Automotive Lubricant Sales in India to Reach 1.7 Million Metric Tons, Growing 5.5% Annually
Motor vehicles in use in India is forecast to expand 8.0% annually
CLEVELAND, March 5, 2018 /PRNewswire/ -- Automotive lubricant demand in India is forecast to increase 5.5% annually through 2021 to 1.7 million metric tons. In addition to growth in the country's light vehicle usage, India's rapidly expanding motor vehicle production will support demand. The vast majority of motor vehicle lubricant demand will stem from aftermarket applications, which are expected to account for 58% of demand in 2021. Emissions regulations in India are encouraging the use of better quality engines that are more likely to use synthetic lubricants. These and other trends are presented in Automotive Lubricants Market in India, a new study from The Freedonia Group, a Cleveland-based industry research firm.
More information about this study is here: https://www.freedoniagroup.com/industry-study/automotive-lubricants-in-india-by-market-product-and-formulation-3619.htm
The number of motor vehicles in use in India is forecast to expand 8.0% annually through 2021, nearly the same pace as that seen during the 2011-2016 period. India will see significantly higher growth than the Asia/Pacific region as a whole and higher than the world at large. Although the light vehicle park continues to grow at a rapid rate, two-wheeled vehicles such as motorcycles and scooters still represent a primary means of personal transportation in India. In fact, India surpassed China in 2017 to become the world's largest market for two-wheeled vehicles.
India is projected to see rapid advances in the demand for synthetic lubricants, as more advanced engine technologies (which are more likely to use synthetic formulations) see greater adoption and more OEMs recommend these products for their ability to help improve fuel efficiency. Growing consumer awareness of the performance advantages of synthetic lubricants will also buoy sales, as consumers want to protect what is considered a significant household investment.
Related studies include:
#3621 Automotive Lubricants Market in Canada (February 2018)
#3607 Automotive Lubricants Market in the UK (January 2018)
#3600 Automotive Lubricants Market in Malaysia (January 2018)
#3583 Global Automotive Lubricants (December 2017)
About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Automotive & Transport studies can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group
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