U.S. Quick Lube Equipment Market 2022 By Top Trends, Growth Outlook & Forecast To 2027

The U.S. quick lube equipment market is set to witness notable growth by 2027 driven by growing product demand across rapidly expanding automotive, machinery and electronics sectors in the region. Additionally, increasing disposable income of consumers has boosted the demand for personal vehicles and electronics in the region, which is likely to stimulate product adoption over the forecast period.
Recently, with successful vaccination drives, local governments are relaxing the stay-at-home guidelines that were enforced in view of the COVID-19 pandemic. Subsequently, vehicle usage is gradually gaining its pre-covid momentum, which is bolstering the demand for quick lube equipment, oil, and filter across the region.
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Moreover, many significant industry players have devised lucrative strategies, such as product launches, acquisitions, and collaborations, to establish their footing in emerging marketplaces, which has influenced industry dynamics favorably. For instance, in December 2020, Valvoline Inc., a leading global supplier of high-quality automotive lubricants, announced the acquisition of 27 quick lube facilities, which allowed the manufacturer to expand its supply chain network across the United States.
The firm agreed to buy 27 Mister Oil Change Express facilities in seven states from Car Wash Partners, Inc., which were set to be rebranded as Valvoline Instant Oil Change SM (VIOC) centers. Notably, the company said that 15 of the 27 locations would be company-owned and operated, while the remaining 12 were intended to be VIOC franchised.
In another instance, in October 2020, Chevron Corporation, a leading integrated energy company, completed the acquisition of Nobel Energy Inc., an oil and natural gas exploration and production firm. Through this move, Chevron aimed to combine the research and expertise of both companies to achieve greater financial targets in order to gain a competitive edge over other major players in the market.
Furthermore, surging focus of market participants on exploration activities has been fostering industry outlook. Citing an instance, in July 2021, Exxon Mobil, an American natural gas giant, announced the discovery of oil at Whiptail, which is situated offshore at Guyana. The discovery of high-quality oil at two wells situated in Whiptail has refurbished the resource pool significantly, which has created massive growth potential for business expansion.
The U.S. quick lube equipment market has been segmented based on equipment and vehicle type. In terms of equipment, the market has further been bifurcated into foot stools, dispensing consoles, catwalk systems, pit covers and safety nets, oil filter rack/air filter rack, computer consoles, and others.
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The U.S. quick lube equipment market from the computer console equipment sub-segment is anticipated to exhibit significant growth at a CAGR of around 4.8% through the assessment period.
Meanwhile, the others sub-segment holds a considerable revenue share in the U.S. quick lube equipment market and is expected to attain a sizable valuation of over USD 5 million by the end of 2027, progressing at above 3.7% CAGR over the forecast timeline.