Global Passenger Vehicles Lubricants Market Trends

Market Trends of Global Passenger Vehicles Lubricants Industry

Largest Segment By Product Type : Engine Oils

• 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.

Largest Region : Asia-Pacific

• 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.