Europe Commercial Vehicles Lubricants - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2015 - 2026

Europe Commercial Vehicles Lubricants - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2015 - 2026

The Europe Commercial Vehicles Lubricants Market size is estimated at 1.37 Billion Liters in 2024, and is expected to reach 1.40 Billion Liters by 2026, growing at a CAGR of 1.09% 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 shorter drain interval than other product types and application needs in high-temperature and pressure conditions.
• Fastest Segment by Product Type - Transmission & Gear Oils : The increasing usage, production, and sales of commercial vehicles in Europe from 2021 are expected to drive the demand for transmission oils in the coming years.
• Largest Country Market - Russia : Russia is the largest commercial vehicle lubricants market in Europe due to the large population of old and new commercial trucks, along with high average engine oil volumes.
• Fastest Growing Country Market - Bulgaria : In Bulgaria, sales growth of new and used passenger vehicles, supported by increasing travel rates, is projected to increase the demand for lubricants at a healthy rate.

Europe Commercial Vehicles Lubricants Market Trends

Largest Segment By Product Type : Engine Oils

• Lubricant consumption in the European commercial vehicles sector witnessed a significant increase due to the growing commercial vehicle population during 2015-2018. However, in 2019, a decline in the annual vehicle mileage and commercial vehicle production caused a 1.92% drop in lubricant consumption over 2018.
• Post the COVID-19 outbreak, freight transportation in Europe was negatively affected due to the social restrictions imposed as a response to the pandemic during the first half of 2020. As a result, lubricant consumption in commercial vehicles in the region decreased by 11.82%, compared to 2019.
• The recovering commercial vehicle sales in Europe are likely to boost lubricant consumption during the forecast period. The expected growth in the penetration of electric vehicles is anticipated to have a slight impact on engine oil consumption during 2021-2026.

Largest Country : Russia

• In Europe, the consumption volume of commercial vehicle (CV) lubricants is the highest in Russia, followed by France and Italy. In 2020, Russia accounted for 21.33% of the total consumption of CV lubricants in Europe. The country recorded the highest shares in the consumption of engine oils (23.23%), greases (14.63%), and transmission oils (21.84%).
• In 2020, France recorded the highest share of 17.62% in hydraulic fluids. However, the COVID-19 outbreak significantly affected vehicle production and sales in the country due to the social restrictions imposed during the year.
• During the first half of 2021, European countries experienced the second wave of COVID-19, which reduced the pace of the sales recovery. Production was also affected by the semiconductor shortage. However, growth in the automotive sector is likely to improve from 2022, registering a CAGR of 1.68% during 2021-2026.

Europe Commercial Vehicles Lubricants Industry Overview

The Europe Commercial Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 45.27%. The major players in this market are BP PLC (Castrol), ExxonMobil Corporation, LUKOIL, Royal Dutch Shell Plc and TotalEnergies (sorted alphabetically).

Additional Benefits:

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