Dublin, June 01, 2023 (GLOBE NEWSWIRE) -- The "India Automotive Lubricant Market By Vehicle Type (Two Wheelers, Three wheelers, Passenger Cars, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, OTR), By Lubricant Type, By Base Oil, By Demand Category, By Region, Competition, Forecast & Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.
India Automotive Lubricant Market is valued at USD 5.92 billion in the year 2022 and is expected to rise with a CAGR of 8.08% in the forecast period.
The increasing number of vehicles on the road is increasing the demand for high-quality lubricants. Lubricants improve vehicle fuel efficiency and reduce the temperature by absorbing the heat generated. These factors have contributed to an increase in the demand for automotive lubricants.
Other factors, such as rising consumer spending power and product innovations to improve oil quality, are expected to drive the growth of India Automotive lubricant market.
Surging Focus on Protecting Automotive Components and Systems
The market acceptance of automotive lubricants is boosted by factors like their durability and vehicle protection. By drastically reducing friction between the pieces, they provide defense against damage to a vehicle's systems and parts.
Additionally, the need for low-viscosity and better-performing lubricating oils is continuously growing due to the industry's use of smaller and more complicated automotive systems. Additionally, rising standards for high performance in automobiles are encouraging the use of new products.
Automotive lubricants are essential for ensuring that industrial vehicles operate effectively in a variety of harsh weather situations. For instance, tractor engine oils not only maintain the tractor's high performance in the harsh field and climatic circumstances but also help to improve the hardware's compatibility with toughness.
New Government Standardization is Increasing Lubricant Demand
With the new laws, there will be numerous technological advancements made in automobiles, which will have a big impact on both their price and how they operate.
OEMs and lawmakers are focusing on universal lubricant grade standardization, which is expected to spur the development of high-quality lubricants. The lubricant must meet the performance levels required for specific applications as well as those established by the relevant authorities. The lubricant improves fuel efficiency and lowers greenhouse gas emissions from vehicles.
For instance, the installation of DPF (diesel particulate filter), SCR (selective catalytic reduction) modules, etc., would be among the key adjustments made to cars in response to BS-VI standards. Furthermore, Low SAPS (sulfated ash, phosphorous, and Sulphur) lubricants are needed to be developed to accommodate these technical advancements to work with after-treatment equipment. As a result, it is mandatory to conduct a fitness test to reduce vehicle pollution, which is driving the India Automotive Lubricant Market.
Rising Vehicle Fleet Size
As the number of vehicles on the road rises and public awareness of the benefits of engine oils and other lubricants grows, it leads to an increasing need for automotive oil, lubricants, and grease. The increased purchasing power and disposable income of customers are predicted to drive the market through automobile sales.
Furthermore, oil and lubricant producers, as well as Original Equipment Manufacturers (OEMs), have increased lubricant demand in the India Automotive Market as the number of vehicles on the road requires regular servicing and maintenance. Additionally, a partnership between OEMs and lubricant producers is on the rise to meet up consumer demand.
Competitive landscape
Key players are developing advanced technologies to stay competitive in the market and enhance their product portfolio in the regions to increase their customer outreach.
Company Profiles: Detailed analysis of the major companies present in India Automotive Lubricant Market.
- Indian Oil Corporation Limited
- Castrol India Limited
- Bharat Petroleum Corporation Limited
- Hindustan Petroleum Corporation Limited
- Tidewater Oil Corporation India Limited
- Gulf Oil Lubricants India Limited
- Valvoline Cummins Private Limited
- Shell Private Limited Company
- Savita Oil Technologies Ltd
- Total Oil India Private Limited
Report Scope:
India Automotive Lubricant Market, By Type:
- Engine Oil
- Gear oil
- Grease
- Transmission Fluids
- Others
India Automotive Lubricant Market, By Vehicle Type:
- Two-Wheeler
- Passenger Car
- Medium & Heavy Commercial Vehicle
- OTR
- Three Wheelers
- Light Commercial Vehicle
India Automotive Lubricant Market, By Base Oil:
- Synthetic
- Semi-Synthetic
- Minerals
India Automotive Lubricant Market, By Demand Category:
- OEM
- Aftermarket
India Automotive Lubricant Market, By Region:
- North
- West
- East
- South
For more information about this report visit https://www.researchandmarkets.com/r/9hoivv
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