How big is the Vietnam Commercial Vehicles Lubricants Market?

The Vietnam Commercial Vehicles Lubricants Market size is expected to reach 50.25 million Liters in 2024 and grow at a CAGR of 3.52% to reach 53.85 million Liters by 2026. Read More

What is the current Vietnam Commercial Vehicles Lubricants Market size?

In 2024, the Vietnam Commercial Vehicles Lubricants Market size is expected to reach 50.25 million Liters. Read More

Who are the key players in Vietnam Commercial Vehicles Lubricants Market?

BP Plc (Castrol), Mekong Petrochemical JSC, Petrolimex (PLX), Royal Dutch Shell Plc and TotalEnergies are the major companies operating in the Vietnam Commercial Vehicles Lubricants Market. Read More

Which segment has the biggest share in the Vietnam Commercial Vehicles Lubricants Market?

In the Vietnam Commercial Vehicles Lubricants Market, the Engine Oils segment accounts for the largest share by product type. Read More

Which is the fastest growing segment in the Vietnam Commercial Vehicles Lubricants Market?

In 2024, the Hydraulic Fluids segment accounts for the fastest growing by product type in the Vietnam Commercial Vehicles Lubricants Market. Read More

What years does this Vietnam Commercial Vehicles Lubricants Market cover, and what was the market size in 2023?

In 2023, the Vietnam Commercial Vehicles Lubricants Market size was estimated at 48.46 million Liters. The report covers the Vietnam Commercial Vehicles Lubricants Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Commercial Vehicles Lubricants Market size for years: 2024, 2025 and 2026. Read More

Vietnam Commercial Vehicles Lubricants Market Trends

Statistics for the 2023 & 2024 Vietnam Commercial Vehicles Lubricants market trends, created by Mordor Intelligence™ Industry Reports. Vietnam Commercial Vehicles 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 Vietnam Commercial Vehicles Lubricants Industry

This section covers the major market trends shaping the Vietnam 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 Vietnam, commercial vehicles (CVs) formed the second largest segment in terms of lubricant consumption. During 2015-2019, lubricant consumption witnessed a CAGR growth of over 10% in the CV segment. The growth was majorly driven by the growing freight transportation in the country.
In 2020, commercial vehicle lubricant consumption declined by 7.11% as COVID-19 affected freight transportation. Engine oil accounts for around 69% share in CV lubricant consumption. A major decline of over 18% was observed in the consumption of hydraulic fluids in the CV segment during 2020.
During 2021-2026, the hydraulic fluid segment is likely to be the fastest-growing segment, with a CAGR of 5.61%. The recovery in production and sales of commercial vehicles is likely to drive the consumption of transmission oils over the forecast period.