Automotive Fluid Aftermarket: Introduction

  • Automotive fluids are used to power, lubricate, cool, and perform other vital operations. Optimal levels of automotive fluids ensure that the vehicle is in proper working condition. These fluids degrade or get depleted along with the use of the vehicle and miles traveled, thereby generating a need to replenish these fluids. This is fueling the demand for automotive fluids in the aftermarket segment, as fluid maintenance.

Key Drivers of Automotive Fluid Aftermarket

  • Transportation and logistics activities are increasing across the globe due to growing globalization and cross-border trade activities. For instance, the European Union stated that road freight transport increased by 0.2% in 2018 and is further anticipated to increase by 33% by 2030. This rise in transportation activities leads to an increase in the number of miles traveled and carrying of higher loads, thus depleting automotive fluids and hampering the efficiency of vehicles. Vehicle fleet operators are adopting preventive maintenance by timely refilling automotive fluids in order to avoid costs and time associated with vehicle breakdown and loss of efficiency. Thus, the need to keep the fleet of vehicles in optimal working condition in order to cater to an increase in transportation activities is driving the global automotive fluid aftermarket.
  • Transportation is a leading cause for rise in levels of pollution worldwide. Tailpipe emissions such as carbon dioxide, nitrogen oxides, hydrocarbons, carbon monoxide, and sulfur dioxide cause respiratory illnesses, heart conditions, and mental illness, which results in increased healthcare burden. The European Environment Agency stated in a report of 2018 that emissions from vehicles have worsened air quality levels across Europe resulting in more than US$ 80 billion of healthcare costs. Amidst these concerns related to pollution, government authorities have introduced multiple regulatory reforms on the emission levels of vehicles. Such emission norms enacted by governing bodies are boosting the demand for several types of automotive fluids associated with engine that help minimize vehicle emissions.

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Challenges in Automotive Fluid Aftermarket

  • On-going developments in the automotive sector such as electric cars and automatic transmission have reduced the number of moving parts in vehicles and hence, lowered the consumption of lubrication oils. These developments have restrained the global automotive fluid aftermarket.
  • Lack of awareness about benefits of timely replacement of automotive fluids and the high cost associated with frequent intervals of replacement is hindering the global automotive fluid aftermarket
  • The recent outbreak of COVID-19 pandemic affected national as well as international supply chains, thus creating a shortage of aftersales automotive fluids. However, demand for automotive fluid in the aftermarket is anticipated to increase, as governments are lifting restrictions imposed to contain the coronavirus infection.

Opportunities in Automotive Fluid Aftermarket

  • Synthetic-based automotive fluids are gaining popularity which offer enhanced performance and are less volatile; hence, provide better cost-efficiency to customers in terms of maintenance and operation costs. These synthetic-based fluids are expected to offer significant opportunities in the global automotive fluid aftermarket.
  • Increase in penetration of digital technologies is transforming the traditional practices of automobile maintenance. Companies providing automotive fluids in the aftermarket segment are adopting digital channels to cater to the needs of new-age, tech-savvy consumers. For instance, Valvoline Inc. is providing engine oil change service through a mobile app, while Royal Dutch Shell plc partnered with Nephonine Solutions Private Limited to provide vehicle maintenance and automotive fluid replacing services through its web portal. This penetration of digital technologies is anticipated to fuel the share held by online sales channel segment of the global automotive fluid aftermarket during the forecast period.

Automotive Fluid Aftermarket in Asia Pacific to Expand Significantly

  • The market in Asia Pacific is anticipated to expand at a high growth rate due to a rise in disposable income of people, which has increased the number of vehicle owners in the region. Moreover, growing industrialization has boosted the number of commercial vehicles operating in the region. This rise in number of vehicles is attracting companies to launch novel automotive fluid offerings for aftermarket maintenance. For instance, Schaeffler India Limited’s aftermarket division launched a wide range of automotive lubricants under the brand TruPower, in October 2020. These factors are anticipated to collectively drive the share held by Asia Pacific in the global automotive fluid aftermarket during the forecast period.

Key Players Operating in Automotive Fluid Aftermarket

The automotive fluid aftermarket is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the automotive fluid aftermarket are:

  • ANAND Group
  • Brad-Chem Ltd
  • CASTROL LIMITED
  • Chevron Corporation
  • Exxon Mobil Corporation
  • FUCHS
  • Hinduja Group
  • LIQUI MOLY GmbH
  • LUKOIL
  • PETRONAS Lubricants International
  • Royal Dutch Shell plc
  • Schaeffler India Limited
  • SolvChem Custom Packaging Division
  • Total
  • Valvoline Inc.

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Global Automotive Fluid Aftermarket: Research Scope

Global Automotive Fluid Aftermarket, by Source

  • Synthetic Base
  • Mineral Base
  • Others (Mixed Base)

Global Automotive Fluid Aftermarket, by Type

  • Engine Oil
  • Motor Oil
  • Lubricant
  • Coolant
  • Brake Fluid
  • Transmission Fluid
  • Power Steering Fluid
  • Battery Fluid
  • Others

Global Automotive Fluid Aftermarket, by Propulsion

  • Internal Combustion Engines
  • Diesel
  • Petrol
  • Electric
  • Battery Electric Vehicle (BEV)
  • Hybrid Electric Vehicle (HEV)

Global Automotive Fluid Aftermarket, by Vehicle

  • Passenger Vehicle
  • Hatchback
  • Sedan
  • SUV
  • Others
  • Commercial Vehicle
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle

Global Automotive Fluid Aftermarket, by Sales Channel

  • IAM Product Line
  • Retail
  • Single Brand Stores
  • Multi Brand Stores
  • eCommerce
  • OES Product Line

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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