Market Insights Mobility Commercial Vehicles

Trucks - Nigeria

Nigeria

The Trucks market in Nigeria is projected to reach 2.32k vehicles unit sales by 2024.
It is expected to show a compound annual growth rate (CAGR 2024-2030) of 2.62%, resulting in a projected market volume of 2.71k vehicles units by 2030.
The production of the Trucks market is also expected to reach 0.00 units by 2030, illustrating the potential for growth in the market.
From an international perspective, it is evident that most of the sales in 2024 will be in China, with 3,741.00k vehicles units sold.
The Nigerian commercial vehicles market is experiencing a surge in demand for trucks due to the country's growing economy and infrastructure development.

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Analyst Opinion

The Trucks market in Nigeria has been experiencing significant growth in recent years. Customer preferences in the Trucks market in Nigeria have been shifting towards larger and more powerful vehicles.

This can be attributed to the increasing demand for trucks that can carry heavy loads and navigate through the country's challenging terrains. Additionally, customers are also prioritizing trucks that are fuel-efficient and have low maintenance costs. One of the key trends in the Nigerian Trucks market is the rising demand for used trucks.

This can be attributed to the relatively high cost of new trucks and the limited purchasing power of many customers. Used trucks offer a more affordable option for businesses and individuals who need reliable transportation for their goods. As a result, there has been a growing market for the importation and sale of used trucks in Nigeria.

Another trend in the Nigerian Trucks market is the increasing adoption of technology and connectivity features in trucks. This includes features such as GPS navigation systems, telematics, and advanced safety systems. These technological advancements not only improve the efficiency and safety of truck operations but also align with global trends in the trucking industry.

Local special circumstances in Nigeria also play a role in the development of the Trucks market. The country has a large agricultural sector, which relies heavily on trucks for the transportation of goods. This creates a consistent demand for trucks in Nigeria.

Additionally, the country's rapidly growing population and urbanization have led to an increase in the demand for goods and services, further driving the need for trucks. Underlying macroeconomic factors also contribute to the growth of the Trucks market in Nigeria. The country's GDP has been steadily increasing, indicating a growing economy.

This economic growth has led to increased investment in infrastructure development, including road construction and improvement. These infrastructure projects create a need for trucks to transport construction materials and equipment, further driving the demand for trucks in the market. Additionally, the government's focus on diversifying the economy and promoting local manufacturing has led to increased production and demand for trucks within the country.

Overall, the Trucks market in Nigeria is experiencing growth due to customer preferences for larger and more powerful vehicles, the rising demand for used trucks, the adoption of technology and connectivity features, local special circumstances such as the agricultural sector and urbanization, and underlying macroeconomic factors such as economic growth and infrastructure development.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of trucks.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.