The global automotive engine oil market is segmented into grade, engine type, vehicle type, and region. On the basis of the segmentation of grade, the global automotive engine oil market is bifurcated into mineral, semi-synthetic, and fully-synthetic. Engine type based segmentation of the global automotive engine oil market is divided into gasoline, diesel, and alternative fuel. The global automotive engine oil market is categorized by engine cycles, passenger cars, light commercial vehicles, and heavy duty vehicles on the basis of engine type segmentation. Heavy Duty Vehicles sub- segment is further bifurcated into on-highway vehicle and off-highway vehicle. On the basis of region the global automotive engine oil market is differentiated into Europe, Latin America, North America, Middle East & Africa, and Asia Pacific.
Automobiles and the customary and synthetic products are in extreme demand. Automotive vehicle deals have appeared steady ascent in the course of recent years, primarily in the Asia Pacific and Europe region, because of developing populace and consumer spending capacity. This has furthered the market development of automotive engine oil. An ascent in deals is expected to be witnessed with slow economic recovery and government sponsor ships for vehicle credits and renting. Regular oil is cheaper in comparison with present day lubes. Subsequently it has an appeal everywhere throughout the world. While, engineered lubes give fantastic assurance and better execution for a more drawn out timeframe than traditional products. This factor is likewise liable to add to the market advancement. Furthermore, engineered lubes indicate phenomenal working and have a uniform sub-atomic size that lessens grinding between engine segments.
It is expected that the global automotive engine oil market will grow at a CAGR of 4.0% attaining a market worth of almost USD 49.2 billion by the year 2026.
Here are some more points to help explain about the global automotive engine oil market:
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