Yahoo Finance Africa Passenger Vehicles Lubricants Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2027
The Africa Passenger Vehicles Lubricants Market stood at 478. 97 million liters in 2022 and is projected to register a CAGR of NaN% to reach NaN liters in 2027. Key Highlights
New York, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Africa Passenger Vehicles Lubricants Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2027" - https://www.reportlinker.com/p06321674/?utm_source=GNW
Largest Segment by Product Type - Engine Oils : Since it has high-temperature and high-pressure uses, engine oil is the most popular product type in Africa, with large volume needs and shorter drain intervals.
Fastest Segment by Product Type - Hydraulic Fluids : In Africa, the estimated recovery in the sales and production in the automotive sector since 2021 is expected to drive the demand for engine oils during the next few years.
Largest Country Market - South Africa : South Africa consumes the largest passenger vehicle lubricants of any African country, owing to the highest population of passenger cars (7.5 million units in 2020).
Fastest Growing Country Market - South Africa : Morocco is the fastest growing user of passenger vehicle lubricants among the major African countries, owing to a steady increase in used car imports from France.
Key Market Trends
Largest Segment By Product Type : Engine Oils
The lubricant consumption in the African passenger vehicle (PV) market recorded a CAGR of 2.6% from 2015-2019. Engine oil was the dominating lubricant product type in this sector, accounting for a share of over 82% in lubricant consumption by this sector in 2020. Engine oil was followed by transmission oils, which accounted for 9.3% of the lubricant consumption in 2020.
In 2020, post the COVID-19 pandemic, the usage of passenger cars significantly dropped due to the restrictions put in place as a response to the pandemic. As a result, automotive lubricant consumption in this sector fell by nearly 5.8% compared to 2019.
The expected recovery in production and sales of new passenger vehicles is likely to drive the lubricant consumption in this sector. As a result, PV lubricant consumption is expected to record a CAGR of 5.69% during 2021-2026.
Largest Country : South Africa
In Africa, lubricant consumption in passenger vehicles (PVs) was the highest in South Africa, which accounted for 22% of the total PV lubricant consumption in the region, followed by Egypt and Nigeria, which accounted for shares of 17.9% and 17.2%, respectively.
In 2020, the declined usage of the passenger vehicle fleet after the COVID-19 pandemic negatively affected the PV lubricant consumption across the region. Egypt was the most affected as it witnessed an 8.2% drop in consumption during 2019-2020, followed by South Africa (a 7.95% drop).
During 2021-2026, Morocco is expected to be the fastest-growing PV lubricant market. The consumption is likely to record a CAGR of 6.05%, followed by South Africa and Egypt, which are expected to register a CAGR of 3.45% and 2.98%, respectively.
Competitive Landscape
The Africa Passenger Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 50.31%. The major players in this market are BP PLC (Castrol), Engen Petroleum Ltd, ExxonMobil Corporation, Royal Dutch Shell PLC and TotalEnergies (sorted alphabetically).
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06321674/?utm_source=GNW
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