Market Trends of Thailand Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the Thailand 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 Thailand, commercial vehicles (CVs) formed the largest segment and accounted for over 78% of lubricant consumption. During 2015-2019, lubricant consumption recorded a CAGR of 1.23% in the CV segment. In 2019, lubricant consumption declined by 1% due to a dip in production, thus, marginalizing the growth during this period.
- In 2020, commercial vehicle lubricant consumption declined by 11.5%, as the COVID-19 outbreak affected sales. Engine oils account for a 62% share in CV lubricant consumption, followed by hydraulic fluids and greases, respectively. A major dip of 13.5% was observed in hydraulic fluid consumption in the CV segment during the year.
- During 2021-2026, the hydraulic fluids segment is likely to be the fastest-growing segment with a CAGR of 4.42%. Growing investments are likely to boost CV production, thus, driving hydraulic fluid consumption in the country.
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