Global Automotive Engine Oil Market Size To Worth USD 58.70 Billion By 2033 | CAGR Of 3.67%
Category: Chemicals & MaterialsGlobal Automotive Engine Oil Market Size To Worth USD 58.70 Billion By 2033
According to a research report published by Spherical Insights & Consulting, The Global Automotive Engine Oil Market Size is Expected to Grow from USD 40.95 Billion in 2023 to USD 58.70 Billion By 2033, at a CAGR of 3.67% during the forecast period 2023-2033.
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Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the"Global Automotive Engine Oil Market Size, Share, and COVID-19 Impact Analysis, By Product, (0W-20, 0W-30, 0W-40, 5W-20, 5W-30, 5W-40, 10W-60, 10W-40, and 15W-40), By Application (Passenger Cars, Commercial Vehicles, and Motorcycles), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/automotive-engine-oil-market
The automotive engine oil market is an industry that produces, distributes, and sells engine oils specifically designed for use in automobiles. The market offers a large selection of automotive engine oils, including conventional, synthetic, semi-synthetic, and high-mileage lubricants, to fit a range of vehicles, including cars, trucks, motorcycles, and other motorized vehicles. The automotive engine oil market, which focuses on improving vehicle performance, efficiency, and engine durability, encompasses the development, manufacturing, and marketing of engine oils for automobiles. The main factors driving the expansion of the automobile engine oil market are the ability of lower viscosity motor oils to increase fuel efficiency and OEM recommendations for them to maximize performance. Longer oil drain intervals and the use of synthetic oils are two examples of technological developments driving automotive engine oil market expansion. The population of vehicles is increasing due in large part to longer vehicle lifespans, which is increasing the demand for car engine oil. However, the market's potential growth can be restricted by the growing popularity of completely electric vehicles, which do not require the conventional engine oil market.
The 10W-60 segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on the product, the automotive engine oil market is classified into 0W-20, 0W-30, 0W-40, 5W-20, 5W-30, 5W-40, 10W-60, 10W-40, and 15W-40. Among these, the 10W-60 segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. Completely synthetic, 10W-60 oil has exceptional viscosity and durability. It's perfect for heavy-duty applications, motorbikes, and high-performance cars.
The passenger cars segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on the application, the automotive engine oil market is divided into passenger cars, commercial vehicles, and motorcycles. Among these, the passenger cars segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. The demand for passenger cars continues to grow as part of shifting consumer tastes, which drives market demand globally. Further, the market for passenger cars is expected to grow as a result of growing urbanization and rising incomes.
Asia Pacific is estimated to hold the largest share of the automotive engine oil market over the forecast period.
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Asia Pacific is estimated to hold the largest share of the automotive engine oil market over the forecast period. The increasing demand for passenger and commercial vehicles as well as the strict government restrictions pertaining to vehicle emissions issues are the main causes of the Asia Pacific growth. Increased vehicle ownership is also a result of growing customer demand for premium engine lubricants, especially synthetic ones, growing vehicle populations, and increased automotive manufacturing.
North America is predicted to grow at the fastest CAGR growth in the automotive engine oil market over the forecast period. These automotive engine oil uses include a broad spectrum of automobiles, including off-road bikes, light- and heavy-duty trucks, and passenger cars.
Major key players in the automotive engine oil market include Tata Motors, BP p.l.c., Shell, Repsol, TotalEnergies, Motul, Suncor Energy Inc., PETRONAS and Sinopec, Chevron Corporation., AMSOIL INC-IN., Petroliam Nasional Berhad, Exxon Mobil Corporation., Valvoline Global Operations, CASTROL LIMITED, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In May 2024, PETRONAS and Sinopec launched a strategic partnership to investigate potential avenues for boosting innovation and growth in the energy industry. LNG trading, lubricants, and sustainable development in commodities and specialty chemicals are the main topics of the memorandum of understanding.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the automotive engine oil market based on the below-mentioned segments:
Global Automotive Engine Oil Market, By Product
- 0W-20
- 0W-30
- 0W-40
- 5W-20
- 5W-30
- 5W-40
- 10W-60
- 10W-40
- 15W-40
Global Automotive Engine Oil Market, By Application
- Passenger Cars
- Commercial Vehicles
- Motorcycles
Global Automotive Engine Oil Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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