Market Trends of Europe Automotive Engine Oils Industry
This section covers the major market trends shaping the Europe Automotive Engine Oils Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Passenger Vehicles</span>
- Engine oils are the most used automotive lubricants among all product types and account for more than 70% of the total lubricant consumption volume in the industry. During 2015-2018, engine oil consumption witnessed significant growth. However, the region's declining annual mileage and production output of vehicles caused a 1% drop in engine oil consumption during 2019.
- In 2020, the COVID-19 outbreak resulted in a huge decline in the usage of existing European vehicle fleets. As a result, engine oil consumption in the region decreased by around 15.83%.
- Despite the expected recovery in sales and production of passenger vehicles, an increase in the penetration of electric vehicles is expected to have a negative impact on engine oil consumption. Additionally, the persisting COVID-19 crisis is likely to hinder the growth of engine oil consumption in the region.
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Largest Country : <span style="font-family: 'regular_bold';color:#0e7db3;">Russia</span>
- During 2015-2019, the European automotive engine oil market witnessed an increase of around 2% in engine oil demand. During this period, Russia was the leading consumer of automotive engine oils among European countries, owing to the presence of many old commercial vehicles in the country.
- Poland is expected to be the fastest-growing automotive engine oil market in Europe during the forecast period. The anticipated growth in the number of low-cost passenger vehicle units in the country is likely to drive engine oil consumption significantly.
- Major countries, like Germany, France, and the United Kingdom, are likely to witness a rapid surge in electric vehicle adoption due to the financial incentives provided by the governments. This trend is expected to hamper the growth in engine oil consumption in Europe during the next five years.
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