Press release
COVID-19 Impact on Malaysia Automotive Lubricant Market Slow Auto Sales Curb Industry Growth: Ken Research
Effect on Business
Auto sales already faced a downfall in 2019, but in 2020 the industry is projected to experience a drastic fall due to economic slowdown around the globe because of coronavirus pandemic. According to Malaysia Automotive Association, in 2020, vehicle sales dropped from 44,403 units in February to 22,478 units in March. Companies such as Petronas experienced 80% in lubricant sales during the period of March 2020-May 2020. Overall, in 2020, vehicle sales are expected to fall by 20-30%.
Due to the implementation of a nationwide lockdown, the existing vehicles on road have also traveled less distance and will, therefore, require fewer engine oil change. On average, during normalcy a passenger car, a motorcycle, and a truck change engine oil 3-4 times, 2-3 times, and 3-4 times per annum respectively. However, in 2020 vehicle owners are expected to change engine oil only once or twice. Companies are planning to continue work from home for a longer time to ensure employee safety as well as to safe on OPEX. The majority of tourists visit Malaysia Between December to March but in 2020 there was a drastic fall especially in March and April as International travel to and fro was restricted from Mid-March.
Way Forward
Strategic efforts by lubricant manufacturers and distributors can ensure recovery in auto lubricant by 2024. The lubricant producers should focus on the development and expansion of the distribution channels to boost sales. Partnership with workshop owners, building better communication with distributors and training distributors will boost offline sales. However, with growing traction to the e-commerce industry, the companies should focus on promoting online sales. Vehicle owners currently do not prefer buying lubricants online.
For More Information on the Research Report, refer to below links: -
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/malaysia-automotive-lubricant-market-outlook-to-2025/342038-100.html
Key Segments Covered: -
By End-User Industry
Passenger Vehicle
Commercial Vehicle
Motorcycles
Marine
By Grade
Synthetic
Semi-Synthetic
Mineral
By Type
Passenger Car Engine Oil
Heavy-Duty Engine Oil
Motorcycle Oil
Grease
Gear oil and Transmission Oil
Hydraulic Oil
By Sales Channel
OEMs
Fuel Stations
OEM Workshops and Spare Part Shops
Service Stations and Garages
Online
Hypermarket/Supermarket
Companies Covered:
Shell
Castrol
Petronas
Total
Caltex Chevron
Exxon Mobil
Key Target Audience
Lubricant Manufacturing Companies
Oil Producers
Lubricant Distributors
Government Associations
Time Period Captured in the Report: -
Historical Period: 2014–2019
Forecast Period: 2020-2025
Key Topics Covered in the Report: -
Target Addressable Audience
Supply Ecosystem and Competition Parameters
Demand Scenario
Marketing Strategies
Challenges Faced by Lubricant Producers
Porter Five Force Analysis
Emerging Business Strategies
Best Practises in Business
Pricing Analysis
Related Reports by Ken Research: -
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/malaysia-industrial-lubricants-market/264294-100.html
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/vietnam-lubricants-market-outlook/263651-100.html
Contact Us: -
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
Ken Research Pvt. Ltd.,
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India
Ken Research is a Global aggregator and publisher of Market intelligence, equity, and economy reports. We provide business intelligence and operational advisory in 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis, and success case studies.
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