South Korea Automotive Lubricants Market Trends

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

This section covers the major market trends shaping the South Korea Automotive Lubricants 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, passenger vehicles (PVs) accounted for the largest share of 74.51% in the total number of on-road vehicles in 2020, followed by commercial vehicles (CVs) and motorcycles, which held shares of 16.91% and 8.58%, respectively.
  • The PV segment accounted for the highest share of 59.96% in total lubricant consumption in 2020, followed by commercial vehicles (38.42%) and motorcycles (1.62%). In 2020, the COVID-19 outbreak led to a notable dip in lubricants consumption, of which commercial vehicle lubricant consumption recorded the highest dip of 11.52%, followed by passenger vehicles (6.82%).
  • The motorcycles segment is projected to be the fastest-growing lubricant consumer, recording a CAGR of 5.71% during 2021-2026. The expected growth in sales of electric mopeds and motorcycles and a reduced consumption tax are expected to drive motorcycle lubricants consumption in the country.
South Korea Automotive Lubricants Market : Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Passenger Vehicles</span>

South Korea Automotive Lubricants Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2026