Market Trends of Colombia Automotive Engine Oils Industry
This section covers the major market trends shaping the Colombia Automotive Engine Oils Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Commercial Vehicles</span>
- Engine oils accounted for about 79.8% of automotive lubricants in Colombia in 2020. During 2015-2019, engine oil consumption increased at a CAGR of 2.25% due to the country's growing active vehicle fleet and increasing service needs.
- In 2020, the COVID-19 outbreak led to a massive decline in the usage rate of the existing vehicle fleets in the country, which led to a 7.74% dip in engine oil consumption. The passenger vehicles (PVs) segment recorded the largest decline of 12.11% in engine oil consumption during the year.
- During 2021-2026, the commercial vehicle segment is expected to register the highest growth of about 3.77% in transmission oil consumption, followed by hydraulic fluids (3.36%). The growth is likely to be driven by increasing demand for new trucks and motorcycles in the country over the next five years.
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