Market Trends of China Automotive Lubricants Industry
This section covers the major market trends shaping the China 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 China, the passenger vehicles segment accounted for a share of 58.84% in the total number of on-road vehicles in 2020, followed by the motorcycles and commercial vehicles segments, with 34.86% and 6.30% shares, respectively.
- In 2020, the passenger vehicles (PVs) segment accounted for the highest share of 64.1%, in terms of lubricant consumption. The dip in sales and the usage of the existing PV fleet due to COVID-19 restrictions led to a decline in lubricant consumption during the year.
- Among all vehicle types, the passenger vehicles segment is likely to be the fastest-growing segment at a CAGR of 5.80%, in terms of lubricant consumption, during 2021-2026. During this period, PV engine oil consumption is likely to grow at a slower pace compared to other lubricants, owing to the rising sales of electric vehicles on the back of incentives offered in the country.
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