Press Release

Passenger Car Lubricant Market to Grow with a CAGR of 4.4% through 2028

Increasing automotive production, with a growing number of vehicles requiring bearings for their assembly and rising vehicle ownership are the factors driving the market in the forecast period 2024-2028

 

According to TechSci Research report, “Passenger Car Lubricant Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Passenger Car Lubricant Market stood at USD 68.1 billion in 2022 and is anticipated to grow with a CAGR of 4.4% in the forecast period, 2024-2028.

The Global Passenger Car Lubricant Market plays an indispensable role in ensuring the efficient and reliable operation of passenger vehicles worldwide. Lubricants are essential fluids used within engines, transmissions, and various mechanical components to reduce friction, dissipate heat, and protect against wear and corrosion. This market encompasses a wide spectrum of lubricant types, including engine oils, transmission fluids, gear oils, and specialty products, each meticulously formulated to meet the specific performance demands of modern passenger cars.

One of the driving forces behind this market is the sheer scale of the global passenger car fleet. The automotive industry continues to experience steady growth in passenger car sales, driven by factors such as urbanization, increased disposable incomes, and evolving consumer preferences. As more passenger vehicles take to the road, the demand for high-quality lubricants rises proportionally, as lubricants are fundamental to extending engine life, improving fuel efficiency, and reducing emissions, making them indispensable for both vehicle manufacturers and owners.

Environmental concerns and the strict enforcement of emissions regulations have significantly influenced the Passenger Car Lubricant Market. Lubricant manufacturers are continually developing low-viscosity engine oils and synthetic lubricants to meet the demand for improved fuel economy and reduced emissions. These advanced lubricants reduce friction and energy losses, contributing to more sustainable and eco-friendly driving practices. The market is also evolving to accommodate the growing popularity of electric and hybrid passenger cars, which require specialized lubricants for their unique powertrains and systems.

Moreover, the aftermarket segment is a crucial pillar of the market's growth. Passenger car owners and maintenance providers rely on a steady supply of high-quality lubricants to ensure the longevity and reliability of their vehicles. Regular oil changes and maintenance are essential for optimal engine performance and vehicle safety, ensuring a constant demand for passenger car lubricants beyond the initial vehicle sale. In conclusion, the Global Passenger Car Lubricant Market is an integral component of the automotive ecosystem, supporting the efficient operation of an ever-expanding passenger car fleet. The market's growth is driven by the ongoing rise in vehicle sales, environmental considerations, and the need for innovative lubricant solutions to cater to the evolving technologies within the automotive industry.

 

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In North America, the Passenger Car Lubricant Market reflects a mature automotive landscape and a focus on emissions control. Stricter emissions regulations, such as those set by the Environmental Protection Agency (EPA), drive the demand for advanced lubricants that can ensure compliance while optimizing engine performance. Consumers in North America often prioritize synthetic and low-viscosity lubricants to enhance fuel efficiency and reduce emissions. The market also mirrors a growing trend toward extended oil drain intervals, with consumers and automakers seeking lubricants that offer longer-lasting protection.

Europe's Passenger Car Lubricant Market caters to a diverse range of automakers, including those renowned for producing luxury and high-performance vehicles. The region places a premium on sustainability, driving a growing preference for eco-friendly and bio-based lubricants that align with stringent environmental regulations. Europe's emphasis on luxury and performance necessitates high-performance lubricants that can withstand demanding driving conditions. Additionally, Europe leads in the adoption of electric vehicles (EVs), creating opportunities for lubricant manufacturers to develop specialized products for EV powertrains.

Asia-Pacific stands as the global powerhouse in the Passenger Car Lubricant Market. The region's robust automotive manufacturing sector, rising middle-class populations, and increasing urbanization contribute to a substantial demand for lubricants. Asia-Pacific's significance is further underscored by its rapid adoption of electric vehicles (EVs), presenting opportunities for specialized lubricants in this evolving automotive landscape. The market here is highly diverse, with various automakers and consumer preferences.

In Latin America, economic development and a growing interest in passenger car ownership are driving the demand for lubricants. Consumers prioritize vehicle maintenance to ensure longevity and performance. The market offers a mix of conventional and synthetic lubricants to cater to diverse consumer needs. Latin America's unique economic dynamics and climate conditions influence lubricant preferences and product offerings in this region.

Middle East and Africa is experiencing expanding economies, increased urbanization, and a growing fascination with passenger cars. Lubricant demand is on the rise, particularly for high-performance and long-lasting products that can withstand the harsh environmental conditions prevalent in some parts of these regions. Additionally, the Middle East serves as a significant transit hub for global trade, driving the need for lubricants in commercial vehicles used for logistics and transportation.

In conclusion, the regional insights into the Global Passenger Car Lubricant Market highlight the diverse and evolving nature of the market, with each region shaped by distinct consumer preferences, economic conditions, environmental regulations, and technological advancements. Lubricant manufacturers must adapt their strategies to cater effectively to these varying market dynamics.

 

Major companies operating in Global Passenger Car Lubricant Market are:

  • Gulf Oil Lubricants India Ltd (Hinduja Group)
  • Hindustan Petroleum Corporation Limited
  • Indian Oil Corporation Ltd
  • Shell PLC
  • Motul
  • Petrobras
  • PETRONAS Lubricants International
  • Phillips 66 Company
  • PT Pertamina Lubricants
  • Repsol

 

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 “In the ever-evolving Global Passenger Car Lubricant Market, experts emphasize the pivotal role of innovation and sustainability. Meeting stringent emissions standards and adapting to the rise of electric vehicles (EVs) require lubricant manufacturers to continually develop advanced, eco-friendly products. Furthermore, experts stress the importance of consumer education to empower vehicle owners with knowledge about the significant impact that high-quality lubricants have on vehicle performance, longevity, and environmental responsibility,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

Global Passenger Car Lubricant Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Vehicle Type (SUV, Sedan, Hatchback, MUV), By Sales Channel (OEM, Replacement), By Product Type (Engine Oil, Transmission Oil, Hydraulic Oil, Grease), By Region and By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Passenger Car Lubricant Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Passenger Car Lubricant Market.

 

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Passenger Car Lubricant Market – Global Industry Size, Share, Trends Opportunity, and Forecast, Segmented By Vehicle Type (SUV, Sedan, Hatchback, MUV), By Sales Channel (OEM, Replacement), By Product Type (Engine Oil, Transmission Oil, Hydraulic Oil, Grease), By Region and By Competition, 2018-2028

Automotive | Oct, 2023

Growth in passenger car ownership, fueled by urbanization and rising incomes and Stringent emissions regulations worldwide are the factors driving the market in the forecast period 2024-2028

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