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Executive Analysis of Nigerian Passenger Vehicle Market

Executive Analysis of Nigerian Passenger Vehicle Market

Key Findings

The Nigerian passenger vehicle market is dominated by used vehicles as majority of the population is economically poor.

Passenger Vehicle Market: Key Findings, Nigeria, 2014

New car sales in Nigeria was 􂀀 in 2014 showing a year-on-year (Y-o-Y) growth of 􂀀% over 2013 sales figure which was 􂀀.

New car sales in Nigeria, which is also a big market for used car sales, showed tremendous growth in 2014 in the wake of tougher import laws aimed at improving the indigenous automotive industry and encouraging automotive manufacturing in the country.

Toyota which held a market share of 􂀀% in 2014 is the leading brand vis-à-vis parc units followed by Honda and Kia which held 􂀀% and 􂀀%, respectively, the same year.

Nigeria is dominated by sedans and vans/pickups which together comprised 􂀀% of the new vehicle sales in 2014. Toyota (􂀀%) continues to remain the most dominant brand in terms of sales followed by Kia (􂀀%).

The Nigerian government has introduced import tariffs of 􂀀% on passenger vehicle importers which do not manufacture locally.

About this report

The passenger vehicle market in Nigeria has experienced significant growth in the recent years. The market is dominated by sedans and vans/pickups such as Toyota Camry and Honda Accord. Luxury cars constitute a small portion of the new vehicle sales but the segment will grow the fastest in the coming years due to increasing disposable income of Nigerians. The market is currently dominated by Japanese and South Korean original equipment manufacturers (OEMs). The new automotive policy is aimed at encouraging local production of vehicles and creation of jobs in the country which will help Nigeria become an automotive hub in West Africa.


  • Executive Summary
    • Key Findings
  • Research Scope and Timeline
  • Market Analysis
    • Business Environment
      • Table Select Business Indicators: Nigeria, 2012-2014
    • Industry Overview
      • Table Passenger Vehicle Market: Production and Sales, Nigeria, 2014 and 2020
    • Vehicle Models Assembled/Produced
    • Drivers and Restraints
    • National Automotive Policy
    • Powertrain Mix
    • Annual Sales
    • Annual Sales by Segment
    • Passenger Vehicles Parc Market Share
    • Leading Vehicle Brands
    • South African Passenger Vehicle Market Outlook
  • Key Conclusions & Predictions
    • Key Conclusions
    • Top 3 Predictions
  • Appendix
    • Table of Acronyms Used

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