How big is the Global Automotive Engine Oils Market?

The Global Automotive Engine Oils Market size is expected to reach 17.28 billion Liters in 2024 and grow at a CAGR of 2.97% to reach 18.32 billion Liters by 2026. Read More

What is the current Global Automotive Engine Oils Market size?

In 2024, the Global Automotive Engine Oils Market size is expected to reach 17.28 billion Liters. Read More

Who are the key players in Global Automotive Engine Oils Market?

BP PLC (Castrol), China National Petroleum Corporation, ExxonMobil Corporation, Royal Dutch Shell PLC and TotalEnergies are the major companies operating in the Global Automotive Engine Oils Market. Read More

Which segment has the biggest share in the Global Automotive Engine Oils Market?

In the Global Automotive Engine Oils Market, the Passenger Vehicles segment accounts for the largest share by vehicle type. Read More

Which region has the biggest share in the Global Automotive Engine Oils Market?

In 2024, Asia-Pacific accounts for the largest share by region in the Global Automotive Engine Oils Market. Read More

What years does this Global Automotive Engine Oils Market cover, and what was the market size in 2023?

In 2023, the Global Automotive Engine Oils Market size was estimated at 16.74 billion Liters. The report covers the Global Automotive Engine Oils Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Automotive Engine Oils Market size for years: 2024, 2025 and 2026. Read More

Global Automotive Engine Oils Market Trends

Statistics for the 2023 & 2024 Global Automotive Engine Oils market trends, created by Mordor Intelligence™ Industry Reports. Global Automotive Engine Oils trend report includes a market forecast to 202 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of Global Automotive Engine Oils Industry

This section covers the major market trends shaping the Automotive Engine Oils Market according to our research experts:

Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Passenger Vehicles</span>

Engine oils are the most used automotive lubricants among all the product types. During 2015-2019, global automotive engine oil consumption increased at a CAGR of 2.5%. In 2020, engine oils accounted for around 78% of the total automotive lubricant consumption volume globally.
In 2020, the COVID-19 outbreak resulted in a huge decline in the usage of the existing global vehicle fleet due to a reduction in business activities. As a result, the passenger vehicles and motorcycles segments witnessed the largest drop in engine oil consumption in 2020 compared to 2019.
Along with the expected recovery in sales and production of motor vehicles, an increase in the penetration of electric vehicles is expected to impact engine oil consumption slightly. Therefore, due to such factors, engine oil consumption is expected to register a CAGR of 3.72% during 2021-2026.

Global Automotive Engine Oils Market : Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Passenger Vehicles</span>

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Largest Region : <span style="font-family: 'regular_bold';color:#0e7db3;">Asia-Pacific</span>

During 2015-2019, the global automotive engine oil consumption increased at a CAGR of over 2%. During this period, Asia-Pacific was the leading consumer of automotive engine oils and accounted for around 43% of the global volume, followed by North America and Europe.
The travel restrictions imposed after the COVID-19 outbreak restricted engine oil consumption in 2020. North America was the most affected region as it witnessed a 17.5% drop in consumption during 2019-2020, followed by Europe (a 15.8% drop).
Asia-Pacific is expected to be the fastest-growing engine oil market as the consumption is anticipated to increase at a CAGR of 4.73%, followed by Africa and South America (with an expected CAGR of 4.07% and 2.97%, respectively), during 2021-2026. The expected recovery in automotive sales and production from 2022 will likely drive this growth.