How big is the Mexico Passenger Vehicles Lubricants Market?

The Mexico Passenger Vehicles Lubricants Market size is expected to reach 261.64 million Liters in 2024 and grow at a CAGR of 2.38% to reach 274.24 million Liters by 2026. Read More

What is the current Mexico Passenger Vehicles Lubricants Market size?

In 2024, the Mexico Passenger Vehicles Lubricants Market size is expected to reach 261.64 million Liters. Read More

Who are the key players in Mexico Passenger Vehicles Lubricants Market?

Bardahl, BP PLC (Castrol), ExxonMobil Corporation, Roshfrans and Royal Dutch Shell Plc are the major companies operating in the Mexico Passenger Vehicles Lubricants Market. Read More

Which segment has the biggest share in the Mexico Passenger Vehicles Lubricants Market?

In the Mexico Passenger Vehicles Lubricants Market, the Engine Oils segment accounts for the largest share by product type. Read More

Which is the fastest growing segment in the Mexico Passenger Vehicles Lubricants Market?

In 2024, the Transmission & Gear Oils segment accounts for the fastest growing by product type in the Mexico Passenger Vehicles Lubricants Market. Read More

What years does this Mexico Passenger Vehicles Lubricants Market cover, and what was the market size in 2023?

In 2023, the Mexico Passenger Vehicles Lubricants Market size was estimated at 256.69 million Liters. The report covers the Mexico Passenger Vehicles Lubricants Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Mexico Passenger Vehicles Lubricants Market size for years: 2024, 2025 and 2026. Read More

Mexico Passenger Vehicles Lubricants Market Trends

Statistics for the 2023 & 2024 Mexico Passenger Vehicles Lubricants market trends, created by Mordor Intelligence™ Industry Reports. Mexico Passenger 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 Mexico Passenger Vehicles Lubricants Industry

This section covers the major market trends shaping the Mexico Passenger 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, the passenger vehicle lubricant consumption in Mexico witnessed a robust growth. The penetration of synthetic lubricants in Mexico during this period was very low in Mexico, unlike Canada and the United States. This factor, combined with the growing vehicle parc in the country, resulted in a consistent increase in lubricant consumption for this segment during this period.
However, during 2020, the consumption dropped significantly, owing to the COVID-19 pandemic, which has caused a considerable decline in the maintenance requirements of the existing passenger vehicle fleet of the country.
The passenger vehicle sales in Mexico are likely to recover at a much faster growth rate than in the United States and Canada. As a result, the passenger lubricant consumption is expected to witness a CAGR of 3.78% during the forecast period.