Published on : Jan 06, 2017
Albany, New York, January 6, 2017: The market for engine oil in passenger cars is growing significantly. The key factors, drivers and opportunities boosting the market growth has been analyzed in a recent report that has been added to the broad archive of Market Research Hub (MRH) research reports. This report is titled “Global Aftermarket for Engine Oil in Passenger Cars 2016-2020”, and briefs readers about the current market scenario and its future growth aspects. Also, to calculate the market size the study deliberates the number of parc vehicles, average engine oil capacity of vehicles and usual distance required for changing engine oil in cars.
Through this study, research analysts predicted the global aftermarket for engine oil in passenger cars to rise at a CAGR of 3.21% during the period 2016-2020. At present, the growing traffic congestion in cities is one of the major market drivers boosting the market growth. Geographically, the global market has been segmented on the basis of regions, such as APAC, Europe and Americas. It has been studied that, the consumption of engine oil in passenger cars in the Americas is highest, as the number of cars per capita is relatively higher than in other regions. Harmful toxic waste will be neutralized by the detergent present in the engine oil to arrest corrosion. Furthermore, the market is segmented by engine capacity type, such as
- Compact size
Among these, full-size vehicle segment holds the maximum market share and it will also continue to dominate until 2020. The factor responsible for this is the surge in the amount of fuel disbursed by full-sized vehicles. As per the research study, the rise in road tourism in India and China will drive the growth prospects during the forecast period. Additionally, the increasing average miles driven per capita due to the growing road tripping tourism in China is directly influencing the consumption of engine oils.
The report further describes that, engine oils in passengers cars is very much demandable because it is used to minimize friction in the connecting rods and moving engine crankshaft, pistons and bearings. Nowadays, synthetic engine oils are extensively accepted as the standard engine oil by OEMs due to their better compatibility with the environment as well as technical benefits. Likewise, they are also used for several industrial purposes. In APAC, the growth rate in the consumption of synthetic engine oils is higher i.e. driving the market evolution. Apart from that, major challenge for the market is rise in sales of plug-in hybrid and electric vehicles.
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Key vendors highlighted in the report includes:
- British Petroleum
Also, prominent vendors available in the market are Castrol, Gulf Oil, Valvoline and Motorcraft.
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