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

The Saudi Arabia Commercial Vehicles Lubricants Market stood at 178.19 million liters in 2021 and is projected to register a CAGR of 1.56% to reach 192.55 million liters in 2026.

Key Highlights

• Largest Segment by Product Type - Engine Oils: In the commercial vehicles segment, engine oils hold the dominating share owing to the high average volume needs of the existing fleet and the presence of older trucks.
• Fastest Segment by Product Type - Transmission Oils: The expected recovery in commercial vehicle (truck and buses) sales in Saudi Arabia from 2021 is likely to drive the demand for transmission oils during the coming years.

Key Market Trends

Largest Segment By Product Type: Engine Oils

• In Saudi Arabia, commercial vehicles (CVs) account for around 48% of lubricants consumption, among all vehicle types. During 2015-2019, lubricant consumption grew at a CAGR of 2.7% in the CV segment. The growth was majorly driven by the growing freight ransportation in the country.
• In 2020, commercial vehicle lubricant consumption declined by 7.3% as COVID-19 affected the freight transportation. The engine oil segment accounted for around 87% share in CV lubricant consumption in 2020. A major decline of 8.95% was observed in the consumption of greases in CV segment during the year.
• During 2021-2026, the transmission oils segment is likely to be the fastest-growing segment with a CAGR of 3.71%. The recovery in production and sales of commercial vehicles is likely to drive the consumption of transmission oils over the next five years

Competitive Landscape

The Saudi Arabia Commercial Vehicles Lubricants Market is fairly consolidated, with the top five companies occupying 79.47%. The major players in this market are BP PLC (Castrol), ExxonMobil Corporation, FUCHS, Petromin Corporation and Royal Dutch Shell PLC (sorted alphabetically).

Additional Benefits:

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