Global Automotive Lubricants Market: Market Analysis by Knowledge Sourcing Intelligence
The automotive lubricants market is projected to grow at a decent CAGR during the forecast period. The rising demand for commercial and passenger vehicles all around the world is projected to be one of the main drivers for the automotive lubricants market during the forecast period. Furthermore, the rising requirements to meet stringent regulations regarding vehicle emissions and safety, are also projected to augment the automotive lubricants market growth over the coming years. Additionally, the exceeding demand for electronic vehicles and the requirement for innovations in lubricant technology is projected to provide new opportunities for the market in the coming years. However, the volatility in the prices of oil and petroleum is projected to restrain the market growth to a certain extent.
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| Automotive Lubricants Market Forecast |
Global Automotive Lubricants Market by Application:
By application, the automotive lubricants market is segmented as passenger vehicles and commercial vehicles. Automotive lubricants such as engine oil, transmission oil, and others are crucial for the performance of vehicles. They significantly help in reducing the pollution emitted from the vehicles. The burgeoning regulations related to vehicle emission reduction across the globe are acting as a driver for the automotive lubricants market growth. This coupled with rising awareness among people regarding vehicle safety and emission control is further supporting the automotive lubricants market growth. The commercial vehicle segment holds a significant share in the market on account of rising commercial activities, especially in the Asia Pacific region. The market research provides a detailed analysis of the global automotive lubricants market on the basis of the various segment like- by application, by geography, etc.
Global Automotive Lubricants Market by Geography:
The Asia Pacific automotive lubricants market was valued at US$XX.XX billion in 2018 and is expected to grow at a CAGR of XX% over the forecast period to reach a market size of US$XX.XX billion by 2024. The market growth in this region is being fueled by the rapid growth of the automotive industry in countries like China and Japan. These two economies, being two of the largest industrial hubs in this region, account for the major share in the market. Availability of cheap and skilled workforce and other resources for the growth of this industry is attracting investments by many companies who seek to leverage the growth potential this region holds by setting up automotive manufacturing sites here. Other countries are also witnessing good growth in this market as many automakers continue to move their production facilities out of China to countries in Southeast Asia.
The market growth in these regions is being driven by the inflow of huge investments by major market players into research and development which are bringing advanced lubricant solutions with enhanced capabilities into the market. South America and the Middle East and Africa hold a fairly small share in this market and the market growth in these two regions is expected to remain moderate over the forecast period.
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| Automotive Lubricants Market Share by Geography |
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As a result of booming passenger vehicle production and sales, companies are launching new products for this segment, thus positively impacting the growth of APAC automotive lubricants market.
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