Market Trends of Vietnam Automotive Lubricants Industry
This section covers the major market trends shaping the Vietnam Automotive Lubricants Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Motorcycles</span>
- In Vietnam, motorcycles accounted for the largest share, 94.08%, in the total number of on-road vehicles in 2020, followed by passenger vehicles (PVs) and commercial vehicles (CVs), with a share of 3.70% and 2.22%, respectively.
- The MC segment accounted for the highest share, 71.38%, in the total automotive lubricant consumption in 2020, followed by CV (21.27%) and PV (7.35%), respectively. In 2020, the COVID-19 outbreak led to a notable dip in lubricant consumption, where PV lubricant consumption recorded the highest dip of 15.83%, followed by CV (7.11%) and MC (2.91%).
- The motorcycle segment is projected to be the fastest-growing lubricant consumer, with a CAGR of 4.85% over the period 2021-2026. The growth is expected to be driven by the recovery in mopeds and motorcycles production and sales in the coming years.
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