Rockville, MD, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, in its newly published study, reveals that the global automotive gear oil market is pegged at US$ 3.59 billion in 2024. Worldwide demand for automotive gear oil is forecasted to reach a market valuation of US$ 5.01 billion by the end of 2034.
Automotive gear oil has high viscosity compared to engine oil and, therefore, finds use in the automotive sector. Increasing sales of vehicles is predicted to positively drive demand for automotive gear oil in the coming 10 years. Furthermore, increased expenditure on vehicle maintenance along with growing awareness about its importance in the efficiency of vehicles is driving opportunities for players.
In recent years, automatic transmission (AT) has been penetrating in passenger cars. In addition, increasing sales of AT vehicles are forecasted to generate the need for automatic transmission fluid. Implementation of stringent economic standards and environmental regulations is predicted to lead to the development of vehicle designs with better efficiency and performance. This is further projected to increase demand for automotive gear oil with high quality to help in achieving set standards.
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Key Takeaways from Market Study:
- The global automotive gear oil market is estimated at US$ 3.59 billion in 2024.
- Worldwide sales of automotive gear oil are projected to reach US$ 5.01 billion by 2034-end.
- The market is predicted to expand at 3.4% CAGR from 2024 to 2034.
- East Asia is forecasted to account for 38.9% share of global market revenue by 2034.
- Sales of automotive gear oil in the United States are projected to reach US$ 945.2 million by 2034.
- Global demand for automotive gear oil for use in commercial vehicles is predicted to increase at 4.6% CAGR from 2024 to 2034.
“Increasing requirements for high-performance heavy vehicles owing to the expansion of construction and mining industries are stimulating demand for automotive gear oil,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Automotive Gear Oil Market:
Leading manufacturers of automotive gear oil are ExxonMobil Corporation, Shell PLC, TOTAL S.A., BP PLC, FUCHS National Petroleum Corporation, ZF Friedrichshafen AG, China National Petroleum Corporation, Chevron Corporation, Valvoline LLC, Hindustan Petroleum Corporation Limited, Ferdinand Bilstein GmbH Co. KG, VIEROL AG, Elofic Industries Limited, and Hengst SE and Co. KG.
German Market Benefitting from Rapidly Rising Demand for Premium and Luxury Cars:
Germany is predicted to contribute to increased demand for automotive gear oil owing to the strong presence of premium and luxury cars. In addition, increasing per capita income and changing lifestyles are forecasted to contribute to the expansion of the automotive sector with rising spending capacity of people. These factors are predicted to result in increasing demand for automotive gear oil in the country.
Automotive Gear Oil Industry News:
- In July 2022, Shell USA, L. P., and Shell Midstream Partners formed a partnership to carry out their merger plan. It is anticipated that the latter will purchase common units that were held by the public and represented a limited partner's interest in SHLX. It was anticipated that this transaction would be completed by 2022's fourth quarter.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the automotive gear oil market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on source (mineral-based, synthetic-based), vehicle category (passenger vehicles, commercial vehicles, two/three wheelers), transmission (automatic, manual), and distribution channel (OEMs. aftermarket), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).
Check out More Related Studies Published by Fact.MR Research:
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