New Cars in Nigeria - Market Summary, Competitive Analysis and Forecast to 2024
New Cars in Nigeria - Market Summary, Competitive Analysis and Forecast to 2024Summary
New Cars in Nigeria industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2015-19, and forecast to 2024). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- The new cars market consists of the initial retail sale/registration of new passenger cars. Passenger cars include saloons, hatchbacks, SUVs, 4x4s and other related vehicles. The market value is calculated at retail selling price (RSP) and the market volume is given in terms of units sold. Market share data for the New Cars industry applies to motor manufacturing groups as opposed to their individual brands, i.e. for the Volkswagen Group this includes all of its brands such as Volkswagen, Audi, Skoda, Seat etc. therefore where possible, market share data represents sales figures for every brand in that manufacturing group within each country. Any currency conversions used in this report have been calculated at constant 2019 annual average exchange rates.
- The Nigerian new cars market had total revenues of $0.1bn in 2019, representing a compound annual rate of change (CARC) of -17% between 2015 and 2019.
- Market consumption volumes declined with a CARC of -24.4% between 2015 and 2019, to reach a total of 5.1 thousand units in 2019.
- The market grew exceptionally during 2018 due to a fall in inflation and a rise in GDP comparing to the previous years. 2019 saw the market once again back on decline amid challenging conditions including high inflation, a subdued economy, power shortages, and high unemployment.
Scope
- Save time carrying out entry-level research by identifying the size, growth, and leading players in the new cars market in Nigeria
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the new cars market in Nigeria
- Leading company profiles reveal details of key new cars market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the Nigeria new cars market with five year forecasts by both value and volume
Reasons to Buy
- What was the size of the Nigeria new cars market by value in 2019?
- What will be the size of the Nigeria new cars market in 2024?
- What factors are affecting the strength of competition in the Nigeria new cars market?
- How has the market performed over the last five years?
- Who are the top competitiors in Nigeria's new cars market?
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