IMARC Group, a leading market research company, has recently releases report titled “Aftermarket for Engine Oil in Passenger Cars Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the global aftermarket for engine oil in passenger cars market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the aftermarket for engine oil in passenger cars market?
The global aftermarket for engine oil in passenger cars market size reached 1.1 Billion Gallons in 2022. Looking forward, IMARC Group expects the market to reach 1.38 Billion Gallons by 2028, exhibiting a growth rate (CAGR) of 3.86% during 2023-2028.
What is Aftermarket for Engine Oil in Passenger Cars?
The aftermarket for engine oil in passenger cars refers to the market segment that deals with the sale and distribution of engine oil after the initial sale of the vehicle. This includes engine oil replacement and top-ups required for routine maintenance and proper functioning of the vehicle. Engine oil plays a crucial role in lubricating the engine’s moving parts, reducing friction, and dissipating heat. The aftermarket offers a variety of engine oil types, such as synthetic, semi-synthetic, and mineral oils, catering to different vehicle specifications and customer preferences. It involves a network of retailers, service centers, and online platforms, providing consumers with options to purchase and replace engine oil according to their needs and vehicle requirements.
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What are the growth prospects and trends in the aftermarket for engine oil in passenger cars industry?
The increasing number of passenger cars on the roads directly translates to a growing need for engine oil replacement and maintenance which represents one of the key factors driving the growth of the market across the globe. The market is also driven by developments in engine oil technology, including synthetic and specialized oils, which is creating opportunities for new product offerings that cater to modern engine requirements. In line with this, the rising awareness of the importance of regular engine oil changes for vehicle performance and longevity is boosting the growth of the market. In addition to this, environmental regulations influence the types of engine oil allowed, which is driving demand for more eco-friendly products, thus fueling the growth of the market. Apart from this, the availability of engine oil through various distribution channels, such as dealerships, service centers, and online platforms, influences accessibility and consumer choice which is facilitating the growth of the market across the globe.
What is included in market segmentation?
The report has segmented the market into the following categories:
Market Breakup by Application:
- Pickup Trucks
- Minivans
- SUVs
- Compact Car
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Amsoil Inc.
- Castrol Limited (BP p.l.c.)
- Chevron Corporation (Hinduja Group)
- Gulf Oil Lubricants India Ltd
- Shell plc
- Valvoline Inc
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