Global Passenger Car Motor Oil Market 2018-2022| Increasing Adoption of Synthetic Motor Oil to Drive Growth| Technavio
LONDON--(BUSINESS WIRE)--Jan 3, 2019--The global passenger car motor oil market is expected to post a CAGR of over 4% during the period 2018-2022, according to the latest market research report by .
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Technavio predicts the global passenger car motor oil market to post a CAGR of over 4% by 2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the rising vehicle population leading to high consumption of PCMO. The increasing number of vehicles used globally is driving the global passenger car motor oil market. This rapid increase in the number of vehicles is owing to the immense rise in new vehicle sales. In countries such as India and China, where the penetration of passenger cars is low, sales of new passenger cars were substantial owing to the high demand for passenger cars from the middle-class income group. The demand for LCVs is driven by the growth of the e-commerce and construction industries. In the e-commerce industry, vendors are focusing on ways of delivering their products within a minimum amount of time to the consumers, which gives rise to high demand for efficient commercial vehicles.
This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the increasing adoption of synthetic motor oil as one of the key emerging trends in the global passenger car motor oil market:
Global passenger car motor oil market: Increasing adoption of synthetic motor oil
Engine oils are either conventional, semi-synthetic, or fully synthetic. Synthetic engine oil is gaining popularity across the globe. Automakers offer and recommend fully synthetic engine oils for modern vehicles, especially mid-segment and premium vehicles. The different types of synthetic engine oil are poly-a-olefin (PAO), esters, polyalkylene glycol, and group III (hydrocracking).
“PAO is the most popular in the industry owing to its physical and chemical properties leading to low volatility and better oxidative as well as thermal stability with respect to other engine oils. Furthermore, PAO synthetic engine oils are less expensive than their synthetic counterparts,” says a senior analyst at Technavio for research on automotive components.
Global passenger car motor oil market: Segmentation analysis
This market research report segments the global passenger car motor oil market by application (passenger cars and LCVs), viscosity grade (monograde and multigrade), and geographical regions (APAC, EMEA, and the Americas).
The passenger cars segment held the largest market share in 2017, accounting for nearly 71% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 48%. This region is expected to dominate the market through 2022.
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Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
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SOURCE: Technavio Research
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PUB: 01/03/2019 07:33 AM/DISC: 01/03/2019 07:33 AM