Market Trends of Argentina Automotive Lubricants Industry
This section covers the major market trends shaping the Argentina Automotive Lubricants Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Commercial Vehicles</span>
- In Argentina, passenger vehicles (PVs) accounted for the largest share of 54.9% in the total number of on-road vehicles in 2020, followed by motorcycles (MCs) and commercial vehicles (CVs), with a share of 27.5% and 17.5%, respectively.
- The CV segment accounted for the largest share of around 54% of the total automotive lubricant consumption in 2020, followed by the PV (36.5%) and MC (8.91%) segments, respectively. In 2020, the COVID-19 outbreak led to a notable dip in lubricants consumption, where PV lubricant consumption recorded the highest dip of 15.08%, followed by MC (11.51%) and CV (5.3%).
- The commercial vehicle segment is projected to be the fastest-growing lubricant consumer segment, exhibiting a CAGR of 4.66% over 2021-2026. The growth is expected to be driven by the growing demand for medium and heavy-duty trucks in the country.
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