Nigeria Automotive Engine Oils Market - Size, Share, COVID-19 Impact & Forecasts Up To 2026

The Nigeria Automotive Engine Oils Market stood at 163.27 million liters in 2021 and is projected to register a CAGR of 1.74% to reach 177.98 million liters in 2026.

Key Highlights

• Largest Segment by Vehicle Type - Commercial Vehicles: The Nigerian commercial vehicle sector has the highest engine oil consumption as the country has 3.8 million CVs, most of which are obsolete CVs that require frequent repair.
• Fastest Segment by Vehicle Type - Motorcycles: Nigeria is predicted to have the fastest rise in demand for motorcycle engine oil, owing to a robust comeback in low-cost motorcycle sales and rising travel rates.

Key Market Trends

Largest Segment By Vehicle Type: Commercial Vehicles

• In Nigeria, engine oils accounted for over 74% of overall automotive lubricants in 2020. During 2015-2019, engine oil consumption increased at a CAGR of 0.5%. The growing active vehicle fleet in the country was the key driver for this trend.
• In 2020, the COVID-19 outbreak led to a massive decline in the usage rate of the existing vehicle fleets in the country, which led to a 6.3% dip in engine oil consumption. The passenger vehicle (PV) segment recorded the largest decline of 7.8% in engine oil consumption during the year, over 2019.
• During 2021-2026, the motorcycles segment is expected to register the highest growth of 3.4% in engine oil consumption, followed by the CV segment (2.1%). The growth in the motorcycles segment is likely to be driven by the strong demand for mopeds and motorcycles in the country over the next five years.

Competitive Landscape

The Nigeria Automotive Engine Oils Market is fairly consolidated, with the top five companies occupying 67.72%. 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