Mexico Commercial Vehicles Lubricants Market - Size, Share, Covid-19 Impact & Forecasts Up To 2026

Mexico Commercial Vehicles Lubricants Market - Size, Share, Covid-19 Impact & Forecasts Up To 2026

The Mexico Commercial Vehicles Lubricants Market is at 174.90 million liters in 2021 and is projected to register a CAGR of 2.27% to reach 195.67 million liters in 2026. In 2020, sales of commercial vehicles were affected due to the COVID-19 outbreak, primarily due to reduced demand for heavy trucks from the manufacturing sector and the logistics segment. This factor resulted in a significant dip of 46.2% in the wholesale sales of heavy trucks in Mexico during the first 10 months of 2020, compared to the same period in 2019.

Key Highlights

• Largest Segment by Product Type - Engine Oils : Engine oils form the leading product type, owing to their high volume requirements and low drain interval. They are used for high-temperature and high-pressure applications.
• Fastest Segment by Product Type - Transmission Oils : The expected recovery of commercial vehicle sales and production in the country from 2021 is likely to drive the demand for transmission oils during the forecast period.

Key Market TrendsLargest Segment By Product Type : Engine Oils

• During 2015-2019, the commercial vehicle lubricant consumption in Mexico witnessed a gradual increase, followed by a period of decline.
• The high average age of heavy-duty commercial trucks and significant usage of older lubricant specifications were the major factors driving the country's lubricant consumption levels. During 2015-2019, commercial vehicle production in Mexico witnessed uneven growth rates, thus, leading to a volatile trend in commercial lubricant consumption.
• During 2019-2020, the consumption dropped suddenly, owing to decreased freight transportation post the COVID-19 outbreak. The sales of commercial vans and tractors in Mexico are likely to recover significantly during 2021, thereby supporting the commercial lubricant consumption with a CAGR of 2.27% during the forecast period.

Competitive Landscape

The Mexico Commercial Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 61.80%. The major players in this market are Bardahl, BP PLC (Castrol), ExxonMobil Corporation, Roshfrans and Royal Dutch Shell Plc (sorted alphabetically).

Additional Benefits:

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

Companies Mentioned
 
Bardahl
BP PLC (Castrol)
Chevron Corporation
ExxonMobil Corporation
Mexicana de Lubricantes S.A. de C.V.
Raloy
Roshfrans
Royal Dutch Shell Plc
TotalEnergies
Valvoline Inc.

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