Market Trends of United Kingdom Automotive Engine Oils Industry
This section covers the major market trends shaping the UK Automotive Engine Oils Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Passenger Vehicles</span>
- During 2015-2019, the consumption of automotive engine oils decreased at a CAGR of 1.41%. The decline was majorly due to a drop in vehicle sales due to uncertainties related to Brexit and an increase in the application of synthetic engine oils to extend engine oil change intervals.
- In 2020, automotive sales were further affected by the COVID-19 pandemic, leading to a dip of about 27% in sales. The motorcycles segment was the least affected, with a dip of about 2.7% in sales during the year. Such trends led to a decline of about 17.98% in engine oil consumption during 2020.
- During 2021-2026, engine oil consumption is likely to record a CAGR of 1.63%, with demand majorly driven by a surge in travel rates of passenger and commercial vehicles. Electric vehicle penetration in the passenger vehicles segment is expected to have a slight impact on engine oil consumption in the future.
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