Nigeria Electric Vehicle Charging Infrastructure Market (2024-2030) | Growth, Value, Size, Revenue, Companies, Share, Industry, Forecast, Trends, Analysis & Outlook

Topics Covered in the Nigeria EV Charging Infrastructure Market Report

The Nigeria Electric Vehicle Charging Infrastructure Market report thoroughly covers the market by type, by application and competitive Landscape. The report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Nigeria EV Charging Infrastructure Market Synopsis

As the world shifts towards renewable energy and reducing the carbon footprint, the electric vehicle market is gaining momentum. In Nigeria, the government has implemented policies to promote the use of electric vehicles and is investing significantly in the infrastructure necessary to support them. Additionally, while electric vehicles make up a relatively small percentage of the total number of vehicles on the road in Nigeria, the number is increasing rapidly each year. The government has implemented several policies to support this trend, including a National Automotive Industry Development Plan that aims to promote the development of local production of electric vehicles. In addition, the Nigerian Electricity Regulatory Commission has issued regulations for the development, implementation, and operation of electricity supply for electric vehicles. Further, the Nigeria electric vehicle charging infrastructure industry it is poised for growth. Several companies have already begun investing in developing charging infrastructure across the country. For example, Bettalectric, a Nigerian renewable energy company, has installed its first electric vehicle charging station in Lagos. There are also plans to install charging stations in other major cities across Nigeria in the coming years. However, one of the most significant challenges is the high cost of electric vehicles and charging equipment, which can be a barrier for many consumers. Another significant challenge is the lack of a clear regulatory framework for the electric vehicle charging industry. Nigeria's decentralized power supply system, coupled with ongoing security threats, also poses a challenge to the development of reliable charging infrastructure.

According to 6Wresearch, Nigeria EV Charging Infrastructure Market size is projected to grow at a CAGR of 28.9% during 2024-2030. The support of the government, the influx of foreign investment, the increase in consumer awareness and education, and the application of innovative technology are the key drivers pushing the growth of the market. Another key driver of Nigeria's EV charging infrastructure market is foreign investment. Several foreign companies have established partnerships with Nigerian firms to provide electric vehicle charging station services. For instance, in September 2021, the African Infrastructure Investment Managers (AIIM) announced its investment in Nigerian-based Rensource Energy to support the development of renewable energy projects, including EV charging infrastructure. This kind of partnership has led to an increase in the number of EV charging stations in the country, which has made EVs more accessible to Nigerians. Moreover, consumer awareness and education are also drivers of Nigeria's EV charging infrastructure market. As more Nigerians become aware of the benefits of electric vehicles, there has been an increase in the demand for charging infrastructure. The mass education of Nigerians on the safety, advantages, and differences in electric vehicles could prompt more consumers to opt for electric vehicles, which in turn supports the expansion of charging infrastructure. Additionally, the technology behind electric vehicles and the charging infrastructure is still evolving. Innovation has played a key role in the growth of Nigeria's EV charging infrastructure market. For instance, companies such as SparkMeter, have developed smart metering solutions that can help EV charging station operators manage their electricity demand and supply effectively. Similarly, Nigerian-based Halogen Power has developed a solar-powered EV charging station, which is an eco-friendly and cost-effective alternative to grid-powered charging stations. These innovations have made EV charging more affordable and viable, which has led to an increase in the demand for charging infrastructure in Nigeria.

Government Initiatives Introduced in the Nigeria EV Charging Infrastructure Market

In recent years, the Nigerian government has shown a keen interest in promoting clean energy in the country. The Nigerian Automotive Industry Development Plan (NAIDP) is a policy framework designed to drive the growth of the automotive industry, including electric vehicles. As part of this plan, the government has introduced various incentives, such as tax exemptions and import tariffs reduction, to encourage the production and use of electric vehicles in the country.  Moreover, these cunnings have heightened the overall Nigeria EV Charging Infrastructure Market share. This level of government support has led to an increase in the demand for EVs, which, in turn, has led to the growth of the charging infrastructure market.

