Market Trends of Malaysia Automotive Engine Oils Industry
This section covers the major market trends shaping the Malaysia Automotive Engine Oils Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Passenger Vehicles</span>
- In Malaysia, engine oils accounted for about 80% of automotive lubricants in 2020. During 2015-2019, engine oil consumption in the country recorded a CAGR of 5.93%. The increase in vehicle population and average distance traveled drove engine oil consumption during this period.
- In 2020, the COVID-19 outbreak led to a massive decline in the usage of the existing vehicle fleet in the country, which led to a 9.7% dip in engine oil consumption. The commercial vehicle segment recorded the largest decline of 11.3% in engine oil consumption during the year.
- During 2021-2026, the motorcycle segment is expected to register the highest CAGR growth of about 5.5% in engine oil consumption. The growth is likely to be driven by an expected recovery in motorcycle sales with favorable government incentives like low interest rates and high liquidity of motorcycles observed in 2021.
Understand The Key Trends Shaping This Market
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