Nigeria Automotive Market, Size, Share, Outlook and Growth Opportunities 2022-2030

Automotive Market Overview, Size, Growth Outlook To 2030

Nigeria automotive market is witnessing a strong rebound in demand from the COVID downturn and Post-COVID supply chain bottlenecks. The market is expected to grow at a significant CAGR between 2023 and 2030.

The Nigeria Automotive Market, Size, Share, Outlook and Growth Opportunities 2022-2030 report presents a comprehensive analysis of the country’s automotive market. Nigeria passenger car sales outlook and Nigeria commercial vehicle demand are forecast during the period. Further, vehicle production is forecast from 2023 to 2030.

This report covers the 2022 scenario and growth prospects of the Nigeria Automotive market for 2021-2030. To calculate the market size, revenue from the market sales of Passenger cars, light commercial vehicles and heavy commercial vehicles is considered.

Nigeria Automotive Market Trends, Opportunities And Challenges

Key trends and critical insights into Nigeria Automotive markets along with key drivers, restraints and growth opportunities are presented in the report.

Increasing adoptions of electric vehicles and spiking demand for advanced safety, connectivity, convenience and driver assist features are noted to shape the modern automotive industry in Nigeria. Increasing battery efficiency and EV charging infrastructure, and handling chip Shortages are potential challenges for Auto Manufacturers.

OEM manufacturers are planning to expand their production bases in Nigeria. The government of Nigeria also prioritizes the automotive segment as a key revenue generator and is encouraging the flow of FDIs in the automotive industry.

Nigeria is one of the most promising and fastest-growing automobile markets in the region. Nigeria automobile industry is supported by multiple factors such as labor availability, R&D efforts, geographic advantage and government support. With a positive outlook for the economy and greater household purchasing power, automobile sales in the country are set to witness a strong surge in sales by 2030.

Nigeria Automotive Market Competitive Landscape

The report analyses key players in the Nigeria Automotive Market with detailed SWOT and financial analysis and their strategies for 2030.

New players continue to foray into the market, in particular in the low-price vehicle segment with the number of sales increasing at robust growth rates. Passenger cars and light commercial vehicles are also witnessing a steady increase in demand.

The ongoing trend towards modernization and automation of Automotives to electric and hybrid cars, growth from emerging economies-compensating decline from mature markets, the focus is on the user, increasing penetration of autonomous vehicles, and others are supporting countries worldwide to strengthen their Automotive markets.
However, increased risk of new disruptive business models, falling margins and rising investment, long-term market volatilities, and vehicle retreats from globalization pose significant challenges to growth.

Cost-effective models tend to witness strong success as the majority of car buyers segment includes the middle class. Further, strong customer support and availability of cheap spare parts gain high priority for purchases in the cars segment

The Nigeria Automotive Market research identifies that the competition continues to intensify year-on-year with the introduction of new models and brand availability.

The global automotive market is poised to register strong growth with light vehicle sales increasing from around 95 million to over 106 million between 2019 and 2025.

Nigeria Automotive market is compared against five of its competitive markets in the region to analyze the role of Nigeria on the regional front and benchmark its operations.

Global Automotive, Asia Pacific, Europe, Middle East Africa, North America and Latin America Automotive market outlook is also presented in the report to provide a global perspective of the industry.

Nigeria population and economic outlook are also presented in the report to provide insights and forecasts of macroeconomic factors shaping the future of Nigeria Automotive markets.

Further, business and SWOT profiles of three of the leading Automotive companies in Nigeria are detailed in the report along with recent developments and their impact on overall market growth.


This product will be delivered within 2 business days.