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Technavio’s market research analyst predicts the global heavy duty motor oil (HDMO) market to grow at a CAGR of 2% during the forecast period. The growing awareness of energy efficiency has been one of the key drivers behind the growth of this market. The increasing vehicle population and growth in construction and manufacturing industries is also expected to boost the market growth of HDMOs.
However, the increased adoption of hybrid electric vehicles (HEV) is expected to pose a challenge to the growth of the HDMO market. The growing environmental regulations and pollution control measures are leading to the increasing prominence of HEVs that are energy efficient, environmental friendly and provide increased acceleration and less maintenance. This research report anticipates that in 2015, the number of hybrid trucks and buses is going to increase more than ten times from the 10000 vehicles that were sold during 2010.
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