Market Trends of Argentina Automotive Engine Oils Industry
This section covers the major market trends shaping the Argentina Automotive Engine Oils Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Commercial Vehicles</span>
- In Argentina, engine oils accounted for about 82.35% of automotive lubricants consumption in 2020. During 2015-2019, engine oil consumption recorded a CAGR of 2.47%. The growing active vehicle fleet and increasing service needs in the country were the key drivers of this trend.
- In 2020, the COVID-19 pandemic led to a massive decline in the usage rate of the existing vehicle fleets in the country, which led to a 9.61% dip in engine oil consumption. The passenger vehicles (PV) segment recorded the largest decline of 15.3% in engine oil consumption during the year.
- During 2021-2026, the commercial vehicle segment is expected to register the highest growth of about 4.34% in engine oil consumption, followed by the motorcycles segment (3.98%). The growth is likely to be driven by increasing demand for new trucks and motorcycles in the country over the next five years.
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