Market Trends of Japan Passenger Vehicles Lubricants Industry
This section covers the major market trends shaping the Japan Passenger 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 Japan, passenger vehicle (PV) is the leading segment in terms of automotive lubricant consumption. During 2015-2019, the country recorded a negative CAGR of 2.7% in PV lubricant consumption due to a decline in the annual average distance traveled by passenger vehicles and changes in engine dynamics.
- In 2020, PVs accounted for about 49% of the total automotive lubricant consumption in Japan. Engine oils accounted for the largest share of 72% in PV lubricant consumption during the year. During 2020, PV lubricant consumption declined by 12.66% due to COVID-19, which led to a dip in PV sales and delays in service intervals.
- During 2021-2026, the hydraulic fluids segment is likely to be the fastest-growing segment, with a CAGR of 1.99%. The growth is expected to be driven by an increase in the annual average distance traveled and a rise in sales of passenger vehicles.
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