Market Trends of Asia-pacific Passenger Vehicles Lubricants Industry
This section covers the major market trends shaping the APAC Passenger 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 passenger vehicle (PV) market recorded a CAGR of 4.52%. Engine oil was the dominating lubricant product type in this market, which accounted for a share of 79.12% in lubricant consumption in 2020. Engine oil was followed by transmission oils, which accounted for around 14.7% of the lubricant consumption in 2020.
- In 2020, post the COVID-19 pandemic, the usage of passenger cars significantly dropped due to the restrictions put in place as a response to the pandemic. As a result, automotive lubricant consumption fell by 4.69% in comparison to 2019.
- The expected recovery in production and sales of new passenger vehicles is likely to drive the lubricant consumption in this market. As a result, PV lubricant consumption is likely to witness a CAGR of 5.16% during 2021-2026.
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Largest Country : <span style="font-family: 'regular_bold';color:#0e7db3;">China</span>
- In the Asia-Pacific region, passenger vehicle (PV) lubricant consumption is the highest in China, followed by India and Japan. In 2020, China accounted for 63.01% of total PV lubricant consumption in the region, while India and Japan accounted for a share of 10.83% and 6.76%, respectively.
- The declined usage of passenger vehicles after the COVID-19 pandemic negatively affected the PV lubricant consumption across the region in 2020. The Philippines was the most affected, as it witnessed an 18.16% drop in consumption during 2019-2020, followed by Indonesia, which witnessed a 17.84% drop.
- During 2021-2026, India is likely to be the fastest-growing PV lubricant market, as the consumption is likely to register a CAGR of 6.57%, followed by China and Indonesia, which are expected to witness a CAGR of 5.80% and 4.79%, respectively.
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