Market Trends of United Kingdom Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the UK 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 2015, out of all automotive lubricants, commercial vehicle lubricant consumption accounted for 23.99% share; this increased to 25.25% by 2019. In 2020, their share further increased to 26.20% due to the low impact of COVID-19 on the segment.
- The demand for commercial vehicle lubricant registered a decline of 14.11% in 2020, as the COVID-19 outbreak affected production and sales. The demand was retained to some extent by freight transportation, which was considered an essential activity during the lockdown.
- Though the sales and production of commercial vehicles recorded a decline in the first quarter of 2021 due to the lockdown, the segment is likely to witness faster growth in the future due to an expected recovery in sales and investments in the development of electric vans and trucks. Thus, commercial vehicle lubricant consumption is likely to witness a CAGR of 2.44% during 2021-2026.
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