Market Trends of United States Passenger Vehicles Lubricants Industry
This section covers the major market trends shaping the US 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 the United States, lubricant consumption in the passenger vehicles segment declined during 2015-2019, due to reduced oil change intervals and volatile sales. With the growing penetration of synthetic and semi-synthetic lubricants in the country and longer drain intervals, lubricant consumption has reduced. Additionally, passenger vehicle sales in the country recorded a negative CAGR of 0.11% during 2015-2019.
- During 2020, COVID-19 led to a major decline in the usage of personal vehicles for commute, which reduced maintenance activities pertaining to passenger vehicles.
- With social distancing measures being slowly eased, the usage of personal vehicles is increasing. This factor is expected to drive the recovery of passenger vehicle lubricant consumption in the United States, at a CAGR of 3.08%, during the forecast period.
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