Market Trends of Nigeria Commercial Vehicles Lubricants Industry
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.
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