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.
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