Market Trends of Vietnam Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the Vietnam 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>
- In Vietnam, commercial vehicles (CVs) formed the second largest segment in terms of lubricant consumption. During 2015-2019, lubricant consumption witnessed a CAGR growth of over 10% in the CV segment. The growth was majorly driven by the growing freight transportation in the country.
- In 2020, commercial vehicle lubricant consumption declined by 7.11% as COVID-19 affected freight transportation. Engine oil accounts for around 69% share in CV lubricant consumption. A major decline of over 18% was observed in the consumption of hydraulic fluids in the CV segment during 2020.
- During 2021-2026, the hydraulic fluid segment is likely to be the fastest-growing segment, with a CAGR of 5.61%. The recovery in production and sales of commercial vehicles is likely to drive the consumption of transmission oils over the forecast period.
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