Market Trends of Argentina Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the Argentina Commercial Vehicles Lubricants Market according to our research experts:
Largest Segment By Product Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Engine Oils</span>
- In Argentina, commercial vehicles (CVs) form the second-largest vehicle type in terms of automotive lubricant consumption. During 2015-2019, lubricant consumption in the CV sector increased at a CAGR of around 2.47%, majorly due to the growing truck fleet in the country.
- The commercial vehicle lubricant consumption declined by almost 5.3% as COVID-19 affected freight transportation in 2020. The engine oil segment accounted for around 81.03% share in CV lubricant consumption in 2020. A major decline of 9.71% was observed in the consumption of transmission oils in the CV segment during 2020.
- The grease segment is likely to be the fastest-growing segment, with a CAGR of 6.59% during 2021-2026. The recovery in production and sales of commercial vehicles is likely to drive the consumption of greases during the first half of the forecast period.
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