Market Trends of Indonesia Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the Indonesia 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 Indonesia, commercial vehicles (CVs) formed the third-largest segment and accounted for about 21.6% of lubricant consumption. During 2015-2019, lubricant consumption recorded a CAGR of 3.45% in the CV segment, majorly driven by the growing on-road CV population and the average distance traveled per year.
- In 2020, lubricant consumption of commercial vehicles declined by 12.96% as COVID-19 affected sales. Engine oil accounted for a 62.79% share in CV lubricant consumption, in 2020. A major decline of 13.64% was observed in the consumption of greases in the CV segment during the year, over 2019.
- Over the forecast period, the transmission oils segment is likely to grow rapidly, with a CAGR of 6.1%. The recovery in the production and sales of new commercial vehicles is likely to drive the consumption of transmission oils over the forecast period.
Understand The Key Trends Shaping This Market
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