Market Trends of India Automotive Engine Oils Industry
This section covers the major market trends shaping the India Automotive Engine Oils Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Motorcycles</span>
- In India, engine oils accounted for about 81% of automotive lubricant consumption in 2020. During 2015-2019, engine oil consumption in the country recorded a CAGR of 7.89%. The rise in vehicle sales and higher dominance of mineral-based engine oils have been the major factors driving automotive engine oil consumption in the country.
- In 2020, the COVID-19 outbreak resulted in a massive decline in the usage rate of the existing vehicle fleets in the country, which led to a 16.2% dip in engine oil consumption. The motorcycles segment recorded the largest decline of about 19% in engine oil consumption during the year.
- During 2021-2026, the motorcycles segment is expected to register the highest CAGR of about 6.69% for engine oil consumption, followed by the passenger vehicle (6.5%) and commercial vehicle (5.88%) segments, respectively.
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