Market Trends of Singapore Automotive Engine Oils Industry
This section covers the major market trends shaping the Singapore 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 Singapore, engine oils accounted for about 88.51% of automotive lubricants in 2020. During 2015-2019, engine oil consumption in the country recorded a 4.52% drop. The increasing maintenance costs of vehicles are hindering their usage and their engine oil consumption in the country.
- 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 a 17.38% dip in engine oil consumption. The passenger vehicle (PV) segment recorded the largest decline of 17.56% in engine oil consumption during 2020.
- Between 2021-2026, the motorcycles segment is expected to register the highest growth of about 4.67% in engine oil consumption, followed by the PV segment (2.58%). The growth is likely to be driven by 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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