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PUBLISHER: Mordor Intelligence | PRODUCT CODE: 1430644
PUBLISHER: Mordor Intelligence | PRODUCT CODE: 1430644
India Commercial Vehicles Lubricants - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2021 - 2026)
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PAGES: 80 Pages
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The India Commercial Vehicles Lubricants Market size is estimated at 607.21 Million Liters in 2024, and is expected to reach 672.64 Million Liters by 2026, growing at a CAGR of 5.25% during the forecast period (2024-2026).
Key Highlights
- Largest Segment by Product Type - Engine Oils : Engine oil is the leading product type due to its high volume requirements and low drain intervals. It is used for high-temperature and high-pressure applications.
- Fastest Segment by Product Type - Transmission & Gear Oils : During the forecast period, the demand for hydraulic fluids is expected to be driven by the growth in commercial vehicle sales and increased freight transportation operations.
India Commercial Vehicles Lubricants Market Trends
Largest Segment By Product Type : Engine Oils
- In India, commercial vehicles (CVs) formed the largest segment and accounted for about 35.7% of lubricant consumption. During 2015-2019, lubricant consumption registered a CAGR of 8.41% in the commercial vehicle segment. This growth was majorly driven by the rise in sales of lightweight trucks.
- In 2020, commercial vehicle lubricant consumption declined by 12%, as the COVID-19 outbreak affected vehicle production. Engine oils accounted for a 70% share in CV lubricant consumption, followed by hydraulic fluids. A major dip was observed in the engine oil consumption in the CV segment during the year, owing to the impact of COVID-19 outbreak.
- Over the forecast period, the transmission oils segment is likely to be the fastest-growing segment with a CAGR of 6.55%. This growth is likely to be driven by the OEM companies' efforts toward launching trucks with automatic transmission systems.
India Commercial Vehicles Lubricants Industry Overview
The India Commercial Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 54.38%. The major players in this market are Bharat Petroleum Corporation Limited, BP PLC (Castrol), Gulf Oil International, Hindustan Petroleum Corporation Limited and Indian Oil Corporation Limited (sorted alphabetically).
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Product Code: 90092
TABLE OF CONTENTS
1 Executive Summary & Key Findings
2 Introduction
- 2.1 Study Assumptions & Market Definition
- 2.2 Scope of the Study
- 2.3 Research Methodology
3 Key Industry Trends
- 3.1 Automotive Industry Trends
- 3.2 Regulatory Framework
- 3.3 Value Chain & Distribution Channel Analysis
4 Market Segmentation
- 4.1 By Product Type
- 4.1.1 Engine Oils
- 4.1.2 Greases
- 4.1.3 Hydraulic Fluids
- 4.1.4 Transmission & Gear Oils
5 Competitive Landscape
- 5.1 Key Strategic Moves
- 5.2 Market Share Analysis
- 5.3 Company Profiles
- 5.3.1 Bharat Petroleum Corporation Limited
- 5.3.2 BP PLC (Castrol)
- 5.3.3 ExxonMobil Corporation
- 5.3.4 Gulf Oil International
- 5.3.5 Hindustan Petroleum Corporation Limited
- 5.3.6 Indian Oil Corporation Limited
- 5.3.7 Royal Dutch Shell Plc
- 5.3.8 TIDE WATER OIL CO. (INDIA) LTD
- 5.3.9 TotalEnergies
- 5.3.10 Valvoline Inc.
6 Appendix
- 6.1 Appendix-1 References
- 6.2 Appendix-2 List of Tables & Figures
7 Key Strategic Questions for Lubricants CEOs
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