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. Read More

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. Read More

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. Read More

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. Read More

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. Read More

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. Read More

Global Commercial Vehicles Lubricants Market Trends

Statistics for the 2023 & 2024 Global Commercial Vehicles Lubricants market trends, created by Mordor Intelligence™ Industry Reports. Global Commercial Vehicles Lubricants trend report includes a market forecast to 202 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of Global Commercial Vehicles Lubricants Industry

This section covers the major market trends shaping the 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>

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.

Global Commercial Vehicles Lubricants Market

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Largest Region : <span style="font-family: 'regular_bold';color:#0e7db3;">Asia-Pacific</span>

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.