Bulgaria Automotive Engine Oils Market - Size, Share, Covid-19 Impact & Forecasts Up To 2026

Bulgaria Automotive Engine Oils Market - Size, Share, Covid-19 Impact & Forecasts Up To 2026

The Bulgaria Automotive Engine Oils Market is at 13.56 million liters in 2021 and is projected to register a CAGR of 2.22% to reach 15.13 million liters in 2026. In 2020, the COVID-19 outbreak disrupted the economy of Bulgaria and consumer travel activities, causing a sudden dip of over 12% in engine oil consumption, in the passenger vehicle segment.

Key Highlights

• Largest Segment by Vehicle Type - Passenger Vehicles : The highest engine oil consumption in the passenger vehicles sector is attributed to the large existing fleet of used passenger vehicle population in the country.
• Fastest Segment by Vehicle Type - Commercial Vehicles : The expected recovery in the sales of commercial vehicles in the country from 2021 is anticipated to boost engine oil consumption levels during the forecast period.

Key Market TrendsLargest Segment By Vehicle Type : Passenger Vehicles

• The primary role of engine oils is to ensure that engines are adequately lubricated to run smoothly and have a longer lifespan. In 2020, engine oils accounted for a 74.29% volume share of the overall automotive lubricant share. Engine oil consumption increased at a CAGR of 2.22% during 2015-2019 due to the rising population of used cars and commercial trucks.
• In 2020, the COVID-19 outbreak resulted in a huge decline in the usage of the existing vehicle fleet of the country. Hence, engine oil consumption in the country decreased by around 12.86% compared to 2019.
• During 2021-2026, engine oil consumption is expected to increase at a CAGR of 2.22%. The smaller impact of engine downsizing in future models and the increase in the number of vehicles present on the road in Bulgaria are the primary reasons behind such optimistic growth projections.

Competitive Landscape

The Bulgaria Automotive Engine Oils Market is fairly consolidated, with the top five companies occupying 93.57%. The major players in this market are BP PLC (Castrol), ExxonMobil Corporation, Prista Oil, Royal Dutch Shell Plc and TotalEnergies (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
AVIA International
BP PLC (Castrol)
CHEVRON CORPORATION
ExxonMobil Corporation
Gazprom
LIQUI MOLY
Motul
Prista Oil
Royal Dutch Shell Plc
TotalEnergies

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