Nigeria Passenger Vehicles Lubricants Market - Size, Share, COVID-19 Impact & Forecasts Up To 2026

The Nigeria Passenger Vehicles Lubricants Market stood at 73.68 million liters in 2021 and is projected to register a CAGR of 1.31% to reach 78.61 million liters in 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.

Key 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.

Competitive Landscape

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