India Automotive Lubricants Market to Surpass $10 Billion by 2027
Growing sales of automobiles and expanding production base along with spreading awareness among consumers towards the effective utilization of lubricants to drive demand for automotive lubricants in India through 2027
According to TechSci Research report, “India
Automotive Lubricants Market By Vehicle Type, By Lubricant Type, By Base
Oil, By Demand Category, By Sales Channel, Competition, Forecast &
Opportunities, 2027”, India automotive lubricants market is
projected to cross $ 10 billion by 2027. Automotive Mission Plan 2016-2026 and
investments by the government in infrastructure development and initiatives to
promote production in India under ‘Make in India’ initiative is positively
influencing India automotive lubricants market. Moreover, low crude oil prices
along with awareness among customers about the use of quality lubricants is
further anticipated to fuel growth in the market. Increasing Foreign Direct Investments (FDI) in the
industry and relaxation of custom duties applicable on import and export of
automotive lubricants is further anticipated to propel their demand across
India.
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On the basis of base oil, India automotive
lubricants market is categorized into mineral, synthetic and semi-synthetic. Of
all, mineral is the dominating category, however, synthetic lubricant segment
is likely to grow at the fastest pace during forecast period owing to increasing
focus on the utilization of highly efficient synthetic lubricants. Moreover, premium
automobile owners and manufacturers are increasingly adopting synthetic
lubricants. Among regions, north is the major demand generator of lubricants
due to rising sales of automobiles in the region and rising number of people migrating
from tier 2 and tier 3 cities to tier 1 cities in the region.
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“Owing to
ban on the sale of BS-III engines, lubricant manufacturers are increasingly
focusing on dealing with changing engine technology. Moreover, implication of
Goods and Services Tax (GST) has resulted in reduced prices of the commodity
from mid-2017, which is expected to positively impact the companies operating in
automotive lubricants market. Additionally, penetration of electric motor
vehicles is further anticipated to steer growth in India automotive lubricants market
in the coming years.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“India
Automotive
Lubricants Market By Vehicle Type, By Lubricant Type, By Base Oil, By
Demand Category, By Sales Channel, Competition, Forecast & Opportunities,
2027” has evaluated the future growth
potential of India 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 India automotive
lubricants market.
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