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.
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