The global quick lube equipment market is anticipated to grow at a significant CAGR of 4.9% during the forecast period. One of the major factors causing the growth in the market is the rising new features and automation in vehicles. The key vehicle market players such as Morris Garages, Kia, Hyundai, Honda, and others are normalizing advanced features such as sunroof, power lift tailgates, auto opening, and closing ORVMs, emergency braking, Advanced Driver Assistance System (ADAS), and others in their vehicles in emerging countries which has increased mechanical activities, and it requires regular lubrication to work. Most of these systems are controlled by a sensor, and at any fault, a malfunction indicator light (MIL) shows on the instrument cluster or the system stops working. It has made consumers be concerned about the regular service record of the vehicle which is essential to claim the warranty of such expensive parts of the vehicle.
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The COVID-19 pandemic had impacted most of the industries in the market. The spread of the virus led most of the governments across the globe to impose the lockdown which strictly restricted the uses of the vehicle and shut down most of the vehicle service centers for a while. All this led to a decrease in the demand, and production activities in the quick lube equipment market. It caused market players of lubricants, and lube equipment a huge loss. For instance, as per the financial report of lubricant company Castrol India Ltd. of September 2020, the company’s total income decreased by 27.6% as compared to the total income of the company in September 2019. However, as the situation got normal, Castrol India Ltd. witnessed significant growth. As per the financial report of Castrol India Ltd. on September 2021, total income increased by 48.8% as compared to the total income from the same period of 2020.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Quick Lube Equipment Market Report Segment
By Equipment Type
- Catwalk Systems
- Dispensing Consoles
- Pit Covers & Safety Nets
- Computer Console
- Others (Foot Stools and Oil Filter Racks)
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
Global Quick Lube Equipment Market Report Segment by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global quick lube equipment market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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