Market Trends of Nigeria Automotive Lubricants Industry
This section covers the major market trends shaping the Nigeria Automotive Lubricants Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Commercial Vehicles</span>
- In Nigeria, the passenger vehicles (PV) segment accounted for the largest share of around 55.4% in the total number of on-road vehicles in 2020, followed by commercial vehicles (CV) and motorcycles (CV), which held shares of 31.1% and 13.4%, respectively.
- The CV segment accounted for the highest share of around 64.5% in total automotive lubricant consumption in 2020, followed by PV (33.4%) and MC (2.08%), respectively. In 2020, the COVID-19 pandemic led to a significant dip in lubricants consumption, wherein PV lubricant consumption recorded the highest drop of 7.8%, followed by the MC (5.3%) and CV (4.95%) segments.
- The motorcycle segment is projected to be the fastest-growing in terms of lubricant consumption, registering a CAGR of 3.38% over the period 2021-2026. The growth is expected to be driven by a recovery in low-cost moped sales and increasing penetration of foreign motorcycle brands over the coming years.
Understand The Key Trends Shaping This Market
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