Market Trends of Saudi Arabia Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the Saudi Arabia 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>
- In Saudi Arabia, commercial vehicles (CVs) account for around 48% of lubricants consumption, among all vehicle types. During 2015-2019, lubricant consumption grew at a CAGR of 2.7% in the CV segment. The growth was majorly driven by the growing freight ransportation in the country.
- In 2020, commercial vehicle lubricant consumption declined by 7.3% as COVID-19 affected the freight transportation. The engine oil segment accounted for around 87% share in CV lubricant consumption in 2020. A major decline of 8.95% was observed in the consumption of greases in CV segment during the year.
- During 2021-2026, the transmission oils segment is likely to be the fastest-growing segment with a CAGR of 3.71%. The recovery in production and sales of commercial vehicles is likely to drive the consumption of transmission oils over the next five years
Understand The Key Trends Shaping This Market
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