Market Trends of Vietnam Automotive Engine Oils Industry
This section covers the major market trends shaping the Vietnam Automotive Engine Oils Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Motorcycles</span>
- In Vietnam, engine oils accounted for about 87.56% of automotive lubricants in 2020. During 2015-2019, engine oil consumption increased at a CAGR of around 7.17%. The growing active vehicle fleet in the country was the key driver for this trend.
- 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 4.4% dip in engine oil consumption. The passenger vehicle (PV) segment recorded the largest decline of 17.56% in engine oil consumption during 2020.
- During 2021-2026, the motorcycles segment is expected to register the highest growth of about 4.89% in engine oil consumption, followed by the CV segment (2.58%). The growth is likely to be driven by strong demand for mopeds and motorcycles in the country over the next five years.
Understand The Key Trends Shaping This Market
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