Market Trends of Malaysia Passenger Vehicles Lubricants Industry
This section covers the major market trends shaping the Malaysia 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 Malaysia, passenger vehicle is the largest segment in terms of automotive lubricant consumption. During 2015-2019, the country recorded a CAGR of 6.12% in PV lubricant consumption, majorly driven by growth in vehicles on-road and PV production in the country.
- In 2020, passenger vehicles accounted for 48.73% of the total automotive lubricant consumption in the country. Engine oil accounted for the largest share in PV lubricant consumption, with a share of about 76.59% during the year. During 2020, PV lubricant consumption declined by nearly 10% due to the COVID-19 pandemic, which led to a dip in PV sales and extended service intervals.
- In the next five years, the transmission oils segment is expected to be the fastest-growing segment with a CAGR of 5.09%. This growth is likely to be driven by a recovery in annual average distance traveled and increasing automatic car sales in the country.
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