Nigeria Commercial Vehicles Lubricants Market Size
| Study Period | 2015 - 2026 |
| Base Year For Estimation | 2020 |
| Market Volume (2024) | 152.75 Million Liters |
| Market Volume (2026) | 162.45 Million Liters |
| CAGR (2024 - 2026) | 3.13 % |
| Market Concentration | High |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Nigeria Commercial Vehicles Lubricants Market Analysis
The Nigeria Commercial Vehicles Lubricants Market size is estimated at 152.75 Million Liters in 2024, and is expected to reach 162.45 Million Liters by 2026, growing at a CAGR of 3.13% during the forecast period (2024-2026).
- Largest Segment by Product Type - Engine Oils : Engine oil is the most popular product in Nigerian CV fleets since it is used in large quantities in heavy-duty trucks and is refilled frequently than other product types.
- Fastest Segment by Product Type - Transmission & Gear Oils : Transmission oil consumption is predicted to be the highest among all product types in the Nigerian CV sector, as penetration of automatic and used cars is expected to rise.
Nigeria Commercial Vehicles Lubricants Market Trends
This section covers the major market trends shaping the Nigeria Commercial Vehicles Lubricants Market according to our research experts:
Largest Segment By Product Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Engine Oils</span>
- In Nigeria, commercial vehicles (CV) form the largest segment in terms of automotive lubricant consumption. During 2015-2019, lubricant consumption increased at a CAGR of around 1.1% in the CV segment, majorly driven by the growing freight transportation in the country.
- The commercial vehicle lubricant consumption declined by 4.95% as COVID-19 affected freight transportation in 2020. The engine oil segment accounts for more than 70% of CV lubricant consumption. A major decline of 9.9% was observed in the consumption of greases in the CV segment during the year.
- During 2021-2026, the transmission oil segment is likely to be the fastest-growing product type, exhibiting a CAGR of 4.2%. The recovery in usage and production of commercial vehicles will likely drive the consumption of transmission over the coming years.
Nigeria Commercial Vehicles Lubricants Industry Overview
The Nigeria Commercial Vehicles Lubricants Market is fairly consolidated, with the top five companies occupying 65.46%. The major players in this market are 11Plc, Ardova Plc, MRS OIL NIGERIA PLC, Oando PLC and TotalEnergies (sorted alphabetically).
Nigeria Commercial Vehicles Lubricants Market Leaders
11Plc
Ardova Plc
MRS OIL NIGERIA PLC
Oando PLC
TotalEnergies
*Disclaimer: Major Players sorted in no particular order
Nigeria Commercial Vehicles Lubricants Market News
- November 2021: Ardova PLC acquired Enyo Retail & Supply Limited in 2021. This acquisition adds Enyo's 95 retail stations to Ardova's existing 450 stations, growing its portfolio to 545 stations nationwide.
- March 2021: Hyundai Motor Company and Royal Dutch Shell PLC announced a five-year global business cooperation agreement, with a new focus on clean energy and carbon reduction, to help Hyundai continue its transformation as a Smart Mobility Solution Provider.
- November 2020: Ardova signed a lubricants deal with Shell in Nigeria, and Ardova PLC (AP) will be the distributor of Shell lubricants in the country.
Nigeria Commercial Vehicles Lubricants Market Report - Table of Contents
1. Executive Summary & Key Findings
2. Introduction
2.1 Study Assumptions & Market Definition
2.2 Scope of the Study
2.3 Research Methodology
3. Key Industry Trends
3.1 Automotive Industry Trends
3.2 Regulatory Framework
3.3 Value Chain & Distribution Channel Analysis
4. Market Segmentation
4.1 By Product Type
4.1.1 Engine Oils
4.1.2 Greases
4.1.3 Hydraulic Fluids
4.1.4 Transmission & Gear Oils
5. Competitive Landscape
5.1 Key Strategic Moves
5.2 Market Share Analysis
5.3 Company Profiles
5.3.1 11Plc
5.3.2 Ardova Plc
5.3.3 Conoil PLC
5.3.4 MRS OIL NIGERIA PLC
5.3.5 Oando PLC
5.3.6 Royal Dutch Shell Plc
5.3.7 TotalEnergies
6. Appendix
6.1 Appendix-1 References
6.2 Appendix-2 List of Tables & Figures
7. Key Strategic Questions for Lubricants CEOs
Nigeria Commercial Vehicles Lubricants Industry Segmentation
| By Product Type | |
| Engine Oils | |
| Greases | |
| Hydraulic Fluids | |
| Transmission & Gear Oils |
Nigeria Commercial Vehicles Lubricants Market Research FAQs
How big is the Nigeria Commercial Vehicles Lubricants Market?
The Nigeria Commercial Vehicles Lubricants Market size is expected to reach 152.75 million Liters in 2024 and grow at a CAGR of 3.13% to reach 162.45 million Liters by 2026.
What is the current Nigeria Commercial Vehicles Lubricants Market size?
In 2024, the Nigeria Commercial Vehicles Lubricants Market size is expected to reach 152.75 million Liters.
Who are the key players in Nigeria Commercial Vehicles Lubricants Market?
11Plc, Ardova Plc, MRS OIL NIGERIA PLC, Oando PLC and TotalEnergies are the major companies operating in the Nigeria Commercial Vehicles Lubricants Market.
Which segment has the biggest share in the Nigeria Commercial Vehicles Lubricants Market?
In the Nigeria Commercial Vehicles Lubricants Market, the Engine Oils segment accounts for the largest share by product type.
Which is the fastest growing segment in the Nigeria Commercial Vehicles Lubricants Market?
In 2024, the Transmission & Gear Oils segment accounts for the fastest growing by product type in the Nigeria Commercial Vehicles Lubricants Market.
What years does this Nigeria Commercial Vehicles Lubricants Market cover, and what was the market size in 2023?
In 2023, the Nigeria Commercial Vehicles Lubricants Market size was estimated at 149.05 million Liters. The report covers the Nigeria Commercial Vehicles Lubricants Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Nigeria Commercial Vehicles Lubricants Market size for years: 2024, 2025 and 2026.
Nigeria Commercial Vehicles Lubricants Industry Report
Statistics for the 2024 Nigeria Commercial Vehicles Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Nigeria Commercial Vehicles Lubricants analysis includes a market forecast outlook to 2026 and historical overview. Get a sample of this industry analysis as a free report PDF download.
