Market Trends of China Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the China 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 China, among all product types, engine oils accounted for a share of 70.6% of the total lubricant demand from commercial vehicles (CV) during 2020. During 2015-2019, the overall engine oil consumption increased at a CAGR of about 1.6% due to a rise in truck sales, driven by the reformation of the country's supply sector.
- In 2020, the transmission oils segment recorded the highest growth in CV lubricant consumption of about 7.8%. The financial incentives for the purchase of new energy commercial vehicles supported transmission oil consumption during the year.
- During 2021-2026, the transmission oils segment is likely to be the fastest-growing segment, with a CAGR of 6%. The tax incentives offered for the purchase of commercial vehicles and augmenting production outputs are projected to drive the demand for transmission oils in the country over the next five years.
Understand The Key Trends Shaping This Market
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