Southeast Asia Two Wheeler Engine Oil Market to Grow Exponentially at 4.9% CAGR: MarkNtel Advisors

Market Overview:

MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Southeast Asia Two Wheeler Engine Oil Market, The Southeast Asia Two Wheeler Engine Oil Market size is estimated to grow at a CAGR of around 4.9% during the forecast period, i.e., 2024–30. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight sustainable materials, rising demand for luxury customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Southeast Asia Two Wheeler Engine Oil Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.

Industry Outlook Forecasts:

Forecast Period: 2024-2030
CAGR (2024-2030): 4.9%

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Southeast Asia Two Wheeler Engine Oil Market Segmentation Breakdown:

The Southeast Asia Two Wheeler Engine Oil Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:

By Product Type

Synthetic Oil- Market Size Forecast 2019-2030, Thousand Liters
Semi-Synthetic Oil- Market Size Forecast 2019-2030, Thousand Liters
Mineral Oil- Market Size Forecast 2019-2030, Thousand Liters

Of them all, Synthetic oil held a significant market share due to its superior performance, environmental benefits, and cost-effectiveness.

By Viscosity Grade

10W-40- Market Size Forecast 2019-2030, Thousand Liters
20W-50- Market Size Forecast 2019-2030, Thousand Liters
15W-50- Market Size Forecast 2019-2030, Thousand Liters

By Demand Type

OEM- Market Size Forecast 2019-2030, Thousand Liters
Aftermarket- Market Size Forecast 2019-2030, Thousand Liters

Among them, the aftermarket holds a dominant market share owing to an extensive network of service centers, garages, and retail outlets and the availability of dealers and distributors.

By Application

Motorcycles- Market Size Forecast 2019-2030, Thousand Liters
Scooters- Market Size Forecast 2019-2030, Thousand Liters

By Sales Channel

Direct Sales- Market Size Forecast 2019-2030, Thousand Liters
Authorized Dealers- Market Size Forecast 2019-2030, Thousand Liters
Automotive Parts Stores- Market Size Forecast 2019-2030, Thousand Liters
Online Channel- Market Size Forecast 2019-2030, Thousand Liters

Geographical Growth Insights:

By Country

Indonesia
Thailand
Malaysia
Singapore
Philippines
Vietnam
Rest of Southeast Asia

Geographically, Indonesia holds a substantial market share due to several factors such as rising production sales of motorcycles two-wheelers and increasing consumer awareness regarding the maintenance of two-wheelers to avoid any road accidents.

MarkNtel Advisors Highlights Key Market Opportunity for Southeast Asia Two Wheeler Engine Oil Market:

Rising Establishment of Two-Wheelers Manufacturing Unit to Boost Market Growth – Official Administrative Bodies of Southeast Asian nations are easing corporate taxes and laying policies to encourage foreign companies to set up their production plants in the region. Additionally, these countries have low-cost labor and have trade agreements with several developed and developing nations. As a result, top companies producing two-wheelers are setting up their manufacturing facility in the region. For instance, in late 2024, the company Hero MotoCorp announced to start assembly plant in Laguna City, the Philippines. These original equipment manufacturers require engine oil during the production of the two-wheelers. Thus, with the upcoming plans of the market players to set up the production plants of the two-wheelers, the demand for engine oils to provide adequate lubrication would continue to increase, supporting the market growth in the forthcoming years.

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A Comprehensive Analysis of Leading Companies in Southeast Asia Two Wheeler Engine Oil Market

Castrol (BP p.l.c.)
Chevron Corporation (Caltex)
ExxonMobil
TotalEnergies
Shell
Idemitsu Kosan
Fuchs SE
PT Pertamina Lubricants
Petronas
Motul
Others

India Automotive Paints Coatings Market Recent Development:

2024: Shell Indonesia:Announced its plan to build its first grease manufacturing plant (GMP) in Indonesia. The plant is a new version of Shell’s existing Marunda Lubricants Oil Blending Plant (LOBP) in Bekasi, Indonesia.
2023: Motul: Launched two new products for Kawasaki motorbikes in Indonesia during the round of the World Superbike Championship.

What are the Challenge driving the Southeast Asia Two Wheeler Engine Oil Market?

Growing Penetration of Electric Two-Wheelers Potentially Impedes the Engine Oil Market Expansion – In recent years, the carbon emissions in Southeast Asian countries, like Indonesia, Malaysia, etc., have increased tremendously due to the rapid industrialization increasing transportation activities. As per the statistics, by the Our World Organization, in Indonesia, the annual carbon emissions in 2022 reached around 728.88 million, of which around 131 million was contributed by the transport sector. Similarly, the other Southeast Asian nations also recorded a surge in the Green House Gases (GHG). These emissions result in deteriorating health adversely affect human health. As a result, the authorities of these countries are increasingly encouraging customers to opt for sustainable transportation modes, i.e., electric. Thus, consumers are shifting towards the electric two-wheelers and this growing adoption presents a challenge for the engine oil market. Electric two-wheelers are typically based on advanced battery technology and do not require the same type or volume of lubricants as their ICE counterparts. Along with this, these types of vehicles have fewer maintenance needs, which diminishes the demand for engine oil, thereby, challenging the growth prospects of the engine oil market in the region. Thus, as the transition towards electric two-wheelers in Southeast Asia increases, the requirement for lubricants will slow down, negatively impacting the overall engine oil sales.

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