Market Trends of Spain Automotive Engine Oils Industry
This section covers the major market trends shaping the Spain Automotive Engine Oils Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Commercial Vehicles</span>
- Prior to 2020, passenger vehicles accounted for the largest share of the automotive lubricant consumption volume among all vehicle types. In Spain, the demand for automotive engine oils increased at a CAGR of 2.14% during 2015-2019.
- In 2020, the COVID-19 outbreak resulted in a major decline in the usage of the existing vehicle fleets in the country, in turn causing a drop in engine oil consumption levels at a rate of 12.50%, compared to 2019.
- During 2021-2026, engine oil consumption is estimated to grow at a lower rate of 2.15%, as compared to other product types. The primary reason for the lower growth rate is engine downsizing, which is further decreasing the average engine oil volumes. Also, an increase in service intervals in the PV and CV segments due to the rising adoption of synthetic lubricants is expected to restrain the volume growth of engine oils in the coming years.
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