Vietnam Automotive Engine Oils Market - Size, Share, COVID-19 Impact & Forecasts Up To 2026

The Vietnam Automotive Engine Oils Market stood at 186.45 million liters in 2021 and is projected to register a CAGR of 4.48% to reach 232.16 million liters in 2026.

Key Highlights

• Largest Segment by Vehicle Type - Motorcycles: Increasing servicing frequencies and the growing motorcycle population in Vietnam are primary reasons for the high engine oil consumption in the motorcycles segment.
• Fastest Segment by Vehicle Type - Motorcycles: The anticipated robust rebound in motorcycle usage and sales in Vietnam from 2021 is expected to boost motorcycle engine oil consumption over the forecast period.

Key Market Trends

Largest Segment By Vehicle Type: Motorcycles

• In Vietnam, engine oils accounted for about 87.56% of automotive lubricants in 2020. During 2015-2019, engine oil consumption increased at a CAGR of around 7.17%. The growing active vehicle fleet in the country was the key driver for this trend.
• In 2020, the COVID-19 outbreak led to a massive decline in the usage rate of the existing vehicle fleets in the country, which led to a 4.4% dip in engine oil consumption. The passenger vehicle (PV) segment recorded the largest decline of 17.56% in engine oil consumption during 2020.
• During 2021-2026, the motorcycles segment is expected to register the highest growth of about 4.89% in engine oil consumption, followed by the CV segment (2.58%). The growth is likely to be driven by strong demand for mopeds and motorcycles in the country over the next five years.

Competitive Landscape

The Vietnam Automotive Engine Oils Market is moderately consolidated, with the top five companies occupying 57.59%. The major players in this market are BP Plc (Castrol), Mekong Petrochemical JSC, Petrolimex (PLX), Royal Dutch Shell Plc and TotalEnergies (sorted alphabetically).

Additional Benefits:

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