NIGERIA COMMERCIAL VEHICLES LUBRICANTS MARKET - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026

 Nigeria's market for commercial vehicle lubricants, which had a volume of 141.86 million litres in 2021, is anticipated to grow at a CAGR of 2.75 percent to 162.45 million litres by 2026. Commercial vehicles (CV) make up the largest section of the automotive lubricant market in Nigeria. The rising freight transportation industry in the nation served as a primary driver of the CV segment's lubricant consumption growth between 2015 and 2019 at a CAGR of almost 1.1%.

2020's COVID-19 effects on freight transportation resulted in a 4.95% decrease in the usage of lubricants for commercial vehicles. More than 70% of the CV lubricant market is made up of engine oil. The consumption of greases in the CV category fell significantly by 9.9% during the course of the year.

With a CAGR of 4.2% from 2021 to 2026, the transmission oil segment is anticipated to develop at the quickest rate of any product category. Over the future years, the consumption of transmission will probably be driven by the recovery in the use and production of commercial vehicles.

Major Players: 11Plc, Ardova Plc, MRS OIL NIGERIA PLC, Oando PLC and TotalEnergies

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