Market Trends of Italy Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the Italy 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>
- Post 2016, lubricant consumption for commercial vehicles in Italy has been declining consistently. This trend was primarily due to declining sales and production of commercial vehicles in the country before 2020.
- Post the COVID-19 outbreak, freight transportation in the country was negatively affected due to the social restrictions imposed as a result of the pandemic during the first half of 2020. Consequently, lubricant consumption in commercial vehicles in the country decreased by 8.32%.
- The average age of commercial vehicles in Italy is significantly higher compared to vehicles in other European countries. Hence, the growing need to phase out older vehicles and the increasing demand for synthetic lubricants are expected to drive the CV lubricants market at a moderate CAGR of 1.64% between 2021-2026.
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