Market developments in India point to rapid electrification of the two-wheeler vehicle parc. In this article, we explain why this is occurring and what it means for the motorcycle oil (MCO) market, in addition to providing additional insights and data about the market.
The Indian lubricants market is the third-largest in the world. MCOs, the third-largest product category following process oils and heavy-duty motor oils (HDMOs), account for 9% of total demand. The MCO lubricants product category was one of the least impacted by the COVID-19 pandemic and was also one of the fastest to recover. According to estimates, the MCO market is growing at a 3.7% rate per year, making it one of the most attractive product segments for lubricants marketers. Increasing electrification will create new challenges for market participants.