Market Trends of Norway Passenger Vehicles Lubricants Industry
This section covers the major market trends shaping the Norway 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 form the second-largest segment in terms of automotive lubricant consumption. During 2015-2019, Norway recorded a negative CAGR of 1.26% in passenger vehicle lubricant consumption due to a significant rise in the scrappage of fossil fuel-based vehicles and an increase in EV sales.
- Due to the lockdown related to COVID-19, lubricant consumption in this segment further dropped by 8.40% in 2020. During the first four months of 2021, the country recorded a surge in the number of COVID-19 cases, which may reduce the pace of growth during the rest of 2021.
- The Norwegian government plans to adopt 100% electric vehicles by 2025, which is expected to increase the scrappage of fossil-fuel based passenger vehicles in the country. Therefore, with such trends, passenger vehicle lubricant consumption in Norway is likely to record a negative CAGR of 0.80% during 2021-2026.
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