Market Trends of Turkey Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the Turkey 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 Turkey, Commercial vehicles (CVs) is the largest vehicle type in terms of automotive lubricant consumption. During 2015-2019, the CV lubricant consumption declined by around 7% primarily owing to the declined industrial activity owing to economical crisis.
- In 2020, CVs accounted for about 56% of the total automotive lubricant consumption in the country. Engine oil accounted for the largest share in the PV lubricant consumption, with a share of around 72% during the year. During 2020, CV lubricants consumption declined by 7.1% due to the lower usage of the vehicle fleet post COVID-19 outbreak.
- The grease segment is likely to be the fastest-growing lubricant type exhibiting a CAGR of 7.04% during 2021-2026. This growth is likely to be driven by rise in sales of commercial vehicles and recovery of freight transportation in the country.
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