According to the latest market research study, the global aftermarket for engine oil in passenger cars is expected to grow at a CAGR of over 3% during the forecast period 2016 to 2020.
This report by Technavio provides an in-depth analysis of the global aftermarket for engine oil in passenger cars in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the engine capacity type
|
CAPACITY TYPE |
MARKET SHARE 2015 (%) |
|
Full size |
40% |
|
Mid-size |
34% |
|
Compact size |
26% |
Source: Technavio
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Top three market segments based on engine capacity type
Global aftermarket for engine oil in full-size vehicle segment: The engine oil consumption in the full-size segment is highest among all other segments and is popular in the Americas and Europe. The increase in the number of parc vehicles due to more sales of new cars and an increase in the average life of the used cars has led to increase in the consumption of engine oils.
“OEMs of the market are manufacturing engine oils with low viscosity index. Low viscosity of engine oil provides durability to the engine, higher fuel economy benefits, and leads to a superior efficiency of the engine,” says Abhay Sinha, a senior analyst at Technavio for research on automotive services.
Global aftermarket for engine oil in mid-size vehicle segment: OEMs are trying to downsize full-size engines, pushing the category into the mid-size engine segment. Mid-size cars are more popular in APAC and Europe. The growing popularity of the mid-size segment is due to the stringent regulations in Europe to cut down carbon emission.
Global aftermarket for engine oil in compact-size vehicle segment: Compact-size cars are more popular in APAC as it has low running cost and maintenance cost. The major growth drivers for the compact-size vehicle segment is increased government regulation by all the major economies to reduce carbon emission.
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The top vendors operating in the global aftermarket for engine oil in passenger cars market are:
- Shell
- ExxonMobil
- British Petroleum
The other prominent vendors in the market include Castrol, Gulf Oil, Motorcraft, and Valvoline.
A more detailed analysis is available in the Technavio report titled, ‘Global Aftermarket for Engine Oil in Passenger Cars Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
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