How big is the South Korea Automotive Engine Oils Market?

The South Korea Automotive Engine Oils Market size is expected to reach 201.38 million Liters in 2024 and grow at a CAGR of 2.88% to reach 213.15 million Liters by 2026. Read More

What is the current South Korea Automotive Engine Oils Market size?

In 2024, the South Korea Automotive Engine Oils Market size is expected to reach 201.38 million Liters. Read More

Who are the key players in South Korea Automotive Engine Oils Market?

ExxonMobil Corporation, GS Caltex, Hyundai Oilbank, S-Oil Corporation and SK Lubricants Co. Ltd are the major companies operating in the South Korea Automotive Engine Oils Market. Read More

Which segment has the biggest share in the South Korea Automotive Engine Oils Market?

In the South Korea Automotive Engine Oils Market, the Passenger Vehicles segment accounts for the largest share by vehicle type. Read More

Which is the fastest growing segment in the South Korea Automotive Engine Oils Market?

In 2024, the Motorcycles segment accounts for the fastest growing by vehicle type in the South Korea Automotive Engine Oils Market. Read More

What years does this South Korea Automotive Engine Oils Market cover, and what was the market size in 2023?

In 2023, the South Korea Automotive Engine Oils Market size was estimated at 196.25 million Liters. The report covers the South Korea Automotive Engine Oils Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South Korea Automotive Engine Oils Market size for years: 2024, 2025 and 2026. Read More

South Korea Automotive Engine Oils Market Trends

Statistics for the 2023 & 2024 South Korea Automotive Engine Oils market trends, created by Mordor Intelligence™ Industry Reports. South Korea Automotive Engine Oils 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 South Korea Automotive Engine Oils Industry

This section covers the major market trends shaping the South Korea 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 South Korea, engine oils accounted for about 70% of automotive lubricants in 2020. During 2015-2019, engine oil consumption in the country recorded a negative CAGR of 0.94%. The annual mileage and production output decline during 2019 notably affected engine oils consumption in the commercial vehicles (CVs) segment.
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 7.1% dip in engine oil consumption. The CV segment recorded the largest decline of 10.26% in engine oil consumption during the year.
During 2021-2026, the motorcycles segment is expected to register the highest growth of about 5.76% in engine oil consumption. The growth is likely to be driven by increasing sales of used and new motorcycles in the country.