Market Trends of Philippines Automotive Lubricants Industry
This section covers the major market trends shaping the Philippines Automotive Lubricants Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Commercial Vehicles</span>
- In the Philippines, the motorcycle segment accounted for the largest share of 64.57% in the total number of on-road vehicles in 2020, followed by the commercial vehicle (CV) and passenger vehicle (PV) segments with shares of 21.23% and 14.21%, respectively.
- The CV segment accounted for the largest share of 74.27% in the total lubricant consumption in 2020, followed by the motorcycle (16.16%) and PV (9.57%) segments, respectively. In 2020, the COVID-19 outbreak led to a notable dip in lubricant consumption, where PV lubricant consumption recorded the highest dip of 18%, followed by motorcycle (13.8%) and commercial vehicle (10%) consumption, respectively.
- The motorcycle segment is projected to be the fastest-growing lubricant segment, recording a CAGR of 5.58% during 2021-2026. The growth is expected to be driven by the recovery in moped and motorcycle production and sales over the short term.
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