Commercial Vehicles Lubricants Market Size
| Study Period | 2015 - 2026 |
| Base Year For Estimation | 2020 |
| Market Volume (2024) | 7.96 Billion Liters |
| Market Volume (2026) | 8.43 Billion Liters |
| CAGR (2024 - 2026) | 2.91 % |
| Market Concentration | High |
Commercial Vehicles Lubricants Market Analysis
The Global Commercial Vehicles Lubricants Market size is estimated at 7.96 Billion Liters in 2024, and is expected to reach 8.43 Billion Liters by 2026, growing at a CAGR of 2.91% during the forecast period (2024-2026).
- 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 CV sector, with large volume needs and shorter drain intervals.
- Fastest Segment by Product Type - Transmission & Gear Oils : Transmission oil consumption is predicted to be the highest among all product categories in the global CV sector, with the use of LCVs and trucks expected to rise.
- Largest Regional Market - Asia-Pacific : Asia-Pacific is home to countries with large vehicle fleets like China, India, and Japan. As a result, the lubricant consumption by this sector was highest in Asia-Pacific.
- Fastest Growing Regional Market - Asia-Pacific : The low penetration of synthetic lubricants and expected high growth rates of the truck fleet in countries like India are likely to drive lubricant consumption in APAC.
Commercial Vehicles Lubricants Market Trends
This section covers the major market trends shaping the Commercial Vehicles Lubricants Market according to our research experts:
Largest Segment By Product Type : Engine Oils
- During 2015-2019, lubricant consumption in the global commercial vehicle sector increased at a CAGR of 2%. Engine oil was the dominating lubricant product type in this sector, accounting for a share of 73% in 2020, followed by transmission oils, which accounted for a share of 11.5%.
- During the COVID-19 outbreak in 2020, freight transportation significantly dropped due to the lockdowns in response to the pandemic. Hence, lubricant consumption in this sector declined by 7.8% compared to 2019.
- The projected boom in logistic requirements and recovery in sales of new commercial vehicles are likely to drive lubricant consumption in this sector. Hence, commercial vehicle lubricant consumption is expected to increase at a CAGR of 3.2% during 2021-2026.
Largest Region : Asia-Pacific
- By geography, lubricant consumption of commercial vehicles (CV) was the highest in Asia-Pacific, at around 41.5% of the total CV lubricant consumption globally, followed by Europe and North America, which accounted for a share of 17.7% and 12.6%, respectively.
- The restrictions imposed on business and transportation activities after the COVID-19 outbreak negatively affected CV lubricant consumption across the region in 2020. North America was the most affected, as it recorded a 12.1% drop in consumption during 2019-2020, followed by Europe, which recorded an 11.8% drop.
- During 2021-2026, Asia-Pacific is likely to be the fastest-growing CV lubricant market as the consumption is likely to increase at a CAGR of 4.38%, followed by Africa and South America, with an expected CAGR of 3.09% and 3.0%, respectively.
Commercial Vehicles Lubricants Industry Overview
The Global Commercial Vehicles Lubricants Market is fragmented, with the top five companies occupying 39.20%. The major players in this market are BP PLC (Castrol), Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell PLC and TotalEnergies (sorted alphabetically).
Commercial Vehicles Lubricants Market Leaders
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BP PLC (Castrol)
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Chevron Corporation
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ExxonMobil Corporation
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Royal Dutch Shell PLC
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TotalEnergies
*Disclaimer: Major Players sorted in no particular order
Commercial Vehicles Lubricants Market News
- January 2022: Effective April 1, ExxonMobil Corporation was organized along three business lines - ExxonMobil Upstream Company, ExxonMobil Product Solutions and ExxonMobil Low Carbon Solutions.
- October 2021: Valvoline and Cummins extended their long-standing marketing and technology collaboration agreement for another five years. Cummins will endorse and promote Valvoline's Premium Blue engine oil for its heavy-duty diesel engines and generators and will distribute Valvoline products through its global distribution networks.
- September 2021: Shell partnered with ReadyAssist, a Bengaluru-based 24-hour roadside assistance firm, to provide a seamless oil changing service across the country. Customers can get a free lube change for their vehicles when they buy Shell lubricants through ReadyAssist, which will be accessible at up to 5,500 third-party retail outlets across the country.
