Market Trends of India Automotive Lubricants Industry
This section covers the major market trends shaping the India 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 India, motorcycles accounted for 77.55% of the total number of on-road vehicles in 2020, followed by passenger vehicles (PVs) and commercial vehicles (CVs), with a share of 16.84% and 5.61%, respectively.
- However, commercial vehicle accounted for the highest share of 35.7% in total lubricant consumption in 2020, followed by motorcycles (33.15%) and passenger vehicle (31.1%) respectively. In 2020, COVID-19 outbreak led to notable dip in lubricants consumption, wherein the motorcylce lubricant consumption recorded the highest dip rate of 18.6%, followed by passenger vehicles (16.3%).
- The motorcycles segment is projected to be the fastest-growing lubricant segment, with a CAGR of 6.63% over 2021-2026. The growth is projected to be driven by expected rise in demand for personal mobility and rise in electric vehicle usage.
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