Market Trends of Europe Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the Europe 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>
- Lubricant consumption in the European commercial vehicles sector witnessed a significant increase due to the growing commercial vehicle population during 2015-2018. However, in 2019, a decline in the annual vehicle mileage and commercial vehicle production caused a 1.92% drop in lubricant consumption over 2018.
- Post the COVID-19 outbreak, freight transportation in Europe was negatively affected due to the social restrictions imposed as a response to the pandemic during the first half of 2020. As a result, lubricant consumption in commercial vehicles in the region decreased by 11.82%, compared to 2019.
- The recovering commercial vehicle sales in Europe are likely to boost lubricant consumption during the forecast period. The expected growth in the penetration of electric vehicles is anticipated to have a slight impact on engine oil consumption during 2021-2026.
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Largest Country : <span style="font-family: 'regular_bold';color:#0e7db3;">Russia</span>
- In Europe, the consumption volume of commercial vehicle (CV) lubricants is the highest in Russia, followed by France and Italy. In 2020, Russia accounted for 21.33% of the total consumption of CV lubricants in Europe. The country recorded the highest shares in the consumption of engine oils (23.23%), greases (14.63%), and transmission oils (21.84%).
- In 2020, France recorded the highest share of 17.62% in hydraulic fluids. However, the COVID-19 outbreak significantly affected vehicle production and sales in the country due to the social restrictions imposed during the year.
- During the first half of 2021, European countries experienced the second wave of COVID-19, which reduced the pace of the sales recovery. Production was also affected by the semiconductor shortage. However, growth in the automotive sector is likely to improve from 2022, registering a CAGR of 1.68% during 2021-2026.
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