Bulgaria Commercial Vehicles Lubricants Market - Size, Share, COVID-19 Impact & Forecasts Up To 2026

The Bulgaria Commercial Vehicles Lubricants Market is at 5.89 million liters in 2021 and is projected to register a CAGR of 3.00% to reach 6.83 million liters in 2026. In 2020, the demand for buses & coaches and heavy trucks for commercial use in the country has declined by about 28% due to the social distancing requirements to curb COVID-19 outbreak.

Key Highlights

• Largest Segment by Product Type - Engine Oils: Engine oils form the leading product type due to their higher volume requirements and short drain intervals, as compared to other lubricants across all vehicle types.
• Fastest Segment by Product Type - Transmission & Gear Oils: The increase in the usage and sales of new and used commercial vehicles in Bulgaria post 2020 is likely to drive the demand for transmission oils during the forecast period.

Key Market Trends

Largest Segment By Product Type: Engine Oils

• The commercial vehicles (CV) segment's volume share in the overall automotive lubricants market increased from 30.47% in 2015 to 32.92% in 2019. In the past few years, an increase in the volumes of transmission and hydraulic oils in the CV segment propelled the consumption of lubricants. Commercial vehicle registrations exhibited a CAGR of 4.71% during 2015-2019.
• In 2020, transportation restrictions and economic shutdowns imposed by the Bulgarian government due to the pandemic led to a sudden decline of 9.95% in commercial vehicle lubricant consumption volume.
• By the second half of 2021, consumption volume rate is estimated to be at 5.3%. However, the yearly growth rate in consumption during the forecast period is likely to be on a declining trend. The decrease in annual service frequency is hampering growth, and it is expected to exhibit a CAGR of 3% during 2021-2026.

Competitive Landscape

The Bulgaria Commercial Vehicles Lubricants Market is fairly consolidated, with the top five companies occupying 88.63%. The major players in this market are CHEVRON CORPORATION, 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