Nigeria Two-Wheeler Market to Grow During the Forecast Period
The inefficiency of public transport is stimulating the
demand for Two Wheelers in major cities of Nigeria driving the Nigeria
Two-Wheeler market.
According to TechSci Research report, “Nigeria
Two-Wheeler Market – By
Region, Competition, Forecast and Opportunities, 2018-2028F”,Nigeria Two-Wheeler market is forecasted
to grow during the forecasted period, as the demand for Two Wheelers in Nigeria
has also shown significant growth over the last few years with the increase in
the problem of parking and traffic congestion in urban and semi-urban areas.
The country has sustained the after-effects of declining oil prices with the
help of minimal political reforms and increasing public sector expenditure. In
the past few years in Nigeria, there is a huge demand for Two Wheelers for
daily commutation purposes. Moreover, owing to the absence of reliable public
transportation system in the country, the demand for Two Wheelers is on the
rise across the various cities of the country. As a result, many two-wheeler
manufacturers are focusing to increase their market presence by providing more
new affordable models in the country.
Growing urbanization is one of the major
reasons driving the demand for Two Wheelers in Nigeria. As of 2019, more than
45% of the Nigerian population has been living in the urban areas, which is
projected to further increase during the forecast period, thereby driving the
demand for Two Wheelers in the country.
In Nigeria, the Boda & Okada, or
motorbike taxis, also significantly contribute to the growth of the motorcycle
market. The motorbike taxis are gaining popularity in the country is due to a number
of factors, such as an increase in the demand for public transit, the
accessibility of motorbike loans, and an influx of low-cost imports from Indian
manufacturers like Bajaj, Hero, and TVS. In Nigeria, scooters with low engine capacity
and small wheels are not convenient to drive on the rugged roads. At the same
time, consumers in the continent prefer to opt for motorcycles for taxi
purposes, which can carry more commuters over a longer distance. Moreover, in
comