Market Trends of Iran Passenger Vehicles Lubricants Industry
This section covers the major market trends shaping the Iran 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>
- Passenger vehicles (PVs) is the largest segment in terms of automotive lubricant consumption in Iran. During 2015-2019, the PV lubricant consumption grew at a CAGR of 3.06% primarily owing to the surge in the car popualtion of the country.
- In 2020, PVs accounted for about 67% of the total automotive lubricant consumption in the country. Engine oil accounted for the largest share in the PV lubricant consumption, with a share of over 94% during the year. During 2020, PV lubricants consumption declined by 7.4% due to the lower usage of the vehicle fleet post COVID-19 outbreak.
- During 2021-2026, the greases segment is projected grow at a steady rate exhibiting a CAGR of 2.47%. This growth is likely to be driven by rise in sales of passenger cars (both new and used), and recovery in average distance travelled in the country.