Market Trends of Asia-pacific Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the APAC 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>
- During 2015-2019, lubricant consumption in the Asia-Pacific commercial vehicle sector increased at a CAGR of 4.38%. Engine oil was the dominating lubricant product type in this sector, which accounted for a 69.68% share of lubricant consumption in 2020. Engine oil was followed by transmission oil, which accounted for around 13.67% of the lubricant consumption in 2020.
- In 2020, post the COVID-19 outbreak, freight transportation significantly dropped due to the lockdowns put in place as a response to the pandemic. As a result, lubricant consumption in this sector fell by 6.30% in comparison to 2019.
- The expected boom in logistic requirements and recovery in sales of new commercial vehicles are likely to drive the lubricant consumption in this sector. Hence, the lubricant consumption of commercial vehicles is expected to register a CAGR of 4.38% during 2021-2026.
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Largest Country : <span style="font-family: 'regular_bold';color:#0e7db3;">China</span>
- In the Asia-Pacific region, the consumption of commercial vehicle (CV) lubricants is the highest in China, followed by India and Thailand. In 2020, China accounted for 35.94% of the total consumption of CV lubricants in the region, whereas India and Thailand accounted for 16.31% and 10.58%, respectively.
- The restrictions imposed on business and transportation activities after the COVID-19 pandemic negatively affected the consumption of CV lubricants across the region in 2020. Singapore was the most affected as it witnessed a 17.26% drop in consumption during 2019-2020, followed by Thailand, which saw a 13.83% drop.
- During 2021-2026, India is likely to be the fastest-growing CV lubricants market, as the consumption is likely to register a CAGR of 5.77%, followed by China and Indonesia, which are expected to register a CAGR of 5.16% and 4.34%, respectively.
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