A new report on the global automotive gear oil market has recently been produced by Report Ocean. The study is titled “Global Automotive Gear Oil Market Size study, by Source (Mineral-based Gear Oil, Synthetic Gear Oil), by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Off-road Vehicles), by Transmission (Automatic Transmission, Manual Transmission), by Distribution Channel (OEMs, Aftermarket, Retail, Filling Stations, Online) and Regional Forecasts 2020-2027.”
The global automotive gear oil market is mainly driven by the increase usage of personal vehicles by consumers for day-to-day commute. With increasing disposable income, people across the world are being more inclined towards owing vehicles. The freedom and comfort provided by own vehicles have also added to this trend significantly.
Another factor that is impelling the automotive gear oil market across the world is the increase in transportation activities. Rapid industrialization and the E-commerce boom have boosted transportation globally and, in turn, the demand for automotive gear oil has increased manifold. Experts at Report Ocean suggest that this will continue in the near future.
An important trend that is likely to propel the worldwide automotive gear oil market in the coming years is the advent of bio-based gear oils. These oils are projected to capture a massive chunk in this market over the next few years, with the demand for them soaring in developed countries. They are also expected to create lucrative opportunities in emergent economies for market players in the near future.
Asia Pacific Dominates Global Automotive Gear Oil Market
A regional analysis of the global automotive gear oil has also been provided in this research study. According to it, the market reports its presence across Asia Pacific, Latin America, North America, Europe, and the Rest of the World. Asia Pacific has surfaced as the key regional market for automotive gear oil. The presence of key manufacturers is the main factor that has been driving the Asia Pacific automotive gear oil market. Europe is anticipated to provide lucrative opportunities for the gear oil market in the years to come due to the high demand for automobiles among consumers. North America is also estimated to witness a substantial rise in its market for automotive gear oil in the near future.
Impact of Covid 19 on Global Automotive Gear Oil Market
The automotive industry is one of the most disturbed industries by the Coronavirus pandemic. The related markets, including the global automotive gear oil market, are also facing severe issues. While the first quarter of the year 2020 showed immense potential for growth, the market experienced a significant decline in the second and third quarter. With restriction imposed on travel and transportation in a number of countries, the demand for automotive gear oil dropped substantially. It also resulted in disrupted supply chain of automotive components and delayed delivery, which has hindered the market’s growth as well. However, as the situation gets under control, the market will gain its previous momentum soon.
- Asia Pacific has surfaced as the key regional market for automotive gear oil.
- Increasing usage of personal vehicles for day-to-day commute is driving the global automotive gear oil market.
The global automotive gear oil market is segmented into:
- Mineral-based Gear Oil
- Synthetic Gear Oil
By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
- Off-road Vehicles
By Distribution Channel
- Filling Stations
- Manual Transmission
- Automatic Transmission
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Royal Dutch Shell Plc.
- Exxon Mobil Corporation
- China National Petroleum Corporation
- Hindustan Petroleum Corporation Limited
- FUCHS LUBRICANTS CO.
- BP P.L.C.
- TOTAL S.A.
- ZF Friedrichshafen AG
- Valvoline LLC
- Chevron Corporation
Company Name: Report Ocean
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