“Automotive Aftermarket Fuel Additives Market: Global Demand Analysis & Opportunity Outlook 2024”
The global automotive aftermarket fuel additives market is segmented into distribution channels such as big stores, 4S stores, unauthorized spare parts and service centers, gas stations, automotive workshops, e-commerce and others, out of which big stores and 4S segment are the fastest growing segments and 4S stores captured for the biggest market share in 2016. Likely, rising demand for fuel additives to improve fuel efficiency and increase engine performance is believed to foster the growth of global automotive aftermarket fuel additives market. In addition to this, strict environmental legislations taken by government to limit the carbon emission are also projected to intensify the market of automotive aftermarket fuel additives.
Global automotive aftermarket fuel additives market is anticipated to post a significant CAGR of 7.2% over the forecast period. Additionally, the market of automotive aftermarket fuel additives is riding on the back of growing automotive industry. Moreover, the global automotive aftermarket fuel additives market is anticipated to generate exponential revenue of USD 3.1 Billion by the end of 2024.
The diesel segment by application accounted for the largest segment in overall automotive aftermarket fuel additives market in 2016. Further, the growth of diesel segment is attributed to the rising number of transportation vehicles. In terms of geography, North America is the leading region in the market of automotive aftermarket fuel additives owing to strict government regulation regarding pollution. Additionally, big stores are the major distribution channel in this region. Apart from this, Asia-Pacific is the most lucrative market in this region due to presence of vast automotive industry.
Rising Government Regulations
Strict government norms regarding environment pollution along with various organizations have taken initiatives to curb carbon emission such as Environmental Protection Agency (EPA) is expected to augment the demand for automotive aftermarket fuel additives. Moreover, robust expansion of automotive industry all across the globe is also predicted to fuel the demand for automotive aftermarket fuel additives. These factors are believed to flourish the growth of automotive aftermarket fuel additives market by the end of 2024.
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Advancement in Fuel Additives
Continuous research and development activities in the field of automotive fuel additives by major key vendors is one the major factor that is positively impacting the growth of automotive aftermarket fuel additives market. Moreover, rise in per capita income coupled with growing number of automobiles on road for e.g. the number of passenger car sales increased by 42.3% from 2005 to 2016. This factor is anticipated to propel the market of automotive aftermarket fuel additives.
On the contrary, introduction of alternative fuel vehicles such as electric cars is projected to hamper the market of automotive aftermarket fuel additives all over the globe.
The report titled “Automotive Aftermarket Fuel Additives Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global automotive aftermarket fuel additives market in terms of market segmentation by application, by distribution channel, by type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global automotive aftermarket fuel additives market which includes company profiling of BASF SE, Afton Chemical Corporation, BG Products Inc., Evonik Industries AG, Infineum International Ltd., Chevron Corporation, Innospec Specialty Chemicals, Lucas Oil Products Inc., Total S.A. and Lubrizol Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive aftermarket fuel additives market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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