Techsci has published an optimistic forecast for the nation’s auto engine oil market.
The market research organisation has produced an 85-page report looking at growth opportunities for auto lubes producers in China, based on current market trends.
According to “China Automotive Engine Oil Market Forecast & Opportunities, 2018”, the market for automotive engine oil in China has boomed on the back of the automotive industry, and should continue to enjoy market revenue growth at a CAGR of 11% till 2018.
Strong industrial and commercial development and a rising population have contributed most significantly to the engine oil market, which is now growing twice as fast as the global average.
However, as rising incomes have allowed more and more affluent consumers to buy passenger cars, the motorcycle segment is decreasing rapidly, especially in the northeast.
Efforts to clean up the nation’s cities will mean an increase in electric and hybrid vehicles, which will need more maintenance and synthetic engine oil. Another opportunity for lubes producers in the region.
The report also analyses the global auto engine oil market by size, share and forecast, and assesses the competitive landscape in China.