India Commercial Vehicles Lubricants Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026

The India Commercial Vehicles Lubricants Market is segmented by Product Type ( Engine Oils, Greases, Hydraulic Fluids, Transmission & Gear Oils )

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Market Snapshot

https://s3.mordorlabs.com/study%20period/1629296433432_test~study_period_study_period.svg Study Period: 2015 - 2026
https://s3.mordorlabs.com/base%20year/1629296433432_test~base_year_base_year.svg Base Year: 2020
https://s3.mordorlabs.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Largest Share by Product Type: Engine Oils
https://s3.mordorlabs.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Fastest Growing by Product Type: Transmission & Gear Oils
https://s3.mordorlabs.com/cagr/1629296433433_test~cagr_cagr.svg CAGR: 5.77 %

Key Players

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Market Overview

The India Commercial Vehicles Lubricants Market stood at 508.12 million liters in 2021 and is projected to register a CAGR of 5.77% to reach 672.64 million liters in 2026.

  • Largest Segment by Product Type - Engine Oils : Engine oil is the leading product type due to its high volume requirements and low drain intervals. It is used for high-temperature and high-pressure applications.
  • Fastest Segment by Product Type - Transmission & Gear Oils : During the forecast period, the demand for hydraulic fluids is expected to be driven by the growth in commercial vehicle sales and increased freight transportation operations.

Scope of the Report

By Product Type
Engine Oils
Greases
Hydraulic Fluids
Transmission & Gear Oils

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Key Market Trends

Largest Segment By Product Type : Engine Oils

  • In India, commercial vehicles (CVs) formed the largest segment and accounted for about 35.7% of lubricant consumption. During 2015-2019, lubricant consumption registered a CAGR of 8.41% in the commercial vehicle segment. This growth was majorly driven by the rise in sales of lightweight trucks.
  • In 2020, commercial vehicle lubricant consumption declined by 12%, as the COVID-19 outbreak affected vehicle production. Engine oils accounted for a 70% share in CV lubricant consumption, followed by hydraulic fluids. A major dip was observed in the engine oil consumption in the CV segment during the year, owing to the impact of COVID-19 outbreak.
  • Over the forecast period, the transmission oils segment is likely to be the fastest-growing segment with a CAGR of 6.55%. This growth is likely to be driven by the OEM companies' efforts toward launching trucks with automatic transmission systems.

Competitive Landscape

The India Commercial Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 54.38%. The major players in this market are Bharat Petroleum Corporation Limited, BP PLC (Castrol), Gulf Oil International, Hindustan Petroleum Corporation Limited and Indian Oil Corporation Limited (sorted alphabetically).

Recent Developments

  • January 2022: Effective April 1, ExxonMobil Corporation was organized along three business lines – ExxonMobil Upstream Company, ExxonMobil Product Solutions and ExxonMobil Low Carbon Solutions.
  • October 2021: Valvoline and Cummins extended their long-standing marketing and technology collaboration agreement for another five years. Cummins will endorse and promote Valvoline's Premium Blue engine oil for its heavy-duty diesel engines and generators and will distribute Valvoline products through its global distribution networks.
  • September 2021: Shell partnered with ReadyAssist, a Bengaluru-based 24-hour roadside assistance firm, to provide a seamless oil changing service across the country. Customers can get a free lube change for their vehicles when they buy Shell lubricants through ReadyAssist, which will be accessible at up to 5,500 third-party retail outlets across the country.

Table of Contents

  1. 1. Executive Summary & Key Findings

  2. 2. Introduction

    1. 2.1 Study Assumptions & Market Definition

    2. 2.2 Scope of the Study​

    3. 2.3 Research Methodology

  3. 3. Key Industry Trends

    1. 3.1 Automotive Industry Trends

    2. 3.2 Regulatory Framework

    3. 3.3 Value Chain & Distribution Channel Analysis

  4. 4. Market Segmentation

    1. 4.1 By Product Type

      1. 4.1.1 Engine Oils

      2. 4.1.2 Greases

      3. 4.1.3 Hydraulic Fluids

      4. 4.1.4 Transmission & Gear Oils

  5. 5. Competitive Landscape

    1. 5.1 Key Strategic Moves

    2. 5.2 Market Share Analysis

    3. 5.3 Company Profiles

      1. 5.3.1 Bharat Petroleum Corporation Limited

      2. 5.3.2 BP PLC (Castrol)

      3. 5.3.3 ExxonMobil Corporation

      4. 5.3.4 Gulf Oil International

      5. 5.3.5 Hindustan Petroleum Corporation Limited

      6. 5.3.6 Indian Oil Corporation Limited

      7. 5.3.7 Royal Dutch Shell Plc

      8. 5.3.8 TIDE WATER OIL CO. (INDIA) LTD

      9. 5.3.9 TotalEnergies

      10. 5.3.10 Valvoline Inc.

