Market Trends of India Passenger Vehicles Lubricants Industry
This section covers the major market trends shaping the India 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>
- In India, passenger vehicles (PV) form the third-largest segment in terms of automotive lubricant consumption. During 2015-2019, the country recorded a CAGR of 7% in PV lubricant consumption due to a rise in the sales and usage of passenger vehicles.
- In 2020, passenger vehicles accounted for about 31.15% of the total automotive lubricant consumption in the country. Engine oil accounted for the largest share, of almost 80%, in the PV lubricant consumption during the year. During 2020, PV lubricants consumption declined by 16% due to the COVID-19 outbreak, which led to a dip in PV sales and delays in service intervals.
- Over 2021-2026, the transmission oils segment is estimated to become the fastest-growing segment, at a CAGR of 7.46%. The growing demand for vehicles with automatic transmissions is projected to drive the demand for transmission oils in the country over the coming years.
Understand The Key Trends Shaping This Market
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