Automotive Gear Oil Market to Grow with a CAGR of 5.60% through 2028
The increasing vehicle production, technological
advancements, and the growing demand for fuel-efficient vehicles are the
factors driving market in the forecast period 2024-2028
According to TechSci Research report, “Automotive
Gear Oil Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Automotive Gear Oil Market
stood at USD 6.42 Billion in 2022 and is anticipated to grow with a CAGR of 5.60%
in the forecast period, 2024-2028 The global automotive gear oil market is a
thriving sector within the automotive industry. Gear oil plays a crucial role
in ensuring the smooth and efficient operation of automotive gear systems by
providing lubrication, reducing friction, and preventing wear and tear. It is
used in various applications, including manual transmissions, automatic
transmissions, differentials, and transfer cases. One of the key factors
driving the global automotive gear oil market is the increasing vehicle
production worldwide. As the automotive industry continues to expand, the
demand for gear oil rises in parallel. The rising population, urbanization, and
improving economic conditions in emerging economies have led to a surge in
vehicle ownership, further fueling the demand for gear oil. Another significant
driver is the growing demand for fuel-efficient vehicles. With the increasing
focus on reducing carbon emissions and improving fuel economy, automotive
manufacturers are constantly striving to enhance the efficiency of their
vehicles. Gear oil plays a vital role in reducing friction losses in gear
systems, thereby contributing to improved fuel efficiency. This has led to the
development of advanced gear oil formulations that offer low viscosity,
improved thermal stability, and enhanced friction reduction properties.
Furthermore, the increasing adoption of electric
vehicles (EVs) is impacting the automotive gear oil market. While EVs have
fewer gears compared to traditional internal combustion engine vehicles, they
still require gear oil for their transmission systems. The growing production
and sales of EVs contribute to the overall demand for gear oil.
In terms of regional analysis, Asia Pacific holds a
significant share in the global automotive gear oil market. The region is
witnessing rapid growth in the automotive industry, driven by factors such as
increasing population, rising disposable income, and urbanization. Countries
like China, Japan, and India are major contributors to the market in this
region.
In conclusion, the global automotive gear oil market
is experiencing steady growth due to factors such as increasing vehicle
production, the demand for fuel-efficient vehicles, the adoption of electric
vehicles, and the need for advanced gear oil formulations. As the automotive
industry continues to evolve, the market for gear oil is expected to expand
further, driven by the need for superior performance, durability, and
efficiency in automotive gear systems.
The global automotive gear oil market is experiencing
several key trends. Firstly, there is a growing demand for synthetic gear oils
due to their superior performance and benefits over conventional mineral-based
oils. Secondly, there is an increasing focus on developing gear oils with
improved fuel efficiency and reduced friction to meet the demands of
fuel-efficient vehicles. Additionally, the market is witnessing a shift towards
advanced gear oil formulations that offer enhanced thermal stability, better wear
protection, and noise reduction properties. Furthermore, the adoption of
electric and hybrid vehicles is driving the need for specialized gear oils to
meet the unique requirements of these vehicles. Overall, these trends reflect
the industry's commitment to innovation, sustainability, and meeting the
evolving needs of the automotive sector.
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The North American region holds a significant share in
the global automotive gear oil market. The region is home to major automotive
manufacturers and has a well-established automotive industry. The demand for
gear oil in North America is driven by factors such as increasing vehicle
production, stringent emission regulations, and ... disposable income,
urbanization, and government initiatives promoting sustainable transportation. The Asia Pacific region is witnessing rapid growth in
the automotive industry, making it a significant market for automotive gear
oil. Countries like China, Japan, and India are major contributors to the
market in this region. The increasing population, rising disposable gear oil
market in the Asia Pacific region. Europe is another prominent region in the
global automotive gear oil market. The region has a strong automotive
manufacturing base and is known for its stringent emission regulations. The
demand for gear oil in Europe is driven by factors such as increasing vehicle
production, gear oil market in Europe.
In summary, the global automotive gear oil market
exhibits regional variations based on factors such as vehicle production,
emission regulations, consumer preferences, and economic conditions. Each
region presents unique opportunities and challenges for market players, and
understanding regional insights is crucial for strategic decision-making and
market expansion.
Major companies operating in Global Automotive Gear
Oil Market are:
- BP PLC
- China Petroleum & Chemical Corporation
(Sinopec)
- Chevron Corporation
- ExxonMobil Corporation
- FUCHS
- Gazprom Neft PJSC
- Gulf Oil Corporation Limited
- Idemitsu Kosan Co. Ltd
- Indian Oil Corporation Ltd
- JX Nippon Oil & Energy Corporation
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“The global automotive gear oil market is expected to
witness steady growth in the coming years. Factors such as increasing vehicle
production, the growing demand for fuel-efficient vehicles, and the adoption of
electric and hybrid vehicles are driving the market. Additionally, the focus on
advanced gear oil formulations and the implementation of stringent emission
regulations further contribute to the market's growth potential,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Automotive Gear Oil Market – Global Industry Size,
Share, Trends Opportunity, and Forecast, Segmented By Product (Mineral Gear
Oil, Synthetic Gear Oil, Others), By Demand Category (OEM and Aftermarket), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium
& Heavy Commercial Vehicles, and Two Wheelers), By Region, Competition, 2018-2028”, has evaluated
the future growth potential of Global Automotive Gear Oil 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 Automotive Gear Oil Market.
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