Market Trends of India Automotive Lubricants Industry
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Commercial Vehicles</span>
- In India, motorcycles accounted for 77.55% of the total number of on-road vehicles in 2020, followed by passenger vehicles (PVs) and commercial vehicles (CVs), with a share of 16.84% and 5.61%, respectively.
- However, commercial vehicle accounted for the highest share of 35.7% in total lubricant consumption in 2020, followed by motorcycles (33.15%) and passenger vehicle (31.1%) respectively. In 2020, COVID-19 outbreak led to notable dip in lubricants consumption, wherein the motorcylce lubricant consumption recorded the highest dip rate of 18.6%, followed by passenger vehicles (16.3%).
- The motorcycles segment is projected to be the fastest-growing lubricant segment, with a CAGR of 6.63% over 2021-2026. The growth is projected to be driven by expected rise in demand for personal mobility and rise in electric vehicle usage.
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India Automotive Lubricants Industry Segmentation
India Automotive Lubricants Industry SegmentationIndia Automotive Lubricants Industry SegmentationIndia Automotive Lubricants Industry SegmentationIndia Automotive Lubricants Industry SegmentationIndia Automotive Lubricants Industry SegmentationIndia Automotive Lubricants Industry SegmentationIndia Automotive Lubricants Industry Segmentation
