Global Brake oil Aftermarket for Off-highway vehicles Market
The Global Brake oil Aftermarket for Off-highway vehicles Market accounted for US$ 12873.1 million in 2020 and is estimated to be US$ 21492.2 million by 2030 and is anticipated to register a CAGR of 5.3%. Brake oil is a type of hydraulic fluid used in hydraulic brake and hydraulic clutch applications in automobiles, motorcycles, light trucks, and off-road vehicles. Brake oil is renewed or changed every one to two years in off-road vehicle in order to improve the safety and durability of vehicles. Thus, the brake oil aftermarket has been expanding across the globe. Newly developed state-of-the-art brake oil offers better performance reliability with efficient results. Glycol fluids are the most commonly used in most motor vehicles in various grades. They are named by the Department of Transport (DOT) coding and are classified into DOT 3, DOT 4, DOT 5, and DOT 5.1.
The report “Global Brake oil Aftermarket for Off-highway vehicles Market, By Type (DOT 3, DOT 4, DOT 5, and DOT 5.1), By Application (Mining, Construction, and Agriculture), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2029”
In January 2018, Lukoil signed a contract with Elabuga car plant (ELAZ), Turkey, wherein the former will supply first fill lubricants for ELAZ-BL backhoe loaders. The company will also supply a wide spectrum of hydraulic, motor, transmission, and universal tractor oils. In October 2017, Lukoil entered into a strategic partnership with the Russian Export Center.
Rise in mining and construction activities is driving the off-highway brakeoil aftermarket. The frequency of oil change and other maintenance is expected to increase with the growth in age of off-highway vehicles such as heavy trucks and mining vehicles. Vehicles require brakeoil change to ensure safety of the passengers and maintenance of the vehicle for long life and high efficiency.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Brake oil Aftermarket for Off-highway vehicles Market By Type (Distillate Fuel Oil, Residual Fuel Oil, and LNG), By Application (Tanker Vessels, Container Vessels, Bulk Vessels, and General Cargo Vessels), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2029”
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Last Update : Nov 15, 2021 5:48 AM
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