(MENAFN- iCrowdNewsWire) Introduction
Rapid growth in the automobile sector is the key driving factor for the progress of the global automotive gear oil market. The demand for synthetic-based high performance gear oil in the automobile sector is increasing constantly. Demand for better fuel economy is significantly fulfilled by higher quality gear oil, which is creating lucrative opportunities for market growth, globally.
The market is expected to be further driven by ongoing innovations in synthetic technology over mineral-based gear oil. Demand for automobiles has been increasing rapidly in the recent past, particularly in developing nations of Asia Pacific and Latin America. These factors are together anticipated to positively impact the automotive gear oil market.
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High Performance – New Necessity for Budget Car Owners
Automotive gear oil is a very important component in a vehicle, as it is a frontline defence in order to keep transmission smooth. Car owners need to replace gear oil at regular intervals or least at scheduled intervals to enhance the performance of their vehicles by making the engine run cleaner and more efficiently.
Gear oil is not merely used to enhance operation of the transmission system but also to lessen wear and tear, while offering better fuel economy. To have a better driving experience with fuel savings, vehicle owners are showing substantial interest in keeping their vehicles upgraded with regular oil change. This, in turn, is estimated to drive the growth of the automotive gear oil market across the globe during the forecast period.
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Growing Automotive Demand to Boost Market Growth
The automotive gear oil market is directly correlated to automotive sales. Regardless of the unstable economic condition in recent years, the global automotive industry has witnessed adequate growth. Automotive production is expected to be higher in emerging economies as compared to developed economies. Automotive production is estimated to increase at a CAGR of 3 – 3.5% through 2029.
Increasing automotive sales as well as automotive production is estimated to be a major factor driving the growth of the global automotive gear oil market during the forecast period. This can be attributed to stable economic conditions and increasing urbanization across the world. During the forecast period, on-road fleet is also expected to rise at a modest CAGR, thus, providing borderline opportunities for the growth of the automotive gear oil market.
Growing Fleet of Luxury and High-end Vehicles
The demand for luxury cars and commercial vehicles is increasing across the globe in regions such as Europe, North America, and Asia Pacific. This growth can be primarily attributed to increasing disposable income and changing demographics, particularly in countries such as India and China.
This growth in high-end and luxury cars is expected to surface robust opportunity for the automotive gear oil market. Furthermore, increasing awareness about the advantages of gear oil in performance enhancement and fuel economization is projected to increase regular replacement activity of transmission oils, subsequently resulting in market growth.
Moreover, with advancements in technology, high-end car owners and heavy commercial vehicle fleet owners are increasingly opting for better performance and fuel economy. Thus, growth in the number of luxury cars and high-end commercial vehicles is projected to create tremendous opportunity for the automotive gear oil market during the forecast period.
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Analysts' Viewpoint
As per our analysts' review, the automotive gear oil market is projected to grow at a moderate rate from 2019 to 2029. The penetration of synthetic-based gear oil is expected to create significant growth opportunities in the global automotive gear oil market. With higher replacement rate in off-road as heavy commercial vehicles, the demand for automotive gear oil is increasing. The market is projected to flourish more in regions such as Latin America and South Asia and Pacific, where automotive production has increased in recent years. Global manufacturers are focusing on expanding their businesses by increasing sales offices & distribution centers. The Middle East and Africa is anticipated to create significant opportunities with automotive production in countries such Algeria and Morocco.
Key Segments of Automotive Gear Oil Market
PMR's study on the automotive gear oil market is divided into five significant segments – source, transmission, vehicle type, distribution channel, and region. This report offers comprehensive data and information about important market dynamics and growth parameters related to these categories.
Source
- Mineral-based Gear Oil
- Synthetic Gear Oil
Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Off-road Vehicles
Transmission
- Automatic Transmission
- Manual Transmission
Distribution Channel
- OEM s
- Aftermarket
- Retail
- Filling Stations
- Online
Region
- North America
- Latin America
- Europe
- East Asia
- South & Pacific
- Middle East and Africa
Companies
Royal Dutch Shell plc
Exxon Mobil Corporation
China National Petroleum Corporation
Hindustan Petroleum Corporation Limited
FUCHS LUBRICANTS CO.
BP P.L.C.
TOTAL S.A.
ZF Friedrichshafen AG
Valvoline LLC
Chevron Corporation
Hengst SE & Co. KG
Ferdinand Bilstein GmbH Co. KG
Elofic Industries Limited
VIEROL AG
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