Market Trends of Spain Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the Spain 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 2015, the commercial vehicles (CVs) segment accounted for a majority share of 53.1% of the overall Spanish automotive lubricants market. During 2015-2019, the segment recorded a CAGR of 1.64%. The share of lubricants in the CV segment decreased to 51.3% by 2019.
- In 2020, the year-on-year decrease in the segment’s lubricant consumption rate was lower (-7.34%) compared to other vehicle segments due to the sustained demand for freight transportation - which was considered an essential activity during the lockdown.
- The sales of used trucks and new commercial vehicles are estimated to increase due to a surge in trade activities with other European countries, along with the implementation of a new scrappage policy in 2020. Hence, lubricant consumption in the CV segment is estimated to record a CAGR of 1.94% during 2021-2026.
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