Australia Automotive Lubricants Market is anticipated to Grow at CAGR of over 3% through 2024
Increasing automobile production and
sales coupled with growing demand for automotive repairing services to drive Australia
automotive lubricants market through 2024
According to TechSci Research
report, “Australia
Automotive Lubricants Market By Vehicle Type, By Base Oil, By Lubricant
Type, By Demand Category, By Sales Channel, Competition Forecast &
Opportunities, 2024”, Australia automotive lubricants market is projected
to grow at a CAGR of over 3% during the forecast period. Anticipated growth in
the market can be attributed to upward trend of collaborations among original equipment manufacturers
(OEMs) and lubricant manufacturers and suppliers across Australia. Moreover, rising
production of light and heavy duty vehicles along with surging demand for
automotive repair services is further likely to push demand for automotive
lubricants across the country. Strong presence of mining industry in the country has resulted in high
demand for heavy duty vehicles in the country, which is boosting demand for
automotive lubricants.
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TOC on Australia Automotive Lubricants
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On the basis of vehicle type, Australia automotive lubricants market is
segmented into passenger car, LCV, M&HCV, two-wheeler, OTR and tractors. Of
all the auto segments, passenger car segment dominated the market in the
previous year and is expected to continue its dominance during forecast period
as well owing to rising demand for private cars across the country. Among
regions, a large demand for automotive lubricants originates from Queensland.
However, Southern Australia &
Northern Territory are likely to witness the fastest growth during the forecast
period on account of rising sales of automobiles in the regions.
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“New product launches by the companies operating in Australia automotive
lubricants market coupled with the rising influx of leading international
automotive lubricant suppliers in the country, is anticipated to positively
impact the country’s automotive lubricants market over the next five years. Moreover,
increasing focus on research and development to develop highly efficient
products to increase drain interval is further likely to boost Australia automotive
lubricants market until 2024.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Australia Automotive Lubricants Market By
Vehicle Type, By Base Oil, By Lubricant Type, By Demand Category, By Sales
Channel, Competition Forecast & Opportunities, 2024” has evaluated the future growth potential of Australia
automotive lubricants market and
provides statistics and 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 decision. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in Australia automotive lubricants market.
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