light, medium, and heavy-duty commercial vehicles such as pick-up trucks and vans. Some passenger car manufacturers rely on use of leaf spring technology for bet...
Post a Comment
Read more