Automotive Engine Oil Market by Application and Geography - Forecast and Analysis 2022-2026

The automotive engine oil market share is expected to increase by 851.75 million L from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 3.20%.

This automotive engine oil market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automotive engine oil market segmentation by application (passenger vehicles and commercial vehicles) and geography (APAC, Europe, North America, South America, and MEA). The automotive engine oil market report also offers information on several market vendors, including BP Plc, Chevron Corp., China Petrochemical Corp., Eni S.p.A, Exxon Mobil Corp., FUCHS PETROLUB SE, MOTUL SA, Petroliam Nasional Berhad, Royal Dutch Shell Plc, and Valvoline Inc. among others.

What will the Automotive Engine Oil Market Size be During the Forecast Period?

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Automotive Engine Oil Market: Key Drivers and Trends

The growing number of vehicles in use is notably driving the automotive engine oil market growth, although factors such as fluctuating crude oil prices may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive engine oil industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Automotive Engine Oil Market Driver

The growing number of vehicles in use is one of the key factors driving the automotive engine oil market growth. The global vehicle population crossed a billion mark by the end of 2009. By the end of 2019, the global vehicle population was estimated to be more than 1.4 billion units. Statistics show that vehicles-in-use increased by almost 40% in the last decade (compared to 2009). This is owing to the increased motorization rate, which is estimated to have crossed 200 per thousand people in 2019. In addition, the growing life span of vehicles is also playing a crucial role in driving the vehicle population.

Key Automotive Engine Oil Market Challenge

Automotive engine oil is made from petroleum hydrocarbons, derivatives of crude oil. Hence, the price of automotive engine oil is dependent on the price of crude oil and its derivatives. In 2018-2019, the global crude oil market witnessed irregular fluctuations in average prices. According to The World Bank Group, the last four quarters witnessed fluctuations in the quarterly averages of crude oil. Such fluctuations in crude oil prices are acting as a challenge for the growth of the market under focus.

This automotive engine oil market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Automotive Engine Oil Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• BP Plc
• Chevron Corp.
• China Petrochemical Corp.
• Eni S.p.A
• Exxon Mobil Corp.
• FUCHS PETROLUB SE
• MOTUL SA
• Petroliam Nasional Berhad
• Royal Dutch Shell Plc
• Valvoline Inc.

This statistical study of the automotive engine oil market encompasses successful business strategies deployed by the key vendors. The automotive engine oil market is fragmented and the vendors are deploying growth strategies such as product differentiation to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The automotive engine oil market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Automotive Engine Oil Market?

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48% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for automotive engine oil in APAC. Market growth in APAC will be faster than the growth of the market in other regions.

The growing consumer awareness about the advantages of using synthetic oil in automobiles will facilitate the automotive engine oil market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Application Segments in the Automotive Engine Oil Market?

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The automotive engine oil market share growth by the passenger vehicles segment will be significant during the forecast period. The makers of engine oil for passenger vehicles are investing heavily in alternate technologies to comply with the evolving corporate average fuel economy (CAFÉ) standards. Such standards include the use of engine oil for gasoline vehicles, diesel vehicles, and hybrid vehicles. Automotive OEMs are constantly working on improving the performance and energy efficiency of internal combustion engines. Owing to this, the demand for passenger vehicles with an advanced fuel injection system, variable cylinder displacement, and hybrid powertrain is increasing. This is driving developments in passenger vehicle engine oil, driving market growth through the segment.

This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive engine oil market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Automotive Engine Oil Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive automotive engine oil market growth during the next five years
• Precise estimation of the automotive engine oil market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the automotive engine oil industry across APAC, Europe, North America, South America, and MEA
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of automotive engine oil market vendors

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