Market Trends of United States Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the US 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>
- During 2015-2019, in the United States, commercial automotive lubricant consumption increased, primarily driven by the increased sales of commercial vehicles during this period. Only in 2016, the country had observed a decline in sales, due to weak freight demand. Overall, there was about 17.31% growth in sales over 2015-2019, which notably added to the number of on-road commercial vehicles in the country.
- Post the COVID-19 outbreak, freight transportation was negatively affected, owing to the social restrictions imposed to curb the spread of the disease during the first half of 2020, which resulted in decreased maintenance requirements for commercial vehicles.
- The electric vehicle penetration in the commercial vehicles segment is at its initial stage in the country. As of 2019, 2000 electric trucks were on-road in the country, and the number is projected to rise to 54,000 e-trucks by 2025.
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