New Cars in Nigeria
Summary
New Cars in Nigeria industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value 2018-23, and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- New cars market consists of the retail sales/registrations of new passenger cars. Passenger cars include saloons, hatchbacks, SUVs, 4x4s, and light pickup vehicles. Market volume refers to the total number of cars sold in a year, while market value is calculated by multiplying the average retail selling price with the market volume.
- The Nigerian new cars market recorded revenues of $0.4 billion in 2023, representing a compound annual growth rate (CAGR) of 18.6% between 2018 and 2023.
- Market consumption volume increased with a CAGR of 18.5% between 2018 and 2023, to reach a total of 6,922 units in 2023.
- According to GlobalData, in 2023, the revenue of the Nigerian new cars market recorded an annual contraction of 16.1% due to the high interest rates, which impacted financing options for consumers.
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the new cars market in Nigeria
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the new cars market in Nigeria
- Leading company profiles reveal details of key new cars market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the Nigeria new cars market with five year forecasts
- What was the size of the Nigeria new cars market by value in 2023?
- What will be the size of the Nigeria new cars market in 2028?
- What factors are affecting the strength of competition in the Nigeria new cars market?
- How has the market performed over the last five years?
- Who are the top competitors in Nigeria's new cars market?
- 1 Executive Summary
- 1.1. Market value
- 1.2. Market value forecast
- 1.3. Market volume
- 1.4. Market volume forecast
- 1.5. Geography segmentation
- 1.6. Market share
- 1.7. Market rivalry
- 1.8. Competitive landscape
- 2 Market Overview
- 2.1. Market definition
- 2.2. Market analysis
- 3 Market Data
- 3.1. Market value
- 3.2. Market volume
- 4 Market Segmentation
- 4.1. Geography segmentation
- 5 Market Outlook
- 5.1. Market value forecast
- 5.2. Market volume forecast
- 6 Five Forces Analysis
- 6.1. Summary
- 6.2. Buyer power
- 6.3. Supplier power
- 6.4. New entrants
- 6.5. Threat of substitutes
- 6.6. Degree of rivalry
- 7 Competitive Landscape
- 7.1. Market share
- 7.2. Who are the leading players?
- 7.3. What are the strategies of the leading players?
- 7.4. What are the strengths of the leading players?
- 8 Company Profiles
- 8.1. Hyundai Motor Co
- 8.2. Stellantis NV
- 8.3. Volkswagen AG
- 8.4. Renault-Nissan-Mitsubishi Alliance
- 9 Macroeconomic Indicators
- 9.1. Country data
- 10 Appendix
- 10.1. Methodology
- 10.2. Industry associations
- 10.3. Related MarketLine research
- 10.4. About MarketLine
- List of Tables
- Table 1: Nigeria new cars market value: $ billion, 2018-23
- Table 2: Nigeria new cars market volume: units, 2018-23
- Table 3: Nigeria new cars market geography segmentation: $ billion, 2023
- Table 4: Nigeria new cars market value forecast: $ billion, 2023-28
- Table 5: Nigeria new cars market volume forecast: units, 2023-28
- Table 6: Nigeria new cars market share: % share, by volume, 2023
- Table 7: Hyundai Motor Co: Key Facts
- Table 8: Hyundai Motor Co: Annual Financial Ratios
- Table 9: Hyundai Motor Co: Key Employees
- Table 10: Stellantis NV: Key Facts
- Table 11: Stellantis NV: Annual Financial Ratios
- Table 12: Stellantis NV: Key Employees
- Table 13: Stellantis NV: Key Employees Continued
- Table 14: Volkswagen AG: Key Facts
- Table 15: Volkswagen AG: Annual Financial Ratios
- Table 16: Volkswagen AG: Key Employees
- Table 17: Volkswagen AG: Key Employees Continued
- Table 18: Renault-Nissan-Mitsubishi Alliance: Key Facts
- Table 19: Nigeria Size of Population (million), 2019-23
- Table 20: Nigeria Real GDP (Constant 2010 Prices, $ Billion), 2019-23
- Table 21: Nigeria GDP (Current Prices, $ Billion), 2019-23
- Table 22: Nigeria Inflation, 2019-23
- Table 23: Nigeria Consumer Price Index (Absolute), 2019-23
- Table 24: Nigeria Exchange Rate, 2018-23
- List of Figures
- Figure 1: Nigeria new cars market value: $ billion, 2018-23
- Figure 2: Nigeria new cars market volume: units, 2018-23
- Figure 3: Nigeria new cars market geography segmentation: % share, by value, 2023
- Figure 4: Nigeria new cars market value forecast: $ billion, 2023-28
- Figure 5: Nigeria new cars market volume forecast: units, 2023-28
- Figure 6: Forces driving competition in the new cars market in Nigeria, 2023
- Figure 7: Drivers of buyer power in the new cars market in Nigeria, 2023
- Figure 8: Drivers of supplier power in the new cars market in Nigeria, 2023
- Figure 9: Factors influencing the likelihood of new entrants in the new cars market in Nigeria, 2023
- Figure 10: Factors influencing the threat of substitutes in the new cars market in Nigeria, 2023
- Figure 11: Drivers of degree of rivalry in the new cars market in Nigeria, 2023
- Figure 12: Nigeria new cars market share: % share, by volume, 2023
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