Market Trends of Malaysia Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the Malaysia 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 Malaysia, commercial vehicles (CVs) formed the second largest segment and accounted for about 29% of lubricant consumption. During 2015-2019, lubricant consumption recorded a CAGR of 4.92% in the CV segment. CV lubricant consumption was majorly driven by a rise in on-road CV population in the country during this period.
- In 2020, commercial vehicle lubricant consumption declined by 10.51% as the COVID-19 pandemic affected sales. Engine oil accounts for a 77.2% share in CV lubricant consumption, followed by transmission oils (12.5%). A major dip of 11.32% was observed in engine oil consumption in the CV segment during the year.
- During 2021-2026, transmission oil is likely to be the fastest-growing segment with a CAGR of 4.13%. The increasing share of automatic commercial vehicles in the country is expected to boost the consumption of transmission oils over the next five years.
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