Nigeria Electric Vehicle Market (2020-2026) | Size, Share, Revenue, Analysis, Forecast, Trends, Outlook, Growth & COVID-19 IMPACT

Latest 2023 Development of the Nigeria Electric Vehicle Market

Nigeria Electric Vehicle Market is in its early stages of development, with limited adoption due to high cost, improper infrastructure, and limited awareness among consumers. There were some notable developments in the EV market of Nigeria such as the government launching initiatives to promote the use of EVs and related infrastructure in the country. Additionally, some private companies have started importing and selling EVs in Nigeria. Moreover, there were several factors that contribute to the growth of the electric vehicles market in Nigeria in the years to come.

For instance, the government has announced plans to implement policies that encourage the adoption of electric vehicles which includes tax incentives, subsidies, and reduced import duties. Consequently, these incentives make EVs more affordable and attractive to consumers. The increasing prices of fuel and price fluctuations make electric vehicles a more attractive option for consumers. Apart from this, Electric vehicles are seen as a cleaner alternative to gasoline-powered cars, and their adoption could help reduce greenhouse gas emissions and improve air quality. Technological Advancements in battery technology make electric vehicles more affordable, with longer ranges and shorter charging times. This could make them more competitive with conventional cars in terms of price and convenience.

Nigeria electric vehicle Market Synopsis

Nigeria electric vehicle market is anticipated to grow moderately during the forecast period. Although Nigeria is lagging in the race for electric vehicles, the government is keen on encouraging electric mobility in the country to minimize the harmful gas and carbon emissions from the traditional combustion of fossil fuels resulting in environmental misbalance and global warming. Moreover, the rising awareness among the people regarding environmental degradation and related benefits through the use of electric vehicles would accelerate the adoption rate of electric vehicles in Nigeria in the coming years.

According to 6Wresearch, Nigeria Electric Vehicle Market size is anticipated to register growth during 2020-2026. The Nigerian government has introduced various support measures in the form of incentives and subsidies for promoting electric vehicles in the country. A Nigerian-based auto company, Jet Motor Company, has raised $9 million from foreign investors to intensify the creation of electric vehicles and boost market growth.  Furthermore, increased spending from the government and enhanced FDI in place are the other factors, which would result in the growth of the electric vehicle market during the forecast period. However, subdued market growth is expected in the year 2020, on account of suspended economic activities due to the outbreak of the COVID-19 pandemic.

Vehicle types, the passenger vehicle segment is projected to grow significantly in the coming years capturing dominant market revenue share in the overall Nigeria electric vehicle market. Also, the two-wheelers electric vehicle segment looks promising with the advancements in technology and increased usage in the past few years.

The Nigeria electric vehicle market report comprehensively covers the market by vehicle types and regions including Eastern Region, Mid-Western Region, Western Region, and Northern Region. The Nigeria electric vehicle market outlook provides an unbiased and detailed analysis of the Nigeria electric vehicle market trends, Nigeria electric vehicle market share, 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 Electric vehicle Market is expected to be driven owing to the increasing interest of the country towards the adoption of electric mobility technology. Regulations and implementation of certain strategies are further anticipated to provide a push to the Nigeria electric vehicle market in the coming years. Additionally, continuous government efforts for the adoption of electric mobility in the country are also expected to steer up the Nigeria electric vehicle market in the upcoming six years. The country has witnessed possessing a vast network of electric vehicles in the past years and would register many new establishments in the coming years. The country is the second largest market for electric vehicles across the African region registering the fastest growth each year which is directly providing propulsion to the growth of electric vehicles as well. The market saw a boom after the introduction of several new electric vehicle models by some of the key e-automobile players. Examples of such industrial achievements are the Nissan LEAF and Mitsubishi i-MiEV which have assisted robust growth of the Nigeria electric vehicle market.

Key Highlights of the Report:

• Nigeria Electric Vehicle Market Overview
• Nigeria Electric Vehicle Market Outlook
• Nigeria Electric Vehicle Market Forecast
• Historical Data of Nigeria Electric Vehicle Market Revenues for the Period 2016-2019
• Nigeria Electric Vehicle Market Size and Nigeria Electric Vehicle Market Forecast of Revenues Until 2026
• Historical Data and Forecast of Nigeria Electric Vehicle Market Revenues, By Types, for the period 2016-2026
• Historical Data and Forecast of Nigeria Electric Vehicle Market Revenues, By Regions, for the period 2016-2026
• Market Drivers and Restraints
• Nigeria Electric Vehicle Market Trends and Industry Life Cycle
• Market Opportunity Assessment
• Nigeria Electric Vehicle Market Share, By Players
• Nigeria Electric Vehicle Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Markets Covered

The Nigeria electric vehicle market report provides a detailed analysis of the following market segments:

By Vehicle Types

• Passenger Vehicle
• Two-Wheeler
• Bus
• Truck

By Regions

• Eastern Region
• Mid-Western Region
• Western Region
• Northern Region