China Automotive Engine Oil Market Forecast & Opportunities, 2018 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-17 04:04:03
During last decade China has emerged as a global manufacturing hub and the world´s largest automotive market. The growing industrialization and commercialization across the country are adding to the vehicle population. While the industrial development is adding to the demand for commercial vehicles, the increasing population is contributing to the growth of passenger vehicles market.
The increasing automotive market in the country is contributing to the growth of engine oil market. The market for China´s engine oil is growing twice as fast as the global engine oil market. China has the largest fleet of motorcycles and commercial vehicles globally which again highlights the potential of engine oil´s rising demand.
The market for automotive engine oil in China has observed tremendous growth as a result of increasing automotive sales. The automotive engine oil market revenues are expected to grow at the CAGR of 11% till 2018. The declining sale of motorcycles is one of the biggest concerns for the industry as it is affecting the OEM sales of this segment. However, the shift of motorcycle users to passenger cars is expected to balance out the situation.
The Chinese government is concerned about the increasing numbers of motorcycles and heavy commercial vehicles in the eastern and northern parts of the country, but plans to increase the number of commercial vehicles in southern and western parts of the country which is expected to increase sales of engine oils in these regions.
The government is continually focusing towards "Cleaner Transport". The government has taken certain measures to curb emissions, such as the increasing the number of electric and hybrid vehicles. These vehicles need more maintenance and synthetic engine oil. These hybrid and electric vehicles are further expected to boost the market for automotive engine oils in the country.
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