Market Trends of Morocco Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the Morocco 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 Morocco, commercial vehicles (CV) form the largest segment in terms of automotive lubricant consumption. During 2015-2019, lubricant consumption increased at a CAGR of around 5% in the CV segment. The growth was majorly driven by the growing freight transportation in the country.
- Lubricant consumption of commercial vehicles declined by 4.5% as COVID-19 affected freight transportation activity in 2020. The engine oil segment accounted for a share of 67.8% in the CV lubricant consumption during the year, a sudden decline of 4.17%.
- The greases segment is likely to be the fastest-growing product type, exhibiting a CAGR of 7.2% during 2021-2026. The recovery in usage and production of commercial vehicles will likely drive the consumption of greases in the coming years.
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