How big is the Nigeria Used Car Market?

The Nigeria Used Car Market size is expected to reach USD 1.14 billion in 2024 and grow at a CAGR of 8.90% to reach USD 1.74 billion by 2029. Read More

What is the current Nigeria Used Car Market size?

In 2024, the Nigeria Used Car Market size is expected to reach USD 1.14 billion. Read More

Who are the key players in Nigeria Used Car Market?

Jiji (Cars45), Carmart, OList, Autochek Africa and Betacar are the major companies operating in the Nigeria Used Car Market. Read More

What years does this Nigeria Used Car Market cover, and what was the market size in 2023?

In 2023, the Nigeria Used Car Market size was estimated at USD 1.04 billion. The report covers the Nigeria Used Car Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Nigeria Used Car Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Nigeria Used Car Market Size & Share Analysis - Industry Research Report

Nigeria Used Car Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Nigeria Used Car Market is Segmented by Vehicle Type (Hatchbacks, Sedans, and Sports Utility Vehicles/Multi-Purpose Vehicles), Vendor Type (Organized and Unorganized), Fuel Type (Petrol, Diesel, Electric, and Other Fuel Types (LPG, CNG, Etc. )), and Sales Channel (Online and Offline). The Report Offers the Market Size and Forecast in Value (USD) for all the Above Segments.

Nigeria Used Car Industry Overview

The market exhibits a high degree of fragmentation and intense competition, characterized by the presence of numerous used car dealerships and online platforms operating throughout Nigeria. Among the prominent industry players are Jiji, Carmart, OList, Autochek Africa, Betacar, BuyCars.ng, Auto Auction Mall, Najiauto, Tokunbocars.ng, CarXus, Cars.ng, and Cheapcars.ng, among others. These players engage in competitive dynamics based on several factors, including used car pricing, online presence, value-added services such as warranties and financing options, commission structures, the volume of listings on their platforms, and the availability of comprehensive information about the performance and condition of used vehicles on their websites.

Various companies within this ecosystem are actively working to strengthen their brand presence by forging strategic partnerships to expand their operations across Nigeria. For instance,

In July 2023, Jiji and Cars45, the leading platforms for used and new car marketplaces in Nigeria, entered into a partnership with Suzuki to broaden their used and new car businesses across the country. This collaboration enables Suzuki to leverage the collective expertise, technology, and resources of Cars45 and Jiji, both renowned leaders in the Nigerian automotive and e-commerce marketplace sectors. The objective is to expedite the growth and advancement of the industry by offering Nigerian customers access to both used and brand-new cars through this dynamic partnership.

Furthermore, in May 2023, Jiji and Cars45 announced an additional partnership, this time with GAC Motor Nigeria, aimed at reshaping the automotive industry landscape. Through this alliance, Nigerian car users gain unprecedented access to both brand-new and used GAC Motor vehicles, representing a significant shift in the options available to them within the Nigerian market.