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

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  • September 2022
  • Region: India
  • Mordor Intelligence
  • ID: 5656804
UP TO OFF until Dec 31st 2023
The India Commercial Vehicles Lubricants Market stood at 508.12 million liters in 2021 and is projected to register a CAGR of 5.77% to reach 672.64 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 low drain intervals. It is used for high-temperature and high-pressure applications.
  • Fastest Segment by Product Type - Transmission & Gear Oils: During the forecast period, the demand for hydraulic fluids is expected to be driven by the growth in commercial vehicle sales and increased freight transportation operations.

Key Market Trends

Largest Segment By Product Type: Engine Oils

  • In India, commercial vehicles (CVs) formed the largest segment and accounted for about 35.7% of lubricant consumption. During 2015-2019, lubricant consumption registered a CAGR of 8.41% in the commercial vehicle segment. This growth was majorly driven by the rise in sales of lightweight trucks.
  • In 2020, commercial vehicle lubricant consumption declined by 12%, as the COVID-19 outbreak affected vehicle production. Engine oils accounted for a 70% share in CV lubricant consumption, followed by hydraulic fluids. A major dip was observed in the engine oil consumption in the CV segment during the year, owing to the impact of COVID-19 outbreak.
  • Over the forecast period, the transmission oils segment is likely to be the fastest-growing segment with a CAGR of 6.55%. This growth is likely to be driven by the OEM companies' efforts toward launching trucks with automatic transmission systems.

Competitive Landscape

The India Commercial Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 54.38%. The major players in this market are Bharat Petroleum Corporation Limited, BP PLC (Castrol), Gulf Oil International, Hindustan Petroleum Corporation Limited and Indian Oil Corporation Limited (sorted alphabetically).

Additional Benefits:

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

Table of Contents

1 Executive Summary & Key Findings
2 Introduction
2.1 Study Assumptions & Market Definition
2.2 Scope of the Study?
2.3 Research Methodology
3 Key Industry Trends
3.1 Automotive Industry Trends
3.2 Regulatory Framework
3.3 Value Chain & Distribution Channel Analysis
4 Market Segmentation
4.1 By Product Type
4.1.1 Engine Oils
4.1.2 Greases
4.1.3 Hydraulic Fluids
4.1.4 Transmission & Gear Oils
5 Competitive Landscape
5.1 Key Strategic Moves
5.2 Market Share Analysis
5.3 Company Profiles
5.3.1 Bharat Petroleum Corporation Limited
5.3.2 BP PLC (Castrol)
5.3.3 ExxonMobil Corporation
5.3.4 Gulf Oil International
5.3.5 Hindustan Petroleum Corporation Limited
5.3.6 Indian Oil Corporation Limited
5.3.7 Royal Dutch Shell Plc
5.3.9 TotalEnergies
5.3.10 Valvoline Inc.
6 Appendix
6.1 Appendix-1 References
6.2 Appendix-2 List of Tables & Figures
7 Key Strategic Questions for Lubricants CEOs

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Bharat Petroleum Corporation Limited
  • BP PLC (Castrol)
  • ExxonMobil Corporation
  • Gulf Oil International
  • Hindustan Petroleum Corporation Limited
  • Indian Oil Corporation Limited
  • Royal Dutch Shell Plc
  • TotalEnergies
  • Valvoline Inc.