Market Trends of Philippines Passenger Vehicles Lubricants Industry
This section covers the major market trends shaping the Philippines 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>
- In the Philippines, the passenger vehicle (PV) segment is the third largest segment in terms of automotive lubricant consumption. During 2015-2019, the country recorded a CAGR of 1.80% in PV lubricant consumption, majorly driven by the rising on-road PV population.
- In 2020, PVs accounted for about 9.57% of the total automotive lubricant consumption in the country. Engine oil accounted for the largest share in PV lubricant consumption, with a share of about 85% during the year. In 2020, PV lubricant consumption declined by 18.16% due to the extended service intervals of PVs post the COVID-19 outbreak.
- During 2021-2026, the transmission oil segment is expected to be the fastest-growing segment, recording a CAGR of 5.76%. This growth is likely to be driven by a rise in sales of automatic cars and a recovery in average distance traveled in the country.
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