Nigeria Passenger Vehicles Lubricants Market Trends

Statistics for the 2023 & 2024 Nigeria Passenger Vehicles Lubricants market trends, created by Mordor Intelligence™ Industry Reports. Nigeria Passenger Vehicles Lubricants trend report includes a market forecast to 202 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

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Single User License

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Team License

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Corporate License

$8750

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Market Trends of Nigeria Passenger Vehicles Lubricants Industry

This section covers the major market trends shaping the Nigeria Passenger Vehicles Lubricants Market according to our research experts:

Largest Segment By Product Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Engine Oils</span>

  • Passenger vehicles (PVs) are the second-largest segment in terms of automotive lubricant consumption in Nigeria. During 2015-2019, the PV lubricant consumption registered a CAGR of almost 1%, primarily owing to the surge in the car population of the country.
  • In 2020, PVs accounted for about 33.4% of the total automotive lubricant consumption in the country. Engine oil accounted for the largest share in PV lubricant consumption, with a share of over 81.4% during the year. During 2020, PV lubricants consumption declined by 7.8% due to the low usage of the vehicle fleet post the COVID-19 outbreak.
  • During 2021-2026, the greases segment is projected to register a steady rate exhibiting a CAGR of 2.48%. This growth is likely to be driven by the recovery of passenger car production and recovery in average distance traveled in the country.
Nigeria Passenger Vehicles Lubricants Market

Nigeria Passenger Vehicles Lubricants Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2026