  6. 6. Appendix

    1. 6.1 Appendix-1 References

    2. 6.2 Appendix-2 List of Tables & Figures

  7. 7. Key Strategic Questions for Lubricants CEOs

List of Tables & Figures

    Figure 1:  

    COMMERCIAL VEHICLES POPULATION, NUMBER OF UNITS, INDIA, 2015 - 2026

    Figure 2:  

    INDIA COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, BY PRODUCT TYPE, 2015-2026

    Figure 3:  

    INDIA COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 4:  

    INDIA COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, ENGINE OILS, 2015-2026

    Figure 5:  

    INDIA COMMERCIAL VEHICLES LUBRICANTS MARKET, ENGINE OILS, VOLUME SHARE (%), BY VEHICLE TYPE, 2020

    Figure 6:  

    INDIA COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, GREASES, 2015-2026

    Figure 7:  

    INDIA COMMERCIAL VEHICLES LUBRICANTS MARKET, GREASES, VOLUME SHARE (%), BY VEHICLE TYPE, 2020

    Figure 8:  

    INDIA COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, HYDRAULIC FLUIDS, 2015-2026

    Figure 9:  

    INDIA COMMERCIAL VEHICLES LUBRICANTS MARKET, HYDRAULIC FLUIDS, VOLUME SHARE (%), BY VEHICLE TYPE, 2020

    Figure 10:  

    INDIA COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, TRANSMISSION & GEAR OILS, 2015-2026

    Figure 11:  

    INDIA COMMERCIAL VEHICLES LUBRICANTS MARKET, TRANSMISSION & GEAR OILS, VOLUME SHARE (%), BY VEHICLE TYPE, 2020

    Figure 12:  

    INDIA COMMERCIAL VEHICLES LUBRICANTS MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021

    Figure 13:  

    INDIA COMMERCIAL VEHICLES LUBRICANTS MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021

    Figure 14:  

    INDIA COMMERCIAL VEHICLES LUBRICANTS MARKET SHARE(%), BY MAJOR PLAYERS, 2020

Market Definition

  • Vehicle Types - Commercial Vehicles are considered under the commercial vehicle lubricants market.
  • Product Types - For the purpose of this study, lubricant products such as engine oils, transmission & gear oils, hydraulic fluids and greases are taken into consideration.
  • Service Refill - Service/maintenance refill is considered while accounting the lubricant consumption for commercial vehicles, under the study.
  • Factory Fill - First lubricant fill-ups for newly produced commercial vehicles are considered under the study.

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Research Methodology

Mordor Intelligence follows a four-step methodology in all our reports.

  • Step-1: Identify Key Variables: The quantifiable key variables (industry and extraneous) pertaining to the specific product segment and country are selected from a group of relevant variables & factors based on desk research & literature review; along with primary expert inputs. These variables are further confirmed through regression modeling (wherever required).
  • Step-2: Build a Market Model: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
  • Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
  • Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms

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Frequently Asked Questions

The India Commercial Vehicles Lubricants Market market is studied from 2015 - 2026.

The India Commercial Vehicles Lubricants Market stood at 508.12 million liters in 2021 and is projected to register a CAGR of 5.77% to reach 672.64 million liters in 2026.

Engine oil is the leading product type due to its high volume requirements and low drain intervals. It is used for high-temperature and high-pressure applications.

During the forecast period, the demand for hydraulic fluids is expected to be driven by the growth in commercial vehicle sales and increased freight transportation operations.

Bharat Petroleum Corporation Limited,BP PLC (Castrol),Gulf Oil International,Hindustan Petroleum Corporation Limited and Indian Oil Corporation Limited. are the major companies operating in India Commercial Vehicles Lubricants Market.