Market Trends of Germany Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the Germany 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>
- During 2015-2019, commercial vehicle lubricant consumption in Germany increased by a CAGR of 0.42%, majorly owing to significant growth in the country’s commercial vehicle population.
- Post the COVID-19 outbreak, freight transportation in the country was negatively affected during the first half of 2020. Hence, the drop in annual mileage led to a decline of 10.58% in commercial vehicle lubricant consumption in the country.
- In Germany, the recovering commercial vehicle sales are likely to boost lubricant consumption during the forecast period. Although the gradual penetration of electric vehicles in the commercial vehicles sector is likely to reduce engine oil consumption, it is likely to boost grease consumption. Hence, commercial vehicle lubricant consumption is likely to record a CAGR of 1.66% during 2021-2026.
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