NEW YORK, Dec. 23, 2015 /PRNewswire/ -- The passenger vehicle market in Nigeria has experienced significant growth in the recent years. The market is dominated by sedans and vans/pickups such as Toyota Camry and Honda Accord. Luxury cars constitute a small portion of the new vehicle sales but the segment will grow the fastest in the coming years due to increasing disposable income of Nigerians. The market is currently dominated by Japanese and South Korean original equipment manufacturers (OEMs). The new automotive policy is aimed at encouraging local production of vehicles and creation of jobs in the country which will help Nigeria become an automotive hub in West Africa.
The Nigerian passenger vehicle market is dominated by used vehicles as majority of the population is economically poor
1.New car sales in Nigeria was in 2014 showing a year-on-year (Y-o-Y) growth of % over 2013 sales figure which was .
2. New car sales in Nigeria, which is also a big market for used car sales, showed tremendous growth in 2014 in the wake of tougher import laws aimed at improving the indigenous automotive industry and encouraging automotive manufacturing in the country.
3. Toyota which held a market share of % in 2014 is the leading brand vis-à-vis parc units followed by Honda and Kia which held % and %, respectively, the same year.
4. Nigeria is dominated by sedans and vans/pickups which together comprised % of the new vehicle sales in 2014. Toyota ( %) continues to remain the most dominant brand in terms of sales followed by Kia ( %).
5. The Nigerian government has introduced import tariffs of % on passenger vehicle importers which do not manufacture locally.
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