Market Trends of Iran Automotive Engine Oils Industry
This section covers the major market trends shaping the Iran 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>
- In Iran, engine oils accounted for about 93% of overall automotive lubricants in 2020. During 2015-2019, engine oil consumption increased at a CAGR of over 2.5%. 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 7.28% dip in engine oil consumption. Passenger vehicle (PV) segment recorded the largest decline of 7.65% in engine oil consumption during the year, over 2019.
- During 2021-2026, the motorcycles segment is expected to register highest growth of 3.41% in the engine oil consumption, followed by PV segment (2.34%). The growth in motorcycles segment is likely to be driven by strong demand for mopeds and motorcycles in the country over the next five years.
Understand The Key Trends Shaping This Market
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