Market Trends of Philippines Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the Philippines 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 the Philippines, commercial vehicles (CVs) formed the largest segment and accounted for about 76% of the overall lubricant consumption in 2015. During 2015-2019, lubricant consumption recorded a CAGR of 2.06% in the CV segment. The growth was majorly driven by the rise in on-road CVs and average distance traveled per year.
- Engine oil was the dominant product type in the market and accounted for a 74% share in CV lubricant consumption in 2020. In the same year, lubricant consumption of commercial vehicles declined by 10.1% due to the impact of COVID-19 on vehicle activities and sales. A major decline of 11% was also observed in the consumption of greases in the CV segment during the year.
- During 2021-26, the transmission oils segment is likely to be the fastest-growing segment, with a CAGR of 3.05%. The recovery in usage and sales of commercial vehicles is likely to drive the consumption of transmission oils over the forecast period.
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