How big is the Singapore Commercial Vehicles Lubricants Market?

The Singapore Commercial Vehicles Lubricants Market size is expected to reach 6.93 million Liters in 2024 and grow at a CAGR of 3.34% to reach 7.40 million Liters by 2026. Read More

What is the current Singapore Commercial Vehicles Lubricants Market size?

In 2024, the Singapore Commercial Vehicles Lubricants Market size is expected to reach 6.93 million Liters. Read More

Who are the key players in Singapore Commercial Vehicles Lubricants Market?

BP Plc (Castrol), Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell Plc and TotalEnergies are the major companies operating in the Singapore Commercial Vehicles Lubricants Market. Read More

Which segment has the biggest share in the Singapore Commercial Vehicles Lubricants Market?

In the Singapore Commercial Vehicles Lubricants Market, the Engine Oils segment accounts for the largest share by product type. Read More

Which is the fastest growing segment in the Singapore Commercial Vehicles Lubricants Market?

In 2024, the Hydraulic Fluids segment accounts for the fastest growing by product type in the Singapore Commercial Vehicles Lubricants Market. Read More

What years does this Singapore Commercial Vehicles Lubricants Market cover, and what was the market size in 2023?

In 2023, the Singapore Commercial Vehicles Lubricants Market size was estimated at 6.78 million Liters. The report covers the Singapore Commercial Vehicles Lubricants Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Singapore Commercial Vehicles Lubricants Market size for years: 2024, 2025 and 2026. Read More

Singapore Commercial Vehicles Lubricants Market Trends

Statistics for the 2023 & 2024 Singapore Commercial Vehicles Lubricants market trends, created by Mordor Intelligence™ Industry Reports. Singapore Commercial Vehicles Lubricants trend report includes a market forecast to 202 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of Singapore Commercial Vehicles Lubricants Industry

This section covers the major market trends shaping the Singapore 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 Singapore, commercial vehicles (CVs) formed the largest segment and accounted for about 49.67% of lubricant consumption in 2020. During 2015-2019, lubricant consumption recorded a 7.14% drop in the CV segment. The drop was majorly caused by the declining usage of commercial vehicles due to their high maintenance costs.
In 2020, lubricant consumption of commercial vehicles declined by 17.26% as the COVID-19 pandemic affected freight transportation. Engine oils accounted for an 86.91% share in CV lubricant consumption. A major decline of 22.11% was also observed in the consumption of hydraulic fluids in the CV segment during the year.
Over the next five years, the hydraulic fluids segment is likely to be the fastest-growing segment, with a CAGR of 3.96%. The recovery in production and sales of commercial vehicles is likely to drive the consumption of hydraulic fluids over the forecast period.