India Automotive Lubricants Market Size Set to Expand at CAGR of 8% Crossing USD 2.7 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India automotive lubricants market size at USD 1.59 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India automotive lubricants market size to grow at a CAGR of 8.01% reaching a value of USD 2.71 billion by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India automotive lubricants market size at USD 1.59 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India automotive lubricants market size to grow at a CAGR of 8.01% reaching a value of USD 2.71 billion by 2029. In recent years, the India automotive lubricants market has seen some notable trends. Because of the increasing number of modern vehicles on the road, there is a growing demand for high-performance lubricants. In addition, there is a trend towards synthetic and semi-synthetic lubricants, which have higher performance and the ability to improve fuel efficiency. Also, in response to tougher environmental restrictions, there is a growing emphasis on ecologically friendly lubricants, such as bio-based and eco-friendly products. The industry is seeing an increase in the use of online retail channels for lubricant sales, as well as the development of novel packaging designs to entice customers. Overall, the automotive lubricants industry in India is evolving towards more modern, sustainable, and convenient solutions.
India Automotive Lubricants Market – Overview
The automotive lubricants market is the industry that manufactures and distributes lubricants developed specifically for use in automobiles and other motor vehicles. Lubricants are critical to the smooth operation of engines, transmissions, and other mechanical components by decreasing friction and preventing wear and tear. This market includes a wide variety of lubricant types, such as engine oils, gearbox fluids, greases, and hydraulic fluids. The rising automotive sector, increased vehicle manufacturing, and the need for higher fuel efficiency and engine performance all drive demand for automotive lubricants. It is a highly competitive market, with various manufacturers and suppliers meeting the changing needs of the automotive industry.
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Impact of COVID-19 on India Automotive Lubricants Market
The COVID-19 pandemic significantly impacted the India automotive lubricants market. The stringent lockdown measures and restrictions on movement led to a decline in vehicle sales and production, which directly affected the demand for automotive lubricants. With reduced travel and transportation activities, overall vehicle usage decreased, resulting in lower maintenance requirements and lubricant consumption. Also, disruptions in the global supply chain affected the availability of raw materials and led to logistical challenges. However, as the economy gradually recovers and mobility restrictions ease, the India automotive lubricants market is expected to rebound, driven by the revival of vehicle sales and the resumption of regular maintenance practices.
India Automotive Lubricants Market – By Vehicle Type
On the basis of vehicle type, India automotive lubricants market is divided into Passenger Vehicles, Commercial Vehicles, and Motorcycles segments. The passenger vehicles segment dominates the market. Passenger vehicles include cars, SUVs, and other personal vehicles. The commercial vehicles segment includes trucks, buses, and other utility vehicles used for transportation and logistics purposes. The motorcycle segment represents the booming two-wheeler market in India, which has witnessed substantial growth in recent years. These three segments collectively form the foundation of the Indian automotive lubricants market, catering to the diverse lubrication needs of the vast and rapidly expanding automotive industry in the country.
Competitive Landscape
India automotive lubricants market is fiercely competitive. Major companies in the market include Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Castrol India Limited, Gulf Oil Lubricants India Limited, Shell India, ExxonMobil Lubricants Private Limited, Total Lubricants India Pvt. Ltd., Valvoline Cummins Pvt. Ltd., and Chevron Lubricants India Pvt. Ltd. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in India automotive lubricants market.
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