China Automotive Engine Oils - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2021 - 2026)

The China Automotive Engine Oils Market size is estimated at 3.59 Billion Liters in 2024, and is expected to reach 3.94 Billion Liters by 2026, growing at a CAGR of 4.76% during the forecast period (2024-2026).

Key Highlights

• Largest Segment by Vehicle Type - Passenger Vehicles : Large active vehicle fleet, higher average travel rates, and growing sales of SUVs are the factors projected to drive engine oil's demand from the passenger vehicle sector.
• Fastest Segment by Vehicle Type - Passenger Vehicles : As China's social distancing restrictions are gradually lifted, the usage of passenger vehicles is increasing, resulting in higher engine oil consumption from the sector.

China Automotive Engine Oils Market Trends

Largest Segment By Vehicle Type : Passenger Vehicles

• In China, engine oils account for the major share of automotive lubricants. During 2015-2019, engine oil consumption in China recorded a CAGR of over 5%. The rise in vehicle population and sales have been the major factors driving automotive engine oil consumption in the country.
• In 2020, the COVID-19 outbreak resulted in a massive decline in the usage rate of the existing vehicle fleets in the country, which led to only a 2% growth in engine oil consumption. Also, the country has been registering a Y-o-Y dip in engine oil consumption with rising electric vehicles share on the back of government incentives.
• Over the forecast period, the passenger vehicle segment is expected to register the highest CAGR of about 5.45% in engine oil consumption, followed by commercial vehicles (4.87%) and motorcycles (1.77%), respectively.

China Automotive Engine Oils Industry Overview

The China Automotive Engine Oils Market is fairly consolidated, with the top five companies occupying 72.43%. The major players in this market are BP PLC (Castrol), China National Petroleum Corporation, China Petroleum & Chemical Corporation, ExxonMobil Corporation and Royal Dutch Shell Plc (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support