The Global Passenger Vehicles Lubricants Market stood at 10. 66 billion liters in 2021 and is projected to register a CAGR of 4. 04% to reach 13. 00 billion liters in 2026. Key Highlights
New York, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Passenger Vehicles Lubricants Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026" - https://www.reportlinker.com/p06321678/?utm_source=GNW Largest Segment by Product Type - Engine Oils : Since it has high-temperature and high-pressure uses, engine oil is the most popular product type in the PV sector, with large volume needs and shorter drain intervals. Fastest Segment by Product Type - Transmission & Gear Oils : Transmission oil consumption is expected to be the highest among all product categories in the PV sector, as the penetration of automatic cars & used cars is expected to rise. Largest Regional Market - Asia-Pacific : Asia-Pacific is home to countries with large vehicle fleets like China, India & Indonesia. As a result, lubricant consumption by this sector was highest in Asia-Pacific. Fastest Growing Regional Market - Africa : The high expected growth rate of car parc in countries like Morocco combined with low penetration of synthetic oils is likely to drive PV lubricant consumption in Africa. Key Market Trends Largest Segment By Product Type : Engine Oils During 2015-2019, lubricant consumption in the global passenger vehicle (PV) sector increased at a CAGR of over 2.5%. Engine oil was the dominating lubricant product type in this sector, accounting for a share of nearly 80%, followed by transmission oils, which accounted for a share of 14.2%. In 2020, post the COVID-19 outbreak, the usage of passenger cars significantly dropped due to the restrictions in response to the pandemic. As a result, lubricant consumption in this sector declined by nearly 11.8% compared to 2019. The expected recovery in production and sales of new passenger vehicles is likely to drive lubricant consumption in this sector. As a result, PV lubricant consumption is expected to increase at a CAGR of about 4% during 2021-2026. Largest Region : Asia-Pacific By geography, lubricant consumption in passenger vehicles (PVs) was the highest in Asia-Pacific, accounting for 37.9% of the total PV lubricant consumption, followed by North America and Europe, which accounted for a share of 28.4% and 15.1%, respectively. In 2020, the declined usage of the passenger vehicle fleet after the COVID-19 outbreak negatively affected PV lubricant consumption across the region. North America was the most affected as it recorded an 18.9% drop in consumption during 2019-2020, followed by Europe (an 18.6% drop). During 2021-2026, Africa will likely be the fastest-growing PV lubricant market. The consumption is likely to record a CAGR of 5.69%, followed by Asia-Pacific and North America, which are expected to witness a CAGR of 5.15% and 3.14%, respectively. Competitive Landscape The Global Passenger Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 42.53%. The major players in this market are BP PLC (Castrol), China National Petroleum Corporation, China Petroleum & Chemical Corporation, ExxonMobil Corporation and Royal Dutch Shell PLC (sorted alphabetically). Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support Read the full report: https://www.reportlinker.com/p06321678/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________
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