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