New York, June 13, 2023 (GLOBE NEWSWIRE) -- The Global Automotive Gear Oil Market size was valued at USD 13.93 billion in 2022 and is projected to register a CAGR of 4.2% from 2023 to 2033. The market of automotive gear oil is estimated to reach a valuation of US$ 14.49 Billion by 2033.
The rising demand for passenger cars and commercial vehicles is expected to drive the growth of the automotive gear oil market. The increasing use of gear oil in heavy-duty vehicles, such as trucks and buses, is also expected to boost the market growth.
The global automotive industry is growing at a rapid pace, driven by rising disposable incomes, urbanization, and increasing demand for personal transportation. This is leading to an increase in the demand for passenger vehicles and commercial vehicles. Gear oil is a critical component of these vehicles, and its demand is expected to grow in line with the growth of the automotive industry.
Rising preventive maintenance trend: Vehicle owners are increasingly adopting preventive maintenance practices to extend the life of their vehicles. This is leading to an increase in the demand for automotive gear oil, which is used to lubricate and protect the gears in vehicles.
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Key Points for Automotive Gear Oil Market
- The global automotive gear oil market is expected to grow at a CAGR of 4.2% from 2023 to 2033.
- The rising demand for passenger cars and commercial vehicles is expected to drive the growth of the market.
- The increasing use of gear oil in heavy-duty vehicles, such as trucks and buses, is also expected to boost the market growth.
- The synthetic gear oil segment is expected to register the highest CAGR during the forecast period.
- The passenger car segment is expected to be the largest market during the forecast period.
- North America is expected to be the largest market during the forecast period.
Gear oil plays an important role in improving the performance of vehicles. It helps to reduce friction, heat, and wear on gears, which leads to improved fuel efficiency, reduced emissions, and smoother shifting. The growing demand for improved vehicle performance is expected to drive the demand for automotive gear oil in the coming years.
Competitive Landscape
Important key players are Shell plc, Exxon Mobil Corporation, China National Petroleum Corporation, Hindustan Petroleum Corporation Limited, FUCHS LUBRICANTS CO., BP P.L.C., TOTAL S.A., ZF Friedrichshafen AG, Valvoline LLC, Chevron Corporation, Hengst SE and Co. KG, Ferdinand Bilstein GmbH Co. KG, Elofic Industries Limited, VIEROL AG and more.
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Recent Developments
Here are some of the recent developments of companies,
- Shell announced in July 2022 that it would be acquiring all common units that represent limited partner interests in SHLX. This acquisition will allow Shell to expand its presence in the automotive gear oil market and provide its customers with a wider range of products and services.
- Chevron launched a new line of synthetic gear oils in January 2023. These oils are designed to provide superior performance and protection for a variety of vehicles, including passenger cars, commercial vehicles, and off-road vehicles.
- Total Lubricants introduced a new line of high-performance gear oils in February 2023. These oils are designed to meet the needs of modern vehicles, which are increasingly demanding in terms of performance and fuel efficiency.
- Fuchs Lubricants launched a new line of low-friction gear oils in March 2023. These oils are designed to help reduce friction and wear, which can lead to improved fuel efficiency and extended component life.
The market is segmented by product type, vehicle type, and region.
- By product type, the market is segmented into mineral gear oil and synthetic gear oil. The synthetic gear oil segment is expected to register the highest CAGR during the forecast period. This is due to the increasing demand for synthetic gear oil in high-performance vehicles, such as sports cars and luxury cars.
- By vehicle type, the market is segmented into passenger cars, commercial vehicles, and off-road vehicles. The passenger car segment is expected to be the largest market during the forecast period. This is due to the increasing demand for passenger cars in developing countries, such as China and India.
- By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to be the largest market during the forecast period. This is due to the presence of a large number of automobile manufacturers in the region.
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About PMR – Automotive and Transportation
The Automotive and Transportation division of PMR provides exclusive coverage and actionable insights about the automotive and transportation industry encompassing the automotive, aviation, shipping and marine, and railway sectors. Market findings and competition intelligence of OEM, aftermarket, services, and technology landscape have helped numerous industry stakeholders’ right from automakers, component manufacturers, channel partners, and service providers in taking informed decisions and keeping them up-to-date with market behavior.
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