Market Trends of Indonesia Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the Indonesia 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>
- In Indonesia, commercial vehicles (CVs) formed the third-largest segment and accounted for about 21.6% of lubricant consumption. During 2015-2019, lubricant consumption recorded a CAGR of 3.45% in the CV segment, majorly driven by the growing on-road CV population and the average distance traveled per year.
- In 2020, lubricant consumption of commercial vehicles declined by 12.96% as COVID-19 affected sales. Engine oil accounted for a 62.79% share in CV lubricant consumption, in 2020. A major decline of 13.64% was observed in the consumption of greases in the CV segment during the year, over 2019.
- Over the forecast period, the transmission oils segment is likely to grow rapidly, with a CAGR of 6.1%. The recovery in the production and sales of new commercial vehicles is likely to drive the consumption of transmission oils over the forecast period.
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