Press Release

India’s High Fleet of On-Road Vehicles Boosts Automotive Lubricant Market

The India Automotive Lubricants Market is projected to grow at a CAGR of 2.0% in the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The rising disposable income influenced by rapid urbanization, leading to an increase in living standards and surging automotive sales, fuels the market growth. Besides, consumer desire to own private vehicles over public transport and luxury vehicles, leading to increased application of lubricants and engine oil for better efficiency and maintenance, securing the industrial expansion.

Furthermore, various governmental investments and initiatives to upgrade road infrastructure and connect highways to properly direct the traffic open new avenues for the expanding industry. Moreover, the multitude of applications of engine oils to maintain the high fleet of on-road vehicles in the region secures product sustainability in the industry, further states the research report, “India Automotive Lubricants Market Analysis, 2023.”

Segmentation Analysis

The market is broadly fragmented based on Vehicle Type, Type, Base Oil, Demand Category, and Sales Channel. Further Vehicle Type classification includes Passenger cars, Light Commercial Vehicles, Medium, Heavy Commercial Vehicles, Off-Road (OTR), Two Wheelers, and Three Wheelers. Based on Type, the industry is segmented into Engine Oil, Gear and Brake Oil, Transmission Fluid, Grease, and Others.

Additionally, on the basis of Base Oil, the industry is divided between Synthetic, Semi-Synthetic, and Mineral. Based on the Demand Category, the industry is distributed between OEM, OES, and Independent Aftermarket (IA). Finally, on the basis of the Sales Channel, the industry bifurcates into Authorized Dealers, Retailers, Workshops and Garages, and Petrol Pumps.

Surging Sales of Passenger Cars in The Country Exhibits Surge in Lubricant Adoption

Passenger Cars in the Vehicle Type segment are anticipated to acquire the largest market share, owing to the surging sales of the vehicle in the historical period and the blooming automotive market in the country. Further, with rising disposable income and a hike in the standard of living in the country, the regular maintenance of newly bought and old aging vehicles is continually implementing engine oil and other lubricants, as they provide durability and protection while increasing the efficiency of passenger vehicles.

 In addition, properties such as mechanical stability, temperature tolerance, water resistance, and oxidant resistance further assure the requirement and efficiency of the lubricants, ensuring market growth. Moreover, applying lubricant in various parts such as wheel bearings, universal joints, suspensions, gears, switches, and connectors promises market growth.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Gulf Oil Lubricants, Indian Oil, Castrol, Hindustan Petroleum, Bharat Petroleum, Tidewater Oil, Shell India, Vavoline Cummins, ExonnMobil, and Tata Oil are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends that have shaped the industry to its current form?
3. What key factors would propel and impede the India Automotive Lubricants Market?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition shaped across various countries, followed by their comparative factorial indexing?
6. How have buying behavior, customer inclination, and expectations from Automotive Lubricants manufacturers evolved during 2018-28?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?