Commercial Vehicles Lubricants Market Report - Table of Contents
1. Executive Summary & Key Findings
2. Introduction
2.1 Study Assumptions & Market Definition
2.2 Scope of the Study
2.3 Research Methodology
3. Key Industry Trends
3.1 Automotive Industry Trends
3.2 Regulatory Framework
3.3 Value Chain & Distribution Channel Analysis
4. Market Segmentation
4.1 By Product Type
4.1.1 Engine Oils
4.1.2 Greases
4.1.3 Hydraulic Fluids
4.1.4 Transmission & Gear Oils
4.2 By Region
4.2.1 Africa
4.2.1.1 Egypt
4.2.1.2 Morocco
4.2.1.3 Nigeria
4.2.1.4 South Africa
4.2.1.5 Rest of Africa
4.2.2 Asia-Pacific
4.2.2.1 China
4.2.2.2 India
4.2.2.3 Indonesia
4.2.2.4 Japan
4.2.2.5 Malaysia
4.2.2.6 Philippines
4.2.2.7 Singapore
4.2.2.8 South Korea
4.2.2.9 Thailand
4.2.2.10 Vietnam
4.2.2.11 Rest of Asia-Pacific
4.2.3 Europe
4.2.3.1 Bulgaria
4.2.3.2 France
4.2.3.3 Germany
4.2.3.4 Italy
4.2.3.5 Norway
4.2.3.6 Poland
4.2.3.7 Russia
4.2.3.8 Spain
4.2.3.9 United Kingdom
4.2.3.10 Rest of Europe
4.2.4 Middle East
4.2.4.1 Iran
4.2.4.2 Qatar
4.2.4.3 Saudi Arabia
4.2.4.4 Turkey
4.2.4.5 UAE
4.2.4.6 Rest of Middle East
4.2.5 North America
4.2.5.1 Canada
4.2.5.2 Mexico
4.2.5.3 United States
4.2.5.4 Rest of North America
4.2.6 South America
4.2.6.1 Argentina
4.2.6.2 Brazil
4.2.6.3 Colombia
4.2.6.4 Rest of South America
5. Competitive Landscape
5.1 Key Strategic Moves
5.2 Market Share Analysis
5.3 Company Profiles
5.3.1 BP PLC (Castrol)
5.3.2 Chevron Corporation
5.3.3 China National Petroleum Corporation
5.3.4 China Petroleum & Chemical Corporation
5.3.5 ENEOS Corporation
5.3.6 ExxonMobil Corporation
5.3.7 Idemitsu Kosan Co. Ltd
5.3.8 Royal Dutch Shell PLC
5.3.9 TotalEnergies
5.3.10 Valvoline Inc.
6. Appendix
6.1 Appendix-1 References
6.2 Appendix-2 List of Tables & Figures
7. Key Strategic Questions for Lubricants CEOs
Commercial Vehicles Lubricants Industry Segmentation
| By Product Type | |
| Engine Oils | |
| Greases | |
| Hydraulic Fluids | |
| Transmission & Gear Oils |
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Commercial Vehicles Lubricants Market Research FAQs
How big is the Global Commercial Vehicles Lubricants Market?
The Global Commercial Vehicles Lubricants Market size is expected to reach 7.96 billion Liters in 2024 and grow at a CAGR of 2.91% to reach 8.43 billion Liters by 2026.
What is the current Global Commercial Vehicles Lubricants Market size?
In 2024, the Global Commercial Vehicles Lubricants Market size is expected to reach 7.96 billion Liters.
Who are the key players in Global Commercial Vehicles Lubricants Market?
BP PLC (Castrol), Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell PLC and TotalEnergies are the major companies operating in the Global Commercial Vehicles Lubricants Market.
Which segment has the biggest share in the Global Commercial Vehicles Lubricants Market?
In the Global Commercial Vehicles Lubricants Market, the Engine Oils segment accounts for the largest share by product type.
Which region has the biggest share in the Global Commercial Vehicles Lubricants Market?
In 2024, Asia-Pacific accounts for the largest share by region in the Global Commercial Vehicles Lubricants Market.
What years does this Global Commercial Vehicles Lubricants Market cover, and what was the market size in 2023?
In 2023, the Global Commercial Vehicles Lubricants Market size was estimated at 7.72 billion Liters. The report covers the Global Commercial Vehicles Lubricants Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Commercial Vehicles Lubricants Market size for years: 2024, 2025 and 2026.
Global Commercial Vehicles Lubricants Industry Report
Statistics for the 2024 Global Commercial Vehicles Lubricants market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Global Commercial Vehicles Lubricants analysis includes a market forecast outlook to 2026 and historical overview. Get a sample of this industry analysis as a free report PDF download.
