Market Trends of Qatar Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the Qatar 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 Qatar, commercial vehicles (CVs) forms the second-largest vehicle type in terms of automotive lubricant consumption. During 2015-2019, lubricant consumption in the CV sector has been fluctuating. This can be attributed to the growing vehicle fleet along with expanding service intervals for engine oils and transmission oils.
- The commercial vehicle lubricant consumption declined by almost 8.3% as COVID-19 affected the freight transportation in 2020. The engine oil segment accounted for around 78% share in CV lubricant consumption in 2020. A major decline of 9.5% was observed in the consumption of greases in CV segment during the year.
- The grease segment is likely to be the fastest-growing segment with a CAGR of 5.19% during 2021-2026. The recovery in production and sales of commercial vehicles is likely to drive the consumption of greases in the short term.
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