Electrification of vehicles has increased in tandem with the need for higher torque values and higher speeds. Dealing with these demanding conditions requires gear oil that is formulated to achieve optimum results in a number of ways. Owing to this, manufacturers are focused on providing high performance synthetic oils that economize fuel consumption and also maximize performance.
This is expected to propel the demand for automotive gear oil through 2029. Automotive gear oil demand is directly dependent upon the production of automobiles, particularly passenger cars that hold a significant share in the global market. According to our research report, the automotive gear oil market is estimated to reach US$ 18.6 Bn by the end of 2029, progressing at a CAGR of 4% over the forecast period (2019-2029).
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The upcoming automotives would be abreast with HWW (Health, Wellness, and Wellbeing) features in the wake of healthcare being the top priority. So, it could be inferred that apart from going “green”, they would be going “pink” as well. The car’s parts would be revisited with the objective of keeping the occupants of vehicle healthy and safe.
There are environmentally-friendly regulations being laid down, which ask for circular economy, i.e. ideas of recycling and reusing would be put into practice in the near future. These trends in the automotive vertical along with insights have been constructively captured by the analysts and consultants in Persistence Market Research.
Key Takeaways of Automotive Gear Oil Market Study
- The demand for high gear oil performance has significantly increased, requiring better EP performance and higher replacement rate in off-road and heavy vehicles, which is projected to result in market growth.
- In recent times, preventive maintenance has emerged as a new trend among car owners to keep their vehicles performing well and updated, resulting in scheduled oil changes. This is anticipated to positively impact the growth of the automotive gear oil market over the forecast years.
- By transmission, trends change regionally, as the number of vehicles with automatic transmission is very high in North America, contrary to that in the Middle East and Africa. However, over time, demand is anticipated to grow with increase in the number of automatic transmission vehicles across the world.
- East Asia is anticipated to hold a dominant share in the global automotive gear oil market due to increasing automotive production in China.
- Synthetic-based automotive gear oil is anticipated to be remain popular across the globe through 2029.
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The automotive gear oil market is moderately fragmented. Top six to seven players are expected to hold nearly one-fifth share in the global automotive gear oil market through 2029. In developed regions such as North America and Europe, organized or tier-1 and tier-2 players hold a prominent share. There are a number of regional or domestic players offering gear oil at reasonable prices, which make the market scenario highly competitive. Key players in the global automotive gear oil market are focusing on up-gradation of gear oil quality, and hence, are engaging in R&D in order to gain a competition advantage over tier-2 and tier-3 players.
Automotive gear oil with synthetic base are mostly preferred for vehicles with automatic transmission systems. An increase in the number of automatic transmission vehicles in the passenger car segment, as well as penetration of automatic transmission in heavy vehicles, is anticipated to directly impact the growth of the global market. South & Pacific are expected to emerge as relatively attractive markets in terms of value and growth by the end of the forecast period.
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