|Study Period:||2015 - 2027|
|Largest Share by Product Type:||Engine Oils|
|Fastest Growing by Product Type:||Engine Oils|
The Nigeria Commercial Vehicles Lubricants Market stood at 145.48 million liters in 2022 and is projected to register a CAGR of NaN% to reach NaN liters in 2027.
- 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 - Engine 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.
Scope of the Report
|By Product Type|
|Transmission & Gear Oils|
Key Market Trends
Largest Segment By Product Type : Engine Oils
- 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.
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The Nigeria Commercial Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 64.38%. The major players in this market are 11Plc, Ardova Plc, MRS OIL NIGERIA PLC, Oando PLC and TotalEnergies (sorted alphabetically).
- 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.
Table of Contents
1. Executive Summary & Key Findings
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
4.1.3 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
5.3.2 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
6.1 Appendix-1 References
6.2 Appendix-2 List of Tables & Figures
7. Key Strategic Questions for Lubricants CEOs
List of Tables & Figures
COMMERCIAL VEHICLES POPULATION, NUMBER OF UNITS, NIGERIA, 2015 - 2026
NIGERIA COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, BY PRODUCT TYPE, 2015-2026
NIGERIA COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME SHARE (%), BY PRODUCT TYPE, 2020
NIGERIA COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, ENGINE OILS, 2015-2026
NIGERIA COMMERCIAL VEHICLES LUBRICANTS MARKET, ENGINE OILS, VOLUME SHARE (%), BY VEHICLE TYPE, 2020
NIGERIA COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, GREASES, 2015-2026
NIGERIA COMMERCIAL VEHICLES LUBRICANTS MARKET, GREASES, VOLUME SHARE (%), BY VEHICLE TYPE, 2020
NIGERIA COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, HYDRAULIC FLUIDS, 2015-2026
NIGERIA COMMERCIAL VEHICLES LUBRICANTS MARKET, HYDRAULIC FLUIDS, VOLUME SHARE (%), BY VEHICLE TYPE, 2020
NIGERIA COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, TRANSMISSION & GEAR OILS, 2015-2026
NIGERIA COMMERCIAL VEHICLES LUBRICANTS MARKET, TRANSMISSION & GEAR OILS, VOLUME SHARE (%), BY VEHICLE TYPE, 2020
NIGERIA COMMERCIAL VEHICLES LUBRICANTS MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021
NIGERIA COMMERCIAL VEHICLES LUBRICANTS MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021
NIGERIA COMMERCIAL VEHICLES LUBRICANTS MARKET SHARE(%), BY MAJOR PLAYERS, 2020
- Vehicle Types - Passenger Vehicles, Commercial Vehicles and Motorcycles are the vehicle types considered under the automotive lubricants market.
- Product Types - For the purpose of this study, lubricant products such as engine oils, transmission oils, greases and hydraulic fluids are taken into consideration.
- Service Refill - Service refill is the primary factor considered while accounting the lubricant consumption for each of the vehicle segments, under the study.
- Factory Fill - First lubricant fill-ups for newly produced vehicles are considered.
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: Identify Key Variables: The quantifiable key variables (industry and extraneous) pertaining to the specific product segment and country are selected from a group of relevant variables & factors based on desk research & literature review; along with primary expert inputs. These variables are further confirmed through regression modeling (wherever required).
- Step-2: Build a Market Model: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms