Market Trends of Mexico Automotive Lubricants Industry
This section covers the major market trends shaping the Mexico 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 Mexico, passenger vehicles formed the leading vehicle type, in terms of total lubricant volume consumed during 2015-2020. Passenger vehicles accounted for around 53.79% of the total lubricant volume consumption during this period. In Mexico, in terms of the vehicle population, the number of passenger vehicles is way higher than commercial vehicles. This was the key reason for passenger vehicles to lead the lubricant consumption.Saved
- During the forecast period, the passenger vehicle segment is likely to be the fastest-growing vehicle segment, and it is projected to witness a CAGR of 3.78%.
- The United States–Mexico–Canada Agreement (USMCA) has supported the development of new vehicle models during the pandemic. This factor is likely to boost the production and sales of passenger vehicles and, thereby, increase their lubricant consumption in Mexico during the forecast period.
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