Market Trends of Bulgaria Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the Bulgaria Commercial Vehicles Lubricants Market according to our research experts:
Largest Segment By Product Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Engine Oils</span>
- The commercial vehicles (CV) segment's volume share in the overall automotive lubricants market increased from 30.47% in 2015 to 32.92% in 2019. In the past few years, an increase in the volumes of transmission and hydraulic oils in the CV segment propelled the consumption of lubricants. Commercial vehicle registrations exhibited a CAGR of 4.71% during 2015-2019.
- In 2020, transportation restrictions and economic shutdowns imposed by the Bulgarian government due to the pandemic led to a sudden decline of 9.95% in commercial vehicle lubricant consumption volume.
- By the second half of 2021, consumption volume rate is estimated to be at 5.3%. However, the yearly growth rate in consumption during the forecast period is likely to be on a declining trend. The decrease in annual service frequency is hampering growth, and it is expected to exhibit a CAGR of 3% during 2021-2026.
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