Market Trends of South Africa Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the South Africa 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 South Africa, commercial vehicles (CV) form the largest segment in terms of automotive lubricant consumption. During 2015-2019, lubricant consumption registered a CAGR of 1.26% in the CV segment. The growth was majorly driven by the growing freight transportation in the country.
- The commercial vehicle lubricant consumption declined by 3.26%, as the COVID-19 pandemic affected freight transportation in 2020. The engine oil segment accounts for around 75.7% share in the CV lubricant consumption. A major decline of 3.97% was observed in the consumption of engine oils in the CV segment during the year.
- During 2021-2026, the transmission oils segment is likely to be the fastest-growing product type, exhibiting a CAGR of 4.29%. The recovery in the usage and sales of commercial vehicles is likely to drive the consumption of transmission oils over the coming years.
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