Considering Auto Mechanic Training? Learn Why the Global Engine Oil Market is Set to Expand
Engine oil is an essential part of all petrol and diesel engines. It helps lubricate the moving parts of an engine. The global engine oil market is set to expand in the coming years, and this is due to several factors which will have an impact on the automotive industry. As someone considering auto mechanic training, you will be interested to know and understand how the global engine oil market will impact you and the industry. Each region of the world will be impacted for different reasons.
If you want to discover more about why the global engine oil market is set to expand and how this will impact you and the auto mechanic industry, continue reading!
How Much Is The Global Engine Oil Market Going to Expand?
In terms of expansion figures, the global engine oil market is expected to expand from a valuation of $40.5 billion in 2021 to a value of $55.1 billion in 2031. This will be a compound annual growth rate (CAGR) of 3.1% between 2022 and 2031. While the global engine oil market was negatively impacted by the COVID-19 pandemic, it has risen back well and is projected to see growth despite EVs requiring little-to-no oil lubrication. The oil grade which held the largest segment for 2021 was fully-synthetic oil. This is also the oil grade which is expected to see the largest CAGR of 3.7% between 2023 and 2030. In terms of which engine type holds the market share of engine oil, it is diesel engines. This is primarily due to the large number of commercial vehicles which require engine oil for their large diesel engines.
What Is Causing This Expansion to Occur?
The primary reason for the global engine oil market expansion is the increase in automobile sales in developing countries. This is due to an increased spending capability in these countries. Countries primarily in the Asia-Pacific region, such as China and India, have seen an increase in engine oil production and consumption. This is due to their large consumer base wanting to purchase automobiles.
There has also been an increase in demand for low-viscosity motor oils. Low-viscosity oils help improve fuel economy, allowing a user to travel further. Turbochargers and other hardware add-ons have also seen increased adoption. This is due to their ability to increase fuel efficiency and decrease emissions. This primarily affects more developed markets such as Europe and North America due to their focus on decreasing emissions and wanting better performance and reliability.
Currently, there is a technological battle occurring between large engine oil manufacturers. This is focused on finding the best production processes, as well as the best performance. They are also looking for better-performing oils in extreme cold and hot temperatures. Companies are expanding their product portfolios to satisfy all regions where they are operating depending on the needs of that region. All of these factors, and more, are why there is expected to be an expansion in the global engine oil market. If you’re thinking of pursuing auto mechanic training, read on to see how this will affect you.
How This Can Impact Your Auto Career
The expansion of the global engine oil market will impact your prospective auto mechanic industry. With the improvements to engine oils that are continuously occurring, the time between needing engine oil changes is likely to increase. As an auto mechanic, you will be responsible for changing a vehicle’s engine oil. During automotive school, you will learn how to do this in theory and practical classes under the guidance of your instructors.
You may also need to potentially make recommendations for better oil solutions to a customer, depending on their needs. As the global engine oil market is expected to have a solid growth rate, more automobiles will be on the road, and you will likely have more business as an auto mechanic. The amount of minor repair work you will need to do at a service will also be reduced due to engines running cleaner and smoother as the quality of engine oils increases.
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