India Automotive Engine Oil Market Forecast & Opportunities, 2018 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-17 04:22:04
During the last decade, India witnessed a noteworthy development in the industrial sector. The increasing industrialization and commercialization along with the country´s rapidly increasing population are driving the demand for vehicles. While the industrial development is adding to the demand for commercial vehicles, the increasing population is contributing to the growth of passenger car market and motorcycles.
Over the last few years, the market has also witnessed a significant increase in the demand for SUVs and diesel passenger cars. The foray of low cost cars and motorcycles along with easy financing schemes are also boosting the automotive demand across sub-urban/ rural regions which in turn are generating increased demand for automotive engine oil.
The market for automotive engine oil in India 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 19% till 2018. As a result of rise in consumer spending, the market is also witnessing increasing demand for luxury cars and heavy built motorcycles. The engine oil companies are getting benefitted as these vehicles require synthetic engine oils which are costlier than conventional engine oils.
In addition, the enforcement of strict emission norms is also pushing the demand for engine oil. Central Pollution Control Board which works under the Ministry of Environment and Forests plans to expand the coverage of Euro IV norms in 50 cities by 2015 and further intends to implement Euro VI norms by 2017. These emission norms are expected to bring an improvement in the quality of engine oils. The engine oil companies are focussing on improving their sales by setting up exclusive stores, forming tie ups with the automotive manufacturers and also by offering vehicle servicing.
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