While tourist travel will be a major factor in boosting aftermarket engine lube sales, a continuing rise in car saless will help independent producers.
Global lubes aftermarket highlights Image: Business Wire/Technavio |
According to the latest figures from global analysts Technavio, increased road tourism in India and China are set to boost the global aftermarket figures for passenger car engine oils to 2020.
The research particularly highlights areas such as Guiyan in Guizhou Province and Dali and Lijiang in Yunnan Province as road tourist magnets.
Apparently in China some four billion tourist journeys were made in 2015 alone, three billion of which used self-owned or rental cars. The report predicts a 16% annual increase in road tourism over the next five years.
Technavio also highlighted an overal increase in the average miles driven around the world.
In the US, the Federal Highway Administration (FHWA) reported 70% of the states seeing an increase in vehicle miles per capita between 2011-14. It also noted a 22% rise in the number of drivers over the age of 50 across the US since 2003 - the total now standing at around 93.5 million.