Market Trends of Malaysia Automotive Lubricants Industry
This section covers the major market trends shaping the Malaysia Automotive Lubricants Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Passenger Vehicles</span>
- In Malaysia, passenger vehicles (PVs) accounted for the largest share of 47.4% in the total number of on-road vehicles in 2020, followed by motorcycles and commercial vehicles (CVs) at 46.01% and 6.59%, respectively.
- The PV segment accounted for the highest share of 48.73% in the total lubricant consumption in 2020, followed by CVs (29.07%) and motorcycles (22.2%). In 2020, the COVID-19 outbreak led to a notable dip in lubricant consumption, wherein the lubricant consumption of commercial vehicles recorded the highest dip of 10.51%, followed by passenger vehicles (9.92%).
- The motorcycle segment is projected to be the fastest-growing lubricant consumer, with a CAGR of 5.47%, over the forecast period. The expected recovery in the average distance traveled by existing fleets and the growing sales are projected to drive the motorcycle lubricant consumption during this period.
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