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

The Japan Commercial Vehicles Lubricants Market stood at 248.90 million liters in 2021 and is projected to register a CAGR of 1.64% to reach 269.95 million liters in 2026.

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, making it ideal for high-temperature and high-pressure applications.
• Fastest Segment by Product Type - Hydraulic Fluids: The expected recovery of commercial vehicle sales and production in Japan from 2021 is expected to drive the demand for hydraulic fluids during the forecast period.

Key Market Trends

Largest Segment By Product Type: Engine Oils

• In Japan, commercial vehicles formed the second largest segment and accounted for 48.3% of lubricant consumption. During 2015-2019, lubricant consumption in the commercial vehicle segment declined at a CAGR of 2.64% due to the high rate of phasing out of older trucks, which led to a decline in the on-road population of commercial vehicles.
• In 2020, commercial vehicle lubricant consumption declined by 12.28% as the COVID-19 pandemic affected production. In terms of lubricant consumption by commercial vehicles, engine oil accounted for a 61.79% share, followed by greases (16.14%) and transmission oils (11.99%). A major dip of 13.54% was observed in the consumption of transmission oils by commercial vehicles during the year.
• During 2021-26, the hydraulic fluids segment is likely to be the fastest-growing segment, recording a CAGR of 2.24%. This growth is likely to be driven by the rise in freight transportation activities and the penetration of electric trucks in the market.

Competitive Landscape

The Japan Commercial Vehicles Lubricants Market is fairly consolidated, with the top five companies occupying 94.73%. The major players in this market are Cosmo Energy Holdings Co. Ltd, ENEOS Corporation, ExxonMobil Corporation, Idemitsu Kosan Co. Ltd and Royal Dutch Shell Plc (sorted alphabetically).

Additional Benefits:

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