Market Trends of Philippines Automotive Engine Oils Industry
This section covers the major market trends shaping the Philippines Automotive Engine Oils Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Commercial Vehicles</span>
- During 2015-2019, engine oil consumption in the Philippines recorded a CAGR of 3.23%. In 2020, engine oils accounted for about 77.29% share of automotive lubricants. The increase in on-road vehicle population drove the engine oil consumption during this period.
- In 2020, the COVID-19 outbreak led to a massive decline in the usage rate of the existing vehicle fleets in the country, which led to an 11.66% dip in engine oil consumption. The passenger vehicle (PV) segment recorded the largest decline of 18.31% in engine oil consumption during the year.
- In the next five years, the motorcycle segment is expected to register the highest growth of about 5.72% in engine oil consumption, followed by the PV segment (3.75%). The growth is likely to be driven by the strong demand for mopeds and motorcycles in the country over the next five years.
Understand The Key Trends Shaping This Market
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