Market Trends of Colombia Automotive Lubricants Industry
This section covers the major market trends shaping the Colombia Automotive Lubricants Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Commercial Vehicles</span>
- In Colombia, motorcycles accounted for the largest share of 60.9% in the total number of on-road vehicles in 2020, followed by passenger vehicles (PV) and commercial vehicles (CV), with a share of 24.2% and 14.8%, respectively.
- The CV segment accounted for the highest share of around 55.7% in the total automotive lubricant consumption in 2020, followed by PV (23.45%) and MC (20.83%), respectively. In 2020, the COVID-19 outbreak led to a notable dip in lubricants consumption, where PV lubricant consumption recorded the highest dip of 11.68%, followed by CV (6.92%) and MC (5.97%).
- The commercial vehicle segment is projected to be the fastest-growing lubricant consumer, exhibiting a CAGR of 3.25% during 2021-2026. The growth is expected to be driven by the growing demand for medium and heavy-duty trucks in the country.
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