Navigating the UK Lubricant Market: Unveiling the Impact of Price and Brand on Lubricant Selection - Mechanic Insights Pave the Way for a Projected USD 3 Bn by 2027: Ken Research
GURUGRAM, India, Aug. 17, 2023 /PRNewswire/ --
Story Outline
- Mechanics play a crucial role in guiding customers with limited technical knowledge in lubricants, emphasizing the importance of their recommendations.
- Price sensitivity is a significant factor for end users, who may opt for more affordable options or invest in higher-cost lubricants for expensive vehicles.
- Wide availability of lubricants through various channels, including service stations, supermarkets, and online shops, ensures convenient access for customers.
According to Ken Research, The UK Lubricant market will be significantly influenced by mechanics and end users in their lubricant selection for vehicles. Price sensitivity will play a crucial role, with customers willing to invest in higher-cost lubricants for expensive vehicles. Mechanic recommendations and brand familiarity will remain important due to limited technical knowledge. Quality concerns will be paramount, as customers prioritize high-quality options that impact vehicle performance and lifespan. Wide availability of lubricants through various channels ensures convenient access. Lubricant companies should invest in value-added services and technologies, enhance customer engagement, and focus on product portfolio development for electric vehicles. Considering factors beyond price and brand enables end users to make optimal choices for vehicle performance and longevity.
Explore the factors that influence end users in their selection of lubricants for their vehicles. Mechanics play a crucial role in guiding customers due to their limited technical knowledge in the field of lubricants. Importance of price sensitivity, mechanic recommendations, brand familiarity, quality concerns, and the impact of lubricants on vehicle performance and lifespan. It also emphasizes the wide availability of lubricants through various channels.
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1. The Role of Price and Brand in Choosing Lubricants: Insights and Recommendations from Mechanics for End Users
- The Purchase Decision is Highly Price Sensitive: Customers show a strong sensitivity to price when choosing lubricants, with a willingness to invest in high-cost lubes for their expensive vehicles.
- Mechanic Recommendations and Brand Familiarity: Customers often rely on the recommendations of mechanics or opt for well-known brands due to their limited technical knowledge in the field of lubricants.
- Quality Concerns for Fleet Owners and Individuals: Both fleet owners and individual consumers place a high level of importance on the quality of lubricants, considering them to be expensive products that directly impact their vehicles.
- Impact on Vehicle Performance and Lifespan: The quality of lubricants significantly affects the overall performance and lifespan of vehicles. Consequently, consumers prioritize the selection of good quality lubricants to ensure optimal results.
- Wide Availability of Lubricants: Lubricants are easily accessible through various channels such as car service stations, supermarkets, hypermarkets, distributors, and online shops.
2. Enhancing Customer Engagement: Why Lubricant Companies Should Invest in Value-Added Services and Technologies to Stay Competitive in the Market?
- Utilize IoT-enabled monitoring and advanced analytics for optimized maintenance intervals and condition-based maintenance.
- Implement on-site oil analysis sensors for efficient lubricant change intervals and product selection.
- Digitize the product catalog and integrate it with a global database, providing location-specific product recommendations.
- Enhance customer engagement with digital car servicing platforms and automated oil replacement reminders.
- Increase customer intimacy by offering complimentary products like coolants, flush oil, and screen wash.
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3. Capturing Opportunities in the UK Automotive Lubricants Market: Emphasizing Product Portfolio Development for Electric Vehicles
- Companies should develop their product portfolio to cater to the evolving needs.
- Focus on Online Sales Channel: Companies should establish an official online platform and partner with e-commerce platforms and marketplaces to widen their distribution network.
- Companies should have a local blending plant to compete with existing players, many of whom already have local production in place.
- To recover from the drop in sales volume caused by COVID-19 in 2020, companies should launch home automotive maintenance services, either in partnership with workshops or by hiring their own mechanics.
Summarize the insights gained from mechanics regarding price, brand, quality, and availability. Provide recommendations for end users when selecting lubricants based on mechanic insights. Emphasize the importance of considering factors beyond price and brand in lubricant choices for optimal vehicle performance and longevity.
Market Taxonomy
UK Lubricant Market Segmentation
By Lubricant Type
- Automotive Lubricant
- Industrial Lubricant
By Lubricant Grade
- Mineral
- Semi-Synthetic
- Synthetic
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UK Lubricant Automotive Lubricant Market Segmentation
By Type or Automotive Lubricant
- Transmission Fluids
- Hydraulic Oil
- Greases
- Gear Oils and others
By End-User
- Commercial Vehicles
- Passenger Cars
- Motor Cycles
- Marine
- Others (Aviation)
By Distribution Channel
- Dealer Network
- OEM Workshops/Service stations/Local Workshops
- Supermarkets/ Hypermarkets
- Online
UK Industrial Lubricant Market Segmentation
By Type of Industrial Lubricant
- Hydraulic Fluid
- Gear Oil
- Grease
- Metalworking Fluid
- Others (Turbine Oil, Compressor Oil, Textile Oil etc.)
By End-User
- Construction and Mining
- General Manufacturing
- Metal Production
- Power Generation
- Food Processing
- Others (Agriculture, Medical etc.)
By Distribution Channel
- Dealer Network
- Direct Sales
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In the near term, the market's expansion is being propelled by the increased utilization of high-performance lubricants within the automotive sector. Nevertheless, fluctuations in raw material prices are anticipated to hinder the advancement of the market. The future market growth is projected to be fueled by the demand for electric vehicles and wind turbines.
According to Ken Research estimates, the Netherlands Lubricants market is growing at a steady rate with a CAGR at ~3% owing to the country's high oil imports. Strong delivery network accompanied by authorized distributors to reach out to customers through both online and offline modes led to an increase in the overall sales of lubricants in the Netherlands. Up-scaling Manufacturing Industry, Escalating Construction, Automotive and Marine Industries are major growth drivers for Netherlands Lubricants Market. Market is expected to witness an increase in the consumption of lubricants due to rapid growth in industrialization and infrastructural developments, rising private and government investments; cost effective manufacturing operations Lubricants Industry concentration is at a moderate level, with the four largest companies estimated to account for approximately 40% of industry revenue in 2022-23.
According to Ken Research estimates, the Oman Lubricant Market – which grew from approximately USD ~ Bn in 2017 to approximately USD ~ Bn in 2022 – is forecasted to grow further into USD ~ Bn opportunity by 2027F, owing to the favorable government initiatives, rising export of Oil & Gas and rising infrastructural projects. Market is expected to witness an increase in the consumption of lubricants due to rapid growth in industrialization and infrastructural developments, rising private and government investments; cost effective manufacturing operations. Upstream sector has dominated the Oman oil and gas market in recent years and is expected to continue to do so during the forecast period too.
According to Ken Research estimates, the Nigeria Lubricants Market which grew at a CAGR of ~% from 2017-2022P & is forecasted to grow at a CAGR of ~% from 2023F-2027F owing to an increasing demand for expanding wind energy sector & rising demand for high performance lubricants. Automotive and Other Transportation is the most dominating end-user industry of the market studied. The growth in the industrial manufacturing segment is likely to provide opportunities for the Nigeria lubricants market over the next five years.
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