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

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

The Norway Commercial Vehicles Lubricants Market is at 12.83 million liters in 2021 and is projected to register a CAGR of 2.41% to reach 14.46 million liters in 2026. The COVID-19 outbreak and social restrictions implemented in response to the pandemic have resulted in a 19.45% drop in the sales of new commercial vehicles in the country during 2020-2021. Electric vehicle penetration in commercial fleets is comparatively very low in the country currently, as compared to passenger vehicles.

Key Highlights

• Largest Segment by Product Type - Engine Oils : Engine oil is the leading product type due to its high volume requirements and shorter drain intervals, as it is used for high-temperature and high-pressure applications.
• Fastest Segment by Product Type - Transmission Oils : Growing electric vehicle sales and increasing automatic transmissions in the country are likely to drive the demand for transmission oils during the forecast period.

Key Market TrendsLargest Segment By Product Type : Engine Oils

• In 2020, commercial vehicles formed the largest segment and accounted for about 55.57% of lubricant consumption. During 2015-2019, commercial vehicle lubricant consumption recorded a negative CAGR 0.32% due to the increased preference for synthetic oils and sales declines in 2017 and 2018.
• In 2020, commercial vehicle lubricant consumption declined by 4.25% as COVID-19 affected sales. However, the demand continued to remain high for freight transportation, which was considered an essential activity during the lockdown in the country.
• The CVs segment observed an increased preference for synthetic engine oils over the past few years. While the commercial vehicle segment has limited EV penetration with a target of 100% EV penetration by 2030, lubricant consumption is likely to record a comparatively higher CAGR of 2.41% over the forecast period.

Competitive Landscape

The Norway Commercial Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 51.91%. The major players in this market are BP PLC (Castrol), ExxonMobil Corporation, FUCHS, 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
 
BP PLC (Castrol)
Champion Lubricants
CHEVRON CORPORATION
ExxonMobil Corporation
FUCHS
Gulf Oil International
Motul
Royal Dutch Shell Plc
TotalEnergies
Valvoline Inc.

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