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Stable New Vehicle Sales and Vehicles in Operation are Likely to Enhance the Engine Oil Aftermarket Activity in Vietnam towards 2021
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The Vietnamese engine oil aftermarket, comprising passenger vehicles and light commercial vehicles is likely to have a compound annual growth rate (CAGR) of 7.6% between 2015 and 2021, growing from 2.6 million liter in 2015 to 4.1 million liter by 2021. Both new vehicle sales and vehicles in operation are expected to experience rapid growth. New vehicle and vehicles in operation are likely to increase at 37.8% and 68.9% during 2015-2021. These will be the key market drivers to motivate the engine oil consumption in the aftermarket.Currently, mineral engine oil is dominating the Vietnamese market due to its reasonable price. However, semi synthetic and synthetic engine oils are likely to increase their market share by 2021, due to increased product knowledge and higher awareness from consumers. Semi synthetic and synthetic engine oils will be growing rapidly from a combined market share of 41.1% in 2015 up to 56.3% by 2021. Engine oil consumption revenue is expected to be increased from $8.5 million to $18.6 million during 2015–2021 due to the growth of economic and stable vehicle demand in Vietnam.Research Scope This research service aims to analyze the Vietnamese engine oil aftermarket, including passenger vehicle and light commercial vehicle segments. It provides sales overviews on the lubricant consumption of both new vehicle sales and vehicles in operations. This study presents the current scenario of the engine oil aftermarket and offers a consumption sales forecast of up to 2021. Research Objectives • To provide strategic overview of 2-wheeler and 4-wheeler vehicle market during 2015–2022• To provide the location map of OEM's automotive and component manufacturing plants • To provide the newest mechanic automotive industrial park development with government incentive policies• To identify the government policies supporting OEM's manufacturing capabilities development• To develop future automotive manufacturing market outlook in VietnamKey Questions this Study will Answer • How is the Vietnamese engine oil aftermarket expected to grow by 2021?• Which engine oil companies are leading in the Vietnamese market?• What are the key engine oil business growth opportunities in the market?• What is the future consumption volume in the Vietnamese engine oil aftermarket?The research closes with conclusions and future outlook. As a developing country, the automotive industry and engine oil aftermarket are growing rapidly in Vietnam. Both domestic and international leading engine oil brands are available in Vietnam. More international engine oil brands are likely to invest their business expansion in Vietnam in the short to long term.
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