Market Trends of South America Automotive Engine Oils Industry
This section covers the major market trends shaping the South America Automotive Engine Oils Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Commercial Vehicles</span>
- Engine oils are the most used automotive lubricants among all the product types. During 2015-2019, automotive engine oil consumption in South America increased at a CAGR of 1.3%. In 2020, engine oils accounted for around 77.6% of the region's total automotive lubricant consumption volume.
- In 2020, the COVID-19 outbreak resulted in a huge decline in the existing South American vehicle fleet usage due to a fall in business activities. As a result, engine oil consumption in the region decreased suddenly during 2019-2020.
- Along with the expected recovery in sales and production of automobiles, an increase in the penetration of electric vehicles is expected to impact engine oil consumption slightly. Therefore, engine oil consumption is expected to increase at a CAGR of 2.98% during 2021-2026.
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Largest Country : <span style="font-family: 'regular_bold';color:#0e7db3;">Brazil</span>
- In the South American region, automotive lubricant consumption is the highest in Brazil, followed by Argentina and Colombia. In 2020, Brazil accounted for 60% of the total consumption of CV lubricants in the region, whereas Colombia and Argentina accounted for 11.4% and 6.97%, respectively.
- The restrictions imposed on business and transportation activities after the COVID-19 outbreak negatively affected the CV lubricant consumption across the region in 2020. Argentina was the most affected as it witnessed a 9.67% drop in consumption during 2019-2020, followed by Colombia with a 7.8% drop.
- During 2021-2026, Colombia is likely to be the fastest-growing automotive lubricant market. Colombia is likely to register a CAGR of 4.82%, followed by Argentina and Brazil with an expected CAGR of 3.82% and 3.53%, respectively.
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