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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~6% |
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Base Year Market Size (2023) |
~ USD 40 Billion |
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Forecast Year Market Size (2033) |
~ USD 72 Billion |
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Regional Scope |
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Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles)
The global automotive engine oil market is segmented and analyzed for demand and supply by vehicle type into passenger cars, light commercial vehicles, heavy commercial vehicles, and others. Among these segments, the passenger car segment is anticipated to capture the largest market size in the global market owing to the rapid expansion of the passenger car market in developing countries. For instance, the Indian passenger car market was reported to be worth USD 32 billion in 2021 and is projected to grow to USD 53 billion by the end of 2027. In addition, the rising purchasing power of people, growth in urban population, and growing preference for the adoption of fewer carbon emissions vehicles are further projected to augment segment growth over the forecast period.
Our in-depth analysis of the global market includes the following segments:
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By Technology |
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By Vehicle Type |
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By Additives |
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The Asia Pacific region automotive engine oil market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The increasing demand and sale of commercial vehicles in the region. For instance, India witnessed an increase in the sales of commercial vehicles by 8.21% with 54,000 vehicles sold in August 2021 going up to 67,100 vehicles sold in August 2022. In addition, the presence of a large customer population, increasing production of automobiles, and rise in crude oil production in countries such as China coupled with rising government funding and investments in product advancement are contributing factors expected to drive regional market growth over the forecast period.
In India, Shell plc and Hyundai Motor India Limited (HMIL) have announced their partnership for 10 years. As a testament to Shell's commitment to provide customers with excellent products and solutions, the partnership demonstrates its commitment to delivering excellence.
Valvoline Inc. successfully acquired the business assets of Canadian oil change franchising Ltd. This marks the third expanded lube system in Canada for Valvoline Inc. The acquisition will expand Valvoline Inc.'s Canadian and U.S. lubricant network.
Author Credits: Harshita Srivastava, Saima Khursheed
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