Market Trends of Mexico Passenger Vehicles Lubricants Industry
This section covers the major market trends shaping the Mexico 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>
- During 2015-2019, the passenger vehicle lubricant consumption in Mexico witnessed a robust growth. The penetration of synthetic lubricants in Mexico during this period was very low in Mexico, unlike Canada and the United States. This factor, combined with the growing vehicle parc in the country, resulted in a consistent increase in lubricant consumption for this segment during this period.
- However, during 2020, the consumption dropped significantly, owing to the COVID-19 pandemic, which has caused a considerable decline in the maintenance requirements of the existing passenger vehicle fleet of the country.
- The passenger vehicle sales in Mexico are likely to recover at a much faster growth rate than in the United States and Canada. As a result, the passenger lubricant consumption is expected to witness a CAGR of 3.78% during the forecast period.
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