Market Trends of Russia Passenger Vehicles Lubricants Industry
This section covers the major market trends shaping the Russia 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>
- During 2015-2019, passenger vehicle lubricant consumption in Russia witnessed a CAGR of 1.70%. The major factor driving this surge was the expanding passenger vehicle population in the country. Additionally, the high average age of passenger vehicles in the country has also been a major driving factor for lubricant consumption in this segment.
- In 2020, the COVID-19 outbreak and related lockdowns hindered vehicle production, sales, and maintenance activities at large. As a result, lubricant consumption dropped by 18.38% compared to 2019.
- The second wave of COVID-19 and fluctuating volumes of imported vehicles are likely to negatively affect lubricant consumption for a brief period, followed by a recovery in sales growth. As a result, the passenger vehicle lubricant consumption is projected to record a CAGR of 3.99% during 2021-2026.
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