Market Trends of Spain Automotive Lubricants Industry
This section covers the major market trends shaping the Spain Automotive Lubricants Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Commercial Vehicles</span>
- In Spain, passenger vehicles accounted for the largest share of 75.57% of the total number of on-road vehicles during 2020. However, commercial vehicles recorded the largest share of 58.61% in lubricant consumption, which accounted for 13.49% of the on-road vehicles.
- COVID-19 outbreak led to social restrictions, owing to which demand for freight transportation declined. Lubricant consumption in commercial vehicles reduced to 51.30% in 2020 from 53.10% in 2019. The other factor leading to an increase in the share was a significant dip in the demand for lubricants from the passenger vehicles segment brought about by lockdowns.
- In terms of lubricant consumption, the commercial vehicles segment is expected to record the highest CAGR of 1.94% due to the new scrappage policy implemented in 2020 and an anticipated rise in the domestic sales of used and new commercial vehicles.
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