Increasing Penetration of Used Vehicles to Drive Nigeria Automotive Lubricants Market: TechSci Research

Nigeria Automotive Lubricants Industry

According to TechSci Research report, “Nigeria Automotive Lubricants Market By Vehicle Type, By Lubricant Type, By Base Oil, By Demand Category, Competition Forecast & Opportunities, 2013 – 2023”, increasing awareness pertaining to the benefits of automotive lubricants among consumers is forecast to drive the country’s automotive lubricants market to $ 683 million by 2023. Rising middle class income, improving road network and increasing preference for used vehicles for personal mobility are boosting the sales of automobiles in Nigeria, which is boosting demand for automotive lubricants in the country. Moreover, increasing Foreign Direct Investments (FDI) in the country’s automotive industry and relaxation of custom duties applicable on the import and export of automotive lubricants are anticipated to positively influence the automotive lubricants market in Nigeria in the coming years.  

Nigeria government has implemented stringent regulations regarding the manufacturing of adulterated products and products not registered under the Department of Petroleum Resources (DPR). Furthermore, the Standards Organisation of Nigeria (SON), under the new 2015 SON Act, is working to remove all non-compliant products from the country. Preference for semi-synthetic and synthetic oils is increasing among the consumers, as they provide high-end results as compared to mineral oils. The numerous advantages (such as long drain interval, better efficiency, less wear and tear and increase in overall mileage) of semi-synthetic and synthetics is boosting their demand, especially in the high-end automotive lubricants category, in Nigeria.

High penetration of old vehicles coupled with growing demand for new vehicles is expected to result in a huge growth opportunity for automotive lubricant companies in the coming years in Nigeria. The used vehicles need more frequent lubricant changes to achieve better results and performance. Moreover, with increasing consumer awareness regarding the lubricant drain interval, the market is moving towards higher quality, specialized and synthetic lubricants. “On account of growing penetration in rural areas, rising working class population, increasing use of synthetic lubricants by premium automobile manufacturers and expanding sales of vehicles in the country, automotive lubricants market in Nigeria is anticipated to register healthy growth over the course of next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Nigeria Automotive Lubricants Market By Vehicle Type, By Lubricant Type, By Base Oil, By Demand Category, Competition Forecast & Opportunities, 2013 – 2023” has evaluated the future growth potential of Nigeria automotive lubricants market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Nigeria automotive lubricants market.

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