Market Trends of Singapore Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the Singapore 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 Singapore, commercial vehicles (CVs) formed the largest segment and accounted for about 49.67% of lubricant consumption in 2020. During 2015-2019, lubricant consumption recorded a 7.14% drop in the CV segment. The drop was majorly caused by the declining usage of commercial vehicles due to their high maintenance costs.
- In 2020, lubricant consumption of commercial vehicles declined by 17.26% as the COVID-19 pandemic affected freight transportation. Engine oils accounted for an 86.91% share in CV lubricant consumption. A major decline of 22.11% was also observed in the consumption of hydraulic fluids in the CV segment during the year.
- Over the next five years, the hydraulic fluids segment is likely to be the fastest-growing segment, with a CAGR of 3.96%. The recovery in production and sales of commercial vehicles is likely to drive the consumption of hydraulic fluids over the forecast period.
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