Automotive Engine Oil Market Size

Automotive Engine Oil Market size is estimated to reach USD 72 Billion by the end of 2033, growing at a CAGR of 6% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of automotive engine oil was over USD 40 Billion.The growth of the market can be attributed primarily to the increasing motor vehicle production worldwide, increasing transportation services with growing students, employees, and organizations, and increasing awareness of its efficiency in fuel economy. As per the data by the International Organization of Motor Vehicle Manufacturers (OICA), the global production of motor vehicles grew from 583,74,162 numbers in the year 2000 to 917,86,861 units in 2019.

Furthermore, the rising demand for synthetic products, increasing technological advancements in the automotive industry, and rising disposable income are expected to contribute to the growth of the global automotive engine oil market during the forecast period. According to the Bureau of Economic Analysis, disposable personal income rose by 0.2% nearly USD 37.6 billion in the year July 2022.

Frequently Asked Questions (FAQ)

Rising motorcycle and automobile production, increasing personal disposable income and rising crude oil production are the major factors driving the growth of the automotive engine oil market.

The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023-2033.

Growing supply of counterfeit engine oil product is expected to hinder market growth.

The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Valvoline, Inc., Shell Plc, Total S.A, Arabol Lubricants, LUKOIL Oil Company, Exxon Mobil Corporation, Castrol Limited, Chevron Corporation, Amsoil Inc., and Sinopec Lubricant Company

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by technology, vehicle type, additives, and, by region.

The passenger cars segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

Automotive Engine Oil Market Size