Key Players in the Nigeria EV Charging Infrastructure Market

The electric vehicle charging infrastructure market is growing in Nigeria, with several players stepping up to play a critical role. As we have seen, these firms are dedicated to improving the lives of citizens by making EV charging more accessible. Some of the key players include WattEV, E-Charge Nigeria, Enyo Retail and Supply Limited and Lubcon Limited. Further, the chief firms’ clasp widespread Africa EV Charging Infrastructure Market share.

Market by Type

According to Ravi Bhandari, Research Head, 6Wresearch, the Alternating current (AC) chargers are the simplest of the different types of EV chargers, and they work by converting AC power from the grid into DC power that can be used by electric vehicles. AC chargers usually come in two forms: Level 1 and Level 2 chargers. Level 1 chargers are the slowest of the two types, with charge rates ranging from 2 to 5 miles of range per hour of charging. Moreover, direct current (DC) chargers, also known as fast chargers, are more powerful than AC chargers and can charge an EV’s battery in a fraction of the time. They do this by bypassing the vehicle’s onboard charger and directly charging its battery pack. DC fast chargers usually come in two forms: Level 3 and Level 4 chargers.

Market by Application

Residential charging is essential to the adoption of EVs and the development of the EV charging infrastructure in Nigeria. Home charging stations enable EV owners to recharge their vehicles overnight, providing them with a convenient and reliable charging source. Although the cost of purchasing and installing a home charging station remains relatively high, the government is offering grants and subsidies to encourage the adoption of EVs and charging infrastructure. Overall, the development of residential EV charging infrastructure is expected to drive the country's adoption of electric vehicles. Whereas, in addition to residential charging infrastructure, commercial charging stations are critical to supporting the growth of electric vehicles in Nigeria. Commercial charging stations are typically found in public places, such as shopping malls, hotels, and other public spaces. Additionally, the commercial charging infrastructure pegs massive Nigeria EV Charging Infrastructure revenues. These charging stations provide much-needed convenience and accessibility for EV owners who require charging while they are out. Although the cost of installing charging stations remains high, commercial charging stations are an excellent investment for businesses that wish to attract eco-conscious customers.

Key Attractiveness of the Report

• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Nigeria Electric Vehicle Charging Infrastructure Market Overview
• Nigeria Electric Vehicle Charging Infrastructure Market Outlook
• Nigeria Electric Vehicle Charging Infrastructure Market Forecast
• Historical Data of Nigeria Electric Vehicle Charging Infrastructure Market Revenues and Volume for the Period 2020-2030
• Nigeria Electric Vehicle Charging Infrastructure Market Size and Nigeria Electric Vehicle Charging Infrastructure Market Forecast Revenues, Until 2030
• Historical Data of Nigeria Electric Vehicle Charging Infrastructure Market Revenues and Volume, By Types, for the Period 2020-2030
• Market Size & Forecast of Nigeria Electric Vehicle Charging Infrastructure Market Revenues and Volume, By Types, Until 2030
• Historical Data of Nigeria Electric Vehicle Charging Infrastructure Market Revenues, By Applications, for the Period 2020-2030
• Market Size & Forecast of Nigeria Electric Vehicle Charging Infrastructure Market Revenues, By Applications, Until 2030
• Market Drivers and Restraints
• Market Trends and Industry Life Cycle
• Porter’s Five Force Analysis
• Market Opportunity Assessment
• Nigeria Electric Vehicle Charging Infrastructure Market Trends
• Nigeria Electric Vehicle Charging Infrastructure Market Overview on Competitive Benchmarking
• Nigeria Electric Vehicle Charging Infrastructure Market Share, by Companies
• Nigeria Electric Vehicle Charging Infrastructure Market Share, by Provinces
• Company Profiles
• Key Strategic Recommendations

Markets Covered

The Nigeria Electric Vehicle Charging Infrastructure Market report provides a detailed analysis of the following market segments:

By Type

• AC Charger
• DC Charger

By Application

• Residential
• Commercial
• Others