Market Trends of Nigeria Automotive Engine Oils Industry
This section covers the major market trends shaping the Nigeria Automotive Engine Oils Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Commercial Vehicles</span>
- In Nigeria, engine oils accounted for over 74% of overall automotive lubricants in 2020. During 2015-2019, engine oil consumption increased at a CAGR of 0.5%. The growing active vehicle fleet in the country was the key driver for this trend.
- In 2020, the COVID-19 outbreak led to a massive decline in the usage rate of the existing vehicle fleets in the country, which led to a 6.3% dip in engine oil consumption. The passenger vehicle (PV) segment recorded the largest decline of 7.8% in engine oil consumption during the year, over 2019.
- During 2021-2026, the motorcycles segment is expected to register the highest growth of 3.4% in engine oil consumption, followed by the CV segment (2.1%). The growth in the motorcycles segment is likely to be driven by the strong demand for mopeds and motorcycles in the country over the next five years.