PUBLISHER: Markets & Data | PRODUCT CODE: 1509681
PUBLISHER: Markets & Data | PRODUCT CODE: 1509681
Automotive Engine Oil Market Assessment, By Vehicle Type, By Product Type, By Engine Type, By Grade Type, By Region, Opportunities and Forecast, 2017-2031F
Global automotive engine oil market is anticipated to observe a CAGR of 5.09% in the forecast period 2024-2031, rising from USD 35.48 billion in 2023 to USD 52.78 billion in 2031. The market has observed significant growth in recent years and is projected to maintain a strong pace of expansion in the forecast years due to significant advancement in the automotive industry, a rise in production and sales of vehicles, easy availability of rental cars, and growing demand for fuel-efficient vehicles. Rising requirements for conventional and synthetic products also drive the global automotive engine oil market demand. Technological innovations in luxury vehicles and growing demand for high-performance and durable engine oils due to the good durability of vehicles are introducing different growth opportunities for global automotive engine oil market players.
Government rules and regulations concerning automotive engine oil and vehicle safety are driving the growth of the global automotive engine oil market. Oil helps safeguard the engine from small particles and rust, which may exist in the fuel, propelling the demand for engine oil in automobiles. Also, oil covers the gap between the cylinder walls and pistons, which is helpful in more efficient fuel combustion in vehicles. Vehicles require more synthetic and maintenance engine oil to enhance durability, reliability, and performance. Key participants in the global market are announcing partnerships to offer a variety of engine oils that improve the functioning of vehicles.
For instance, in September 2022, Renault Group and Castrol Limited announced the expansion of their partnership until the end of 2027 to supply and design aftermarket engine oils to the group dealer network across the globe. This partnership also offers an extended variety of new engine oil particularly designed for Euro 7 vehicles.
Rising Demand for High Mileage Automobiles Propels the Demand for Automotive Engine Oil
Increasing demand for high-mileage automobiles raises the demand for the automotive engine oil market globally because engine oils help them accomplish the higher level of protection that older, more worn engines usually require. In the automotive industry, regular oil offers protection to the automotive engine, but high-mileage oils are precisely formulated with essential conditioners, antioxidants, additives, seal-compatible conditioners, and other ingredients to overcome the problems that high-mileage vehicles often witness as they get older. Also, higher mileage oils are produced with seal conditioners that extend flexibility and restore shape to safeguard future leaks, driving the demand for automotive engine oil in the forecast period. Market players are investing in new high-mileage oils to combat the issues.
For instance, in July 2023, AMSOIL INC. announced the launch of three new specialized motor oil families, including AMSOIL 100% Synthetic High-Mileage Motor Oil, AMSOIL 100% Synthetic Hybrid Motor Oil, and AMSOIL Extended-Life 100% Synthetic Motor Oil to deliver unique benefits. AMSOIL 100% Synthetic High-Mileage Motor Oil helps decrease oil consumption and preserve horsepower.
Rapid Technological Advancements and Rise in Vehicle Ownerships Surge Market Growth
The global automotive engine oil market growth is projected to rise due to a significant increase in vehicle ownership across the globe, and continuous advancements and innovations in automotive technologies. In emerging countries, the demand for vehicles is rising due to an increase in per capita income, the rapid trend of personalization, economic development, and a shift in the living standards of consumers, accelerating the demand for automotive engine oil. Consumers are using vehicles for commercial as well as personal use, and there is a direct increase in demand for engine oil for frequent lubrication and maintenance requirements. Advancements in passenger cars and commercial vehicles, including the development of turbocharged engines, high-performance engines, and others with specialized lubrication requirements, push the demand for innovative engine oil formulation, thriving the global market growth for engine oils. Key companies in the market are working efficiently and announcing partnerships to offer effective products for advanced engine oil technology.
For instance, Service Easy Technology Private Limited (GoMechanic) announced a partnership with ExxonMobil Corporation for engine oil technology to ensure good performance and durability for advanced serviced vehicles. This partnership is projected to deliver unparalleled service to the customers and ensure that every advanced vehicle they service benefits from the best in engine oil technology.
Strict Carbon Emission Regulations and Standards Drive Market Growth Globally
The significant increase in awareness concerning the environment and carbon emissions across the globe has led to growth in the global automotive engine oil market. Companies and vehicle owners are compelled by government rules and regulations concerning environmental sustainability and reducing carbon emissions; thereby, the demand for engine oil is rising rapidly. Engine oil has proved to be essential because it helps maintain engine efficiency and decrease carbon emissions. Moreover, regulatory authorities often demand lower emissions, longer oil change intervals, and better fuel effectiveness, compelling manufacturers to develop more environmentally friendly and efficient engine oils. This drives market growth as consumers increasingly prefer eco-friendly and efficient lubrication solutions.
For instance, in late 2022, the European Commission announced the Euro 7 vehicle emission regulations to enforce vigorous standards for all gasoline and diesel vehicles in the heavy as well as light-duty spectrum. This initiative aims to enhance urban air quality, and OEMs will be required to adopt changes to engines and aftertreatment devices to address the standards.
Passenger Cars Segment Registers the Largest Market Share in the Market
The passenger cars segment dominates the highest revenue share in the global market due to growing disposable incomes and a speedily rising urban population. The shift in consumer preference in the passenger vehicle segment in developed countries, including Europe and North America, propelled the segment growth. Consumers now go for those vehicles that emit less carbon, consume less fuel, and still deliver excellent overall performance. These requirements have surged significant foreign investments in the sector to develop products that align with present market needs. Automakers are manufacturing passenger cars that require less fuel consumption and emit less carbon to address the rising demand for fuel-efficient cars and expand their footprint.
For instance, in May 2024, BYD Auto Co., Ltd. announced the launch of new hybrid technology with the world's lowest fuel consumption and cost-saving advancement. This launch has a new hybrid system with a range of more than 2,000 km and fuel consumption as low as 2 liters per 100 km.
Asia-Pacific Dominates the Global Automotive Engine Oil Market
Table of Contents
1. Research Methodology
2. Project Scope and Definitions
3. Executive Summary
4. Voice of Customer
- 4.1. Product and Market Intelligence
- 4.2. Mode of Brand Awareness
- 4.3. Factors Considered in Purchase Decisions
- 4.3.1. Features and Other Value-Added Service
- 4.3.2. Product Compatibility
- 4.3.3. After-Sales Support
- 4.4. Consideration of Safety Regulations
5. Global Automotive Engine Oil Market Outlook, 2017-2031F
6. Global Automotive Engine Oil Market Outlook, By Region, 2017-2031F
7. Market Mapping, 2023
8. Macro Environment and Industry Structure
9. Market Dynamics
10. Key Players Landscape
11. Pricing Analysis
12. Case Studies
13. Key Players Outlook
14. Strategic Recommendations
15. About Us & Disclaimer
List of Tables
- Table 1. Pricing Analysis of Products from Key Players
- Table 2. Competition Matrix of Top 5 Market Leaders
- Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)
- Table 4. About Us - Regions and Countries Where We Have Executed Client Projects
List of Figures
- Figure 1. Global Automotive Engine Oil Market, By Value, In USD Billion, 2017-2031F
- Figure 2. Global Automotive Engine Oil Market, By Volume, In Metric Tons, 2017-2031F
- Figure 3. Global Automotive Engine Oil Market Share (%), By Vehicle Type, 2017-2031F
- Figure 4. Global Automotive Engine Oil Market Share (%), By Product Type, 2017-2031F
- Figure 5. Global Automotive Engine Oil Market Share (%), By Engine Type, 2017-2031F
