Vietnam Automotive Engine Oil Market Size
| Study Period | 2015 - 2026 |
| Base Year For Estimation | 2020 |
| Market Volume (2024) | 213.05 Million Liters |
| Market Volume (2026) | 232.16 Million Liters |
| CAGR (2024 - 2026) | 4.39 % |
| Market Concentration | High |
Vietnam Automotive Engine Oil Market Analysis
The Vietnam Automotive Engine Oils Market size is estimated at 213.05 Million Liters in 2024, and is expected to reach 232.16 Million Liters by 2026, growing at a CAGR of 4.39% during the forecast period (2024-2026).
- Largest Segment by Vehicle Type - Motorcycles : Increasing servicing frequencies and the growing motorcycle population in Vietnam are primary reasons for the high engine oil consumption in the motorcycles segment.
- Fastest Segment by Vehicle Type - Motorcycles : The anticipated robust rebound in motorcycle usage and sales in Vietnam from 2021 is expected to boost motorcycle engine oil consumption over the forecast period.
Vietnam Automotive Engine Oil Market Trends
This section covers the major market trends shaping the Vietnam Automotive Engine Oils Market according to our research experts:
Largest Segment By Vehicle Type : Motorcycles
- In Vietnam, engine oils accounted for about 87.56% of automotive lubricants in 2020. During 2015-2019, engine oil consumption increased at a CAGR of around 7.17%. The growing active vehicle fleet in the country was the key driver for this trend.
- In 2020, the COVID-19 outbreak led to a massive decline in the usage rate of the existing vehicle fleets in the country, which led to a 4.4% dip in engine oil consumption. The passenger vehicle (PV) segment recorded the largest decline of 17.56% in engine oil consumption during 2020.
- During 2021-2026, the motorcycles segment is expected to register the highest growth of about 4.89% in engine oil consumption, followed by the CV segment (2.58%). The growth is likely to be driven by strong demand for mopeds and motorcycles in the country over the next five years.
Vietnam Automotive Engine Oil Industry Overview
The Vietnam Automotive Engine Oils Market is moderately consolidated, with the top five companies occupying 57.59%. The major players in this market are BP Plc (Castrol), Mekong Petrochemical JSC, Petrolimex (PLX), Royal Dutch Shell Plc and TotalEnergies (sorted alphabetically).
Vietnam Automotive Engine Oil Market Leaders
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BP Plc (Castrol)
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Mekong Petrochemical JSC
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Petrolimex (PLX)
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Royal Dutch Shell Plc
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TotalEnergies
*Disclaimer: Major Players sorted in no particular order
Vietnam Automotive Engine Oil 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.
- April 2021: Motul launched two engine oils, namely CLASSIC EIGHTIES 10W-40 and CLASSIC NINETIES 10W-30, for classic cars manufactured between the 1970s and 2000s.
- March 2021: Castrol announced the launch of Castrol ON (a Castrol e-fluid range that includes e-gear oils, e-coolants, and e-greases) to its product portfolio. This range is specially designed for electric vehicles.
Vietnam Automotive Engine Oil 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 Vehicle Type
4.1.1 Commercial Vehicles
4.1.2 Motorcycles
4.1.3 Passenger Vehicles
4.2 By Product Grade
5. Competitive Landscape
5.1 Key Strategic Moves
5.2 Market Share Analysis
5.3 Company Profiles
5.3.1 AP Saigon Petro JSC
5.3.2 BP Plc (Castrol)
5.3.3 Chevron Corporation
5.3.4 ExxonMobil Corporation
5.3.5 Mekong Petrochemical JSC
5.3.6 Motul
5.3.7 Petrolimex (PLX)
5.3.8 PVOIL
5.3.9 Royal Dutch Shell Plc
5.3.10 TotalEnergies
6. Appendix
6.1 Appendix-1 References
6.2 Appendix-2 List of Tables & Figures
7. Key Strategic Questions for Lubricants CEOs
Vietnam Automotive Engine Oil Industry Segmentation
| By Vehicle Type | |
| Commercial Vehicles | |
| Motorcycles | |
| Passenger Vehicles |
Vietnam Automotive Engine Oil Market Research FAQs
How big is the Vietnam Automotive Engine Oils Market?
The Vietnam Automotive Engine Oils Market size is expected to reach 213.05 million Liters in 2024 and grow at a CAGR of 4.39% to reach 232.16 million Liters by 2026.
What is the current Vietnam Automotive Engine Oils Market size?
In 2024, the Vietnam Automotive Engine Oils Market size is expected to reach 213.05 million Liters.
Who are the key players in Vietnam Automotive Engine Oils Market?
BP Plc (Castrol), Mekong Petrochemical JSC, Petrolimex (PLX), Royal Dutch Shell Plc and TotalEnergies are the major companies operating in the Vietnam Automotive Engine Oils Market.
Which segment has the biggest share in the Vietnam Automotive Engine Oils Market?
In the Vietnam Automotive Engine Oils Market, the Motorcycles segment accounts for the largest share by vehicle type.
Which is the fastest growing segment in the Vietnam Automotive Engine Oils Market?
In 2024, the Motorcycles segment accounts for the fastest growing by vehicle type in the Vietnam Automotive Engine Oils Market.
What years does this Vietnam Automotive Engine Oils Market cover, and what was the market size in 2023?
In 2023, the Vietnam Automotive Engine Oils Market size was estimated at 203.87 million Liters. The report covers the Vietnam Automotive Engine Oils Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Automotive Engine Oils Market size for years: 2024, 2025 and 2026.
Vietnam Lubricants Industry Report
Statistics for the 2024 Vietnam Lubricants market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Vietnam Lubricants analysis includes a market forecast outlook 202 and historical overview. Get a sample of this industry analysis as a free report PDF download.
