Market Trends of Bulgaria Automotive Lubricants Industry
This section covers the major market trends shaping the Bulgaria Automotive Lubricants Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Passenger Vehicles</span>
- Among all vehicle types, passenger vehicles accounted for 81.51% of the total on-road vehicles in 2020, generating the highest demand for lubricants in Bulgaria. Passenger vehicles accounted for 66.41% of the total lubricant volume consumption in 2020.
- However, this reflected a dip in its lubricant share of 68.91%, recorded in 2019. Social restrictions imposed to curb the COVID-19 outbreak affected lubricant consumption in passenger vehicles. With an expected recovery in sales, lubricant consumption in passenger vehicles is also likely to increase over the forecast period.
- The commercial vehicles segment is likely to record the highest CAGR of 3% over the forecast period. Fast recovery is expected in the sales of commercial vehicles due to the increase in the demand for freight transportation with trade activities, and thus adding to the demand for lubricants.
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