Report Update Nov 1, 2024

Nigeria - Passenger Cars - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Passenger Car Market 2024

Passenger Car Market Size in Nigeria

In 2021, after three years of growth, there was significant decline in the Nigerien passenger car market, when its value decreased by -37.6% to $X. Overall, consumption showed a abrupt setback. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Passenger Car Exports

Exports from Nigeria

In 2021, approx. X units of passenger cars were exported from Nigeria; picking up by 153% compared with 2020. Overall, exports enjoyed a temperate increase. Over the period under review, the exports hit record highs at X units in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, passenger car exports skyrocketed to $X in 2021. Over the period under review, exports, however, saw a pronounced descent. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Benin (X units) was the main destination for passenger car exports from Nigeria, accounting for a 38% share of total exports. Moreover, passenger car exports to Benin exceeded the volume sent to the second major destination, Spain (X units), fivefold. The Philippines (X units) ranked third in terms of total exports with a 2.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Benin amounted to +9.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+27.5% per year) and the Philippines (+8.0% per year).

In value terms, Benin ($X) remains the key foreign market for passenger cars exports from Nigeria, comprising 28% of total exports. The second position in the ranking was taken by Spain ($X), with a 2.1% share of total exports. It was followed by Angola, with a 0.9% share.

From 2012 to 2021, the average annual growth rate of value to Benin stood at +4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+16.9% per year) and Angola (-0.7% per year).

Export Prices by Country

In 2021, the average passenger car export price amounted to $X per unit, surging by 10% against the previous year. In general, the export price, however, showed a perceptible decline. The most prominent rate of growth was recorded in 2017 when the average export price increased by 54% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Angola ($X per unit), while the average price for exports to Gambia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+43.0%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into Nigeria

After three years of growth, purchases abroad of passenger cars decreased by -37.5% to X units in 2021. Over the period under review, imports saw a abrupt shrinkage. The growth pace was the most rapid in 2019 when imports increased by 158% against the previous year. Over the period under review, imports reached the maximum at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, passenger car imports contracted dramatically to $X in 2021. In general, imports showed a deep contraction. The pace of growth appeared the most rapid in 2019 with an increase of 122% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

The United States (X units), India (X units) and China (X units) were the main suppliers of passenger car imports to Nigeria, with a combined 78% share of total imports. These countries were followed by the United Arab Emirates, Italy, South Africa, Japan, Germany, the UK and Brazil, which together accounted for a further 16%.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +11.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of passenger cars to Nigeria, comprising 59% of total imports. The second position in the ranking was taken by India ($X), with a 12% share of total imports. It was followed by China, with a 6.6% share.

From 2012 to 2021, the average annual growth rate of value from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (+2.7% per year) and China (-9.7% per year).

Import Prices by Country

In 2021, the average passenger car import price amounted to $X per unit, shrinking by -8.8% against the previous year. In general, the import price, however, saw a tangible expansion. The most prominent rate of growth was recorded in 2016 an increase of 182% against the previous year. The import price peaked at $X per unit in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+1.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for passenger cars in the world?

The countries with the highest volumes of passenger car consumption in 2021 were China, India and the United States, with a combined 42% share of global consumption. These countries were followed by the Netherlands, Japan, the UK, France, Indonesia, Mexico, Italy, Brazil, Russia and Turkey, which together accounted for a further 32%.

What are the largest producers of passenger cars in the world?

The countries with the highest volumes of passenger car production in 2021 were China, India and Thailand, with a combined 47% share of global production.

What are the leading suppliers of passenger cars to Nigeria?

In value terms, the United States constituted the largest supplier of passenger car to Nigeria, comprising 54% of total imports. The second position in the ranking was occupied by India, with a 10% share of total imports. It was followed by Canada, with a 6.7% share.

What are the leading importers of passenger cars from Nigeria?

In value terms, the largest markets for passenger car exported from Nigeria were Ghana and Benin.

What is the average export price for passenger cars in Nigeria?

In 2021, the average passenger car export price amounted to $13,198 per unit, shrinking by -33.2% against the previous year.

What is the average import price for passenger cars in Nigeria?

The average passenger car import price stood at $24,820 per unit in 2021, rising by 29% against the previous year.

This report provides an in-depth analysis of the passenger car market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 29102100 - Vehicles with spark-ignition engine of a cylinder capacity. 1 .500 cm., new
Prodcom 29102230 - Motor vehicles with a petrol engine > 1 .500 cm. (including motor caravans of a capacity > 3 .000 cm.) (excluding vehicles for transporting . .10 persons, snowmobiles, golf cars and similar vehicles)
Prodcom 29102250 - Motor caravans with a spark-ignition internal combustion reciprocating piston engine of a cylinder capacity > 1 .500 cm. but . 3 .000 cm.
Prodcom 29102310 - Motor vehicles with a diesel or semi-diesel engine . 1 .500 cm. (excluding vehicles for transporting . .10 persons, s nowmobiles, golf cars and similar vehicles)
Prodcom 29102330 - Motor vehicles with a diesel or semi-diesel engine > 1 .500 cm. but . 2 .500 cm. (excluding vehicles for transporting . .10 persons, motor caravans, snowmobiles, golf cars and similar vehicles)
Prodcom 29102340 - Motor vehicles with a diesel or semi-diesel engine > 2 .500 cm. (excluding vehicles for transporting . .10 persons, motor caravans, snowmobiles, golf cars and similar vehicles)
Prodcom 29102353 - Motor caravans with a compression-ignition internal combustion piston engine (diesel or semi-diesel) of a cylinder capacity > 1 .500 cm. but . 2 .500 cm.
Prodcom 29102355 - Motor caravans with a compression-ignition internal combustion piston engine (diesel or semi-diesel) of a cylinder capacity > 2 .500 cm.
Prodcom 29102400 - Other motor vehicles for the transport of persons (excluding vehicles for transporting . .10 persons, snowmobiles, golf cars and similar vehicles)
Prodcom 29102410 -
Prodcom 29102430 -
Prodcom 29102450 -
Prodcom 29102490 -

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023