Market Trends of Thailand Passenger Vehicles Lubricants Industry
This section covers the major market trends shaping the Thailand 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>
- In Thailand, the passenger vehicles segment is the second-largest segment in terms of automotive lubricant consumption. During 2015-2019, the country recorded a CAGR of 1.23% in PV lubricant consumption, majorly driven by the growth in sedan and rental vehicles.
- In 2020, the passenger vehicles segment accounted for about 13% of the total automotive lubricant consumption in the country. Engine oil accounted for the largest share in PV lubricant consumption, with a share of about 69.4% during the year. During 2020, PV lubricant consumption declined by 6.8% due to the COVID-19 pandemic, which led to a dip in PV sales and extended service intervals.
- During 2021-2026, the transmission oils segment is likely to be the fastest-growing segment with a CAGR of 5.01%. This growth is likely to be driven by the recovery in annual average distance traveled, production, and sales.
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