Nigeria Passenger Vehicles Lubricants - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2015 - 2026
The Nigeria Passenger Vehicles Lubricants Market size is estimated at 76.34 Million Liters in 2024, and is expected to reach 78.61 Million Liters by 2026, growing at a CAGR of 1.48% during the forecast period (2024-2026).
Key Highlights
- Largest Segment by Product Type - Engine Oils : Since it is used in enormous amounts and replenished more frequently than other product categories, engine oil is the most popular product in Nigerian SUVs and sedans.
- Fastest Segment by Product Type - Transmission & Gear Oils : Transmission oil consumption is predicted to be the highest among all product types in the Nigerian PV sector, as penetration of automatic and used cars is expected to rise.
Nigeria Passenger Vehicles Lubricants Market Trends
Largest Segment By Product Type : Engine Oils
- 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.
Nigeria Passenger Vehicles Lubricants Industry Overview
The Nigeria Passenger Vehicles Lubricants Market is fairly consolidated, with the top five companies occupying 65.40%. The major players in this market are 11Plc, Ardova Plc, BP Plc (Castrol), Oando PLC and TotalEnergies (sorted alphabetically).
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
- 1 Executive Summary & Key Findings
- 2 Introduction
- 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
- 4.1.2 Greases
- 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
- 5.3.1 11Plc
- 5.3.2 A-Z Petroleum
- 5.3.3 Ardova Plc
- 5.3.4 BP Plc (Castrol)
- 5.3.5 Conoil Plc
- 5.3.6 Eterna Plc
- 5.3.7 MRS OIL NIGERIA PLC
- 5.3.8 Oando PLC
- 5.3.9 Royal Dutch Shell Plc
- 5.3.10 TotalEnergies
- 6 Appendix
- 6.1 Appendix-1 References
- 6.2 Appendix-2 List of Tables & Figures
- 7 Key Strategic Questions for Lubricants CEOs
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