Automotive Aftermarket Fuel Additives Market Trends
Growth Drivers
- Growing Concern Over Carbon Dioxide Emissions – The United States Environmental Protection Agency (EPA) estimates that the average passenger vehicle emits approximately 4.6 tons of carbon dioxide per year. Globally, road transport contributes 16% of man-made carbon dioxide emissions, as per the International Organization of Motor Vehicle Manufacturers.
- The rapid growth of the automotive aftermarket fuel additives market across the globe is predicted to be driven by factors such as increasing government regulations regarding vehicle emissions, including environmental protection agency (EPA) regulations, and increased adoption of automotive fuel additives to enhance the power and fuel economy of automobiles.
- Increasing Production Of Motor Vehicles - Globally, motor vehicle production increased from 583,74,162 units in 2000 to 917,86,861 vehicles in 2019, according to the International Organization of Motor Vehicle Manufacturers (OICA).
- Surge in Sales of Passenger Cars Worldwide- It was observed that over the past year, global passenger car sales increased from 52 million units in 2020 to 55 million units in 2021, representing a significant increase.
- Rise in Air Pollution Across the Globe- It is estimated that approximately 67 million tons of pollution were released into the atmosphere in the United States in 2021, according to the United States Environmental Protection Agency.
- Increasing Ownership Of Cars- For instance, China's car ownership has increased by more than 180% over the past decade from 103 million cars in 2011 to 300 million in 2021.
Challenges
- Introduction Of Alternative Fuel Vehicles Such As Electric Cars
- High Research And Development Cost
- Increasing Price Of Raw Materials
Automotive Aftermarket Fuel Additives Market: Key Insights
Regionally, the global automotive aftermarket fuel additives market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033 backed by the environmental regulations aimed at reducing greenhouse gas emissions and protecting the environment, increased automobile production, and the increase in per capita income. Additionally, the higher acceptance of additive rates and increasing production of biofuels are anticipated to drive the regional market over the forecast period. It is estimated that, as a result of the Energy Independence and Security Act, there will be an increase in biofuel production to 36 billion gallons by the year 2022. A number of benefits can be realized by replacing fossil fuels with biofuels ad these are produced from renewable sources.
The global automotive aftermarket fuel additives market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
6.3% |
|
Base Year Market Size (2024) |
USD 1.13 billion |
|
Forecast Year Market Size (2037) |
USD 2.47 billion |
