Mexico Automotive Lubricants Market - Size, Share, Forecast & Covid-19 Impact (2015 - 2026)

The Mexico Automotive Lubricants Market is at 406.70 million liters in 2021 and is projected to register a CAGR of 3.15% to reach 474.83 million liters in 2026. During 2020, the passenger vehicle lubricant consumption dropped by over 15%, owing to the COVID-19 pandemic, which has caused a considerable decline in the maintenance requirements of the existing passenger vehicle fleet of the country.

• Largest Segment by Vehicle Type - Passenger Vehicles : The highest proportion of passenger vehicles in the total vehicle population in Mexico is attributed to the highest lubricant consumption in the passenger vehicle segment.
• Fastest Segment by Vehicle Type - Motorcycles : The growing demand for off-road and premium motorcycles for recreational purposes post COVID-19 may boost the demand for motorcycle lubricants during the forecast period.
• Largest Segment by Product Type - Engine Oils : Engine oil is the leading product type due to its high volume requirements and low drain interval, as it is used for high-temperature and high-pressure applications.
• Fastest Segment by Product Type - Transmission Oils : The expected recovery of automotive sales in the country and the increasing usage of existing vehicle fleet may drive the demand for engine oils during the forecast period.

Key Market Trends

Largest Segment By Vehicle Type : Passenger Vehicles

• In Mexico, passenger vehicles formed the leading vehicle type, in terms of total lubricant volume consumed during 2015-2020. Passenger vehicles accounted for around 53.79% of the total lubricant volume consumption during this period. In Mexico, in terms of the vehicle population, the number of passenger vehicles is way higher than commercial vehicles. This was the key reason for passenger vehicles to lead the lubricant consumption.
• During the forecast period, the passenger vehicle segment is likely to be the fastest-growing vehicle segment, and it is projected to witness a CAGR of 3.78%.
• The United States–Mexico–Canada Agreement (USMCA) has supported the development of new vehicle models during the pandemic. This factor is likely to boost the production and sales of passenger vehicles and, thereby, increase their lubricant consumption in Mexico during the forecast period.

Competitive Landscape

The Mexico Automotive Lubricants Market is moderately consolidated, with the top five companies occupying 63.74%. The major players in this market are Bardahl, BP PLC (Castrol), Exxon Mobil Corporation, Roshfrans and Royal Dutch Shell (sorted alphabetically).

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