Market Trends of Asia-pacific Automotive Lubricants Industry
This section covers the major market trends shaping the APAC Automotive Lubricants Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Passenger Vehicles</span>
- In the Asia-Pacific region, motorcycles accounted for a 54.25% share in the total number of on-road vehicles during 2020, followed by passenger vehicles and motorcycles, with 37.9% and 7.85% shares, respectively.
- The passenger vehicles segment accounted for the highest share of 47.17% in the total automotive lubricant volume consumption in 2020, followed by the commercial vehicles segment with a 35.91% share. During the same year, travel restrictions to curb the COVID-19 pandemic significantly affected the usage of these vehicles and their lubricant consumption.
- During 2021-2026, the passenger vehicles segment is expected to witness the highest CAGR of 5.16%. The recovery of passenger vehicle sales, combined with the easing down of COVID-19-related travel restrictions, is likely to be the key factor driving this trend.
Understand The Key Trends Shaping This Market
Download Sample
Largest Country : <span style="font-family: 'regular_bold';color:#0e7db3;">China</span>
- In Asia-Pacific, China has the highest automotive lubricant consumption, followed by India and Japan. In 2020, China accounted for about 46% of the total automotive lubricant consumption in the region. The country also recorded the largest shares in the consumption of engine oils and greases of about 46.39% and 38.8%, respectively.
- In 2020, the COVID-19 outbreak significantly affected automotive lubricant consumption in many Asia-Pacific countries. The automotive lubricant consumption in Singapore was the most affected, with a 17.4% drop during 2019-2020, whereas China was the least affected, with a 2.19% growth.
- During 2021-2026, India is estimated to be the fastest-growing lubricant market, as the consumption is likely to record a CAGR of 6.31%, followed by China and Indonesia, at an estimated CAGR of 5.41% and 5.20%, respectively.
Get Analysis on Important Geographic Markets
Download Sample
