In a recent report published by MarkNtel Advisors, it is highlighted that the India Automotive Lubricants Market is projected to grow at a CAGR of around 2.0% during the forecast period, i.e., 2023-28. The major factors contributing significantly to the growth of the market include increasing disposable income in the country due to speedy urbanization, rising sales of automotives due to the improving living standards, the integration of lubricants in the maintenance of luxury cars, and others. All these factors are affecting the India Automotive Lubricants Market considerably and pushing the growth of the market in an upward trajectory.
Besides, the fast uptake of electric vehicles might impede market growth, as electric motors eliminate the need for automotive lubricants and oil changes. Nevertheless, the diverse applications of engine oils to maintain the large fleet of on-road vehicles in the region ensure the sustainability of products in the industry.
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However, electric vehicles (EVs) do not use traditional engine oil, but they still require lubricants for key electrical components like the car battery, differentials, chassis, and wheels. These lubricants help reduce torque and ensure smooth operation. EV lubricants must be compatible with other parts, providing cooling and preventing electrical losses. As these lubricants are still in development, they present new opportunities for the industry.
The report further states that the market is also affected positively due to the increasing awareness of engine oils among consumers, unchanging prices of crude oil, etc. Moreover, the steps taken by the government to develop the roads and highways are also anticipated to offer opportunities for growth to the market.
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Major Companies Having a Robust Stand in the India Automotive Lubricants Market
Gulf Oil Lubricants, Indian Oil, Castrol, Hindustan Petroleum, Bharat Petroleum, Tidewater Oil, Shell India, Vavoline Cummins, ExonnMobil, and Tata Oil are the top-tier companies in the India Automotive Lubricants Market. These companies have a strong position in the market and hold a generous share of the market.
Analyzing the India Automotive Lubricants Market Segmentation
- By Vehicle Type (Passenger Car, Light Commercial Vehicle (LCV),Medium & Heavy Commercial Vehicles, Off-the-Road (OTR), Two-wheelers, and Three-wheelers)
- By Type (Engine Oil, Gear & Brake Oil, Transmission Fluid, Grease, and Others)
- By Base Oil (Mineral, Synthetic, Semi-synthetic, andBio-based)
- By Demand Category (OEM, OES, and Independent Aftermarket (IA))
- By Sales Channel (Authorized Dealers, Retailers, Workshops and Garages, and Petrol Pumps)
- By Region (East, West, North, South)
In the India Automotive Lubricants Market, the highest share is predicted to be attained by passenger cars in the coming years. The advantages offered by lubricants such as protection & durability and at the same time increasing the effectiveness of passenger vehicles have led to substantial growth in the India Automotive Lubricants Market. Moreover, it is also supported by the substantial consumption of gear oil & transmission. Furthermore, the application of grease across several auto parts, including wheel bearings, suspensions, gears, connectors, switches, etc., also aids in the market growth.
Engine oil is expected to grab a dominant position in the forecast period. The major reasons leading to the dominance of engine oil include the increased production & sales of two-wheelers and the huge number of gasoline & diesel vehicles existing in the region. Furthermore, another factor enhancing the market share of the segment is the usage of engine oils across various applications, such as guarding against corrosion & tear, varnish & sludge, lubrication of internal combustion, etc. The engine oil is also used for the healthy functioning of commercial and high-duty vehicles, including tractors, farming trucks etc.
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