Market Trends of Mexico Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the Mexico 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>
- During 2015-2019, the commercial vehicle lubricant consumption in Mexico witnessed a gradual increase, followed by a period of decline.
- The high average age of heavy-duty commercial trucks and significant usage of older lubricant specifications were the major factors driving the country's lubricant consumption levels. During 2015-2019, commercial vehicle production in Mexico witnessed uneven growth rates, thus, leading to a volatile trend in commercial lubricant consumption.
- During 2019-2020, the consumption dropped suddenly, owing to decreased freight transportation post the COVID-19 outbreak. The sales of commercial vans and tractors in Mexico are likely to recover significantly during 2021, thereby supporting the commercial lubricant consumption with a CAGR of 2.27% during the forecast period.
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