Yahoo Finance Global Automotive Lubricants Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026
The Global Automotive Lubricants Market stood at 19. 65 billion liters in 2021 and is projected to register a CAGR of 3. 83% to reach 23. 72 billion liters in 2026. Key Highlights
New York, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Automotive Lubricants Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026" - https://www.reportlinker.com/p06321677/?utm_source=GNW
Largest Segment by Vehicle Type - Passenger Vehicles : The large fleet size of passenger vehicles across the globe has resulted in this sector accounting for the highest lubricant consumption among all the different vehicle types.
Fastest Segment by Vehicle Type - Motorcycles : The sales boost for motorcycles in several countries despite the COVID-19 pandemic is likely to continue and boost the lubricant consumption by the sector in the future.
Largest Regional Market - Asia-Pacific : Asia-Pacific is home to countries with large vehicle fleets like China, India & Indonesia. As a result, lubricant consumption by this sector was highest in Asia-Pacific.
Fastest Growing Regional Market - Asia-Pacific : The low penetration of synthetic lubricants and expected high growth rates of vehicle population in countries like India are likely to drive lubricant consumption in APAC.
Key Market Trends
Largest Segment By Vehicle Type : Passenger Vehicles
In the global automotive industry, the passenger vehicles (PV) segment accounted for almost 55.1% share in the total number of on-road vehicles during 2020, followed by motorcycles and passenger vehicles with 34.7% and 10.1% shares, respectively.
The passenger vehicles segment accounted for the highest share of 53.6% in the total automotive lubricant volume consumption in 2020, followed by the commercial vehicles segment that accounted for a share of 37.3%. During the same year, travel restrictions to curb COVID-19 significantly affected the usage of these vehicles and their lubricant consumption.
During 2021-2026, lubricant consumption by the motorcycles segment is expected to witness the highest CAGR growth, amounting to 5.06%. The growing motorcycle sales combined with the easing down of COVID-19 pandemic-related travel restrictions are likely to be the key factors driving this trend.
Largest Region : Asia-Pacific
Consumption of automotive lubricants is dominated by Asia-Pacific, North America, and Europe. In 2020, Asia-Pacific accounted for about 43% of the total automotive lubricant consumption globally, while North America and Europe accounted for a share of around 20% and 14.8%, respectively.
The COVID-19 outbreak in 2020 significantly affected automotive lubricant consumption in many countries worldwide. North America was the most affected, with a 17.4% drop, during 2019-2020. Africa was the least affected, with a 4.7% drop in its automotive lubricant consumption.
During 2021-2026, Asia-Pacific is likely to be the fastest-growing lubricant market, as the consumption is likely to increase at a CAGR of 4.89%, followed by Africa and the Middle East, which are expected to record a CAGR of 4.13% and 3.22%, respectively.
Competitive Landscape
The Global Automotive Lubricants Market is moderately consolidated, with the top five companies occupying 40.21%. The major players in this market are BP PLC (Castrol), China National Petroleum Corporation, Exxon Mobil Corporation, Royal Dutch Shell PLC and TotalEnergies (sorted alphabetically).
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
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