Australia Automotive Lubricants Market to Surpass $ 1.4 Billion by 2023
Increasing automobile production and
sales coupled with growing demand for automotive repairing services to drive
Australia automotive lubricants market through 2023
According to TechSci Research report, “Australia Automotive Lubricants Market By Vehicle Type, By Base Oil, By Lubricant Type, By
Demand Category, By Sales Channel, Competition Forecast & Opportunities,
2023”, Australia automotive lubricants market is projected to surpass
$ 1.4 billion by 2023. Anticipated growth in the market can be attributed to upward trend of collaborations
among original equipment manufacturers (OEMs) and lubricant manufacturers and suppliers
across Australia. Moreover, rising production of light and heavy duty vehicles
along with surging demand for automotive repair services is further likely to
push demand for automotive lubricants across the country. Strong presence of mining industry in
the country has resulted in high demand for heavy duty vehicles in the country,
which is boosting demand for automotive lubricants.
On the
basis of vehicle type, Australia automotive lubricants market is segmented into
passenger car, LCV, M&HCV, two-wheeler, OTR and tractors. Of all the auto
segments, passenger car segment dominated the market in 2017 and is expected to
continue its dominance during forecast period as well owing to rising demand
for private cars across the country. Among regions, a large demand for
automotive lubricants originates from Queensland. However, Southern
Australia & Northern Territory are likely to witness the fastest growth
during the forecast period on account of rising sales of automobiles in the
regions.
“New
product launches by the companies operating in Australia automotive lubricants
market coupled with the rising influx of leading international automotive
lubricant suppliers in the country, is anticipated to positively impact the
country’s automotive lubricants market over the next five years. Moreover,
increasing focus on research and development to develop highly efficient
products to increase drain interval is further likely to boost Australia automotive
lubricants market until 2023.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Australia Automotive Lubricants Market By
Vehicle Type, By Base Oil, By Lubricant Type, By Demand Category, By Sales
Channel, Competition Forecast & Opportunities, 2023” has evaluated the future growth potential of Australia automotive
lubricants market and provides
statistics and information on market size, structure and future market growth.
The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decision. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in Australia automotive lubricants market.
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