How big is the Global Passenger Vehicles Lubricants Market?

The Global Passenger Vehicles Lubricants Market size is expected to reach 12.23 billion Liters in 2024 and grow at a CAGR of 3.10% to reach 13.00 billion Liters by 2026. Read More

What is the current Global Passenger Vehicles Lubricants Market size?

In 2024, the Global Passenger Vehicles Lubricants Market size is expected to reach 12.23 billion Liters. Read More

Who are the key players in Global Passenger Vehicles Lubricants Market?

BP PLC (Castrol), China National Petroleum Corporation, China Petroleum & Chemical Corporation, ExxonMobil Corporation and Royal Dutch Shell PLC are the major companies operating in the Global Passenger Vehicles Lubricants Market. Read More

Which segment has the biggest share in the Global Passenger Vehicles Lubricants Market?

In the Global Passenger Vehicles Lubricants Market, the Engine Oils segment accounts for the largest share by product type. Read More

Which region has the biggest share in the Global Passenger Vehicles Lubricants Market?

In 2024, Asia-Pacific accounts for the largest share by region in the Global Passenger Vehicles Lubricants Market. Read More

What years does this Global Passenger Vehicles Lubricants Market cover, and what was the market size in 2023?

In 2023, the Global Passenger Vehicles Lubricants Market size was estimated at 11.83 billion Liters. The report covers the Global Passenger Vehicles Lubricants Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Passenger Vehicles Lubricants Market size for years: 2024, 2025 and 2026. Read More

Global Passenger Vehicles Lubricants Market Trends

Statistics for the 2023 & 2024 Global Passenger Vehicles Lubricants market trends, created by Mordor Intelligence™ Industry Reports. Global Passenger Vehicles Lubricants trend report includes a market forecast to 202 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of Global Passenger Vehicles Lubricants Industry

This section covers the major market trends shaping the 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 global passenger vehicle (PV) sector increased at a CAGR of over 2.5%. Engine oil was the dominating lubricant product type in this sector, accounting for a share of nearly 80%, followed by transmission oils, which accounted for a share of 14.2%.
In 2020, post the COVID-19 outbreak, the usage of passenger cars significantly dropped due to the restrictions in response to the pandemic. As a result, lubricant consumption in this sector declined by nearly 11.8% compared to 2019.
The expected recovery in production and sales of new passenger vehicles is likely to drive lubricant consumption in this sector. As a result, PV lubricant consumption is expected to increase at a CAGR of about 4% during 2021-2026.

Global Passenger Vehicles Lubricants Market : Largest Segment By Product Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Engine Oils</span>

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Largest Region : <span style="font-family: 'regular_bold';color:#0e7db3;">Asia-Pacific</span>

By geography, lubricant consumption in passenger vehicles (PVs) was the highest in Asia-Pacific, accounting for 37.9% of the total PV lubricant consumption, followed by North America and Europe, which accounted for a share of 28.4% and 15.1%, respectively.
In 2020, the declined usage of the passenger vehicle fleet after the COVID-19 outbreak negatively affected PV lubricant consumption across the region. North America was the most affected as it recorded an 18.9% drop in consumption during 2019-2020, followed by Europe (an 18.6% drop).
During 2021-2026, Africa will likely be the fastest-growing PV lubricant market. The consumption is likely to record a CAGR of 5.69%, followed by Asia-Pacific and North America, which are expected to witness a CAGR of 5.15% and 3.14%, respectively.