Market Trends of Turkey Automotive Lubricants Industry
This section covers the major market trends shaping the Turkey Automotive Lubricants Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Commercial Vehicles</span>
- In Turkey, passenger vehicles (PV) accounted for the largest share of 59.25% in the total number of on-road vehicles in 2020, followed by commercial vehicles (CVs) and motorcycles (MCs), with a share of 24.88% and 15.88%, respectively.
- The CV segment accounted for the highest share of around 56% in the total automotive lubricant consumption in 2020, followed by PV (40.87%) and MC (3.14%), respectively. In 2020, COVID-19 outbreak led to notable dip in lubricants consumption, where CV lubricant consumption recorded highest dip of 7.18%, followed by PV (5.47%) and MC (3.75%).
- The passenger vehicle segment is projected to be the fastest-growing lubricant consumer, at a CAGR of 7.91% over the period 2021-2026. In the coming years, the expected growth in annual travel rates, recovery in the sales and average annual distance travelled by commercial vehicles.
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