Market Trends of Spain Passenger Vehicles Lubricants Industry
This section covers the major market trends shaping the Spain Passenger Vehicles Lubricants Market according to our research experts:
Largest Segment By Product Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Engine Oils</span>
- The share of the passenger vehicles (PVs) segment in the overall automotive lubricant consumption increased from 45.5% in 2015 to 47.4% in 2019. The PV lubricants segment exhibited a CAGR of 3.53% during 2015-2019 due to the gradual growth in the active vehicle parc and vehicle service requirements.
- Due to the lockdown imposed to curb the spread of COVID-19, the consumption of PV lubricants dropped by 18.82% in 2020. The volume share of the PV segment in the automotive lubricants market declined by nearly 3% in 2020, as compared to 2019.
- In 2021, the Spanish Prime Minister announced an aid package worth USD 4.2 billion for the hard-hit auto industry to promote the production and sales of cleaner cars. This factor, along with the expected recovery in the sales of new and used cars, is projected to drive PV lubricant consumption at a CAGR of 2.18% during 2021-2026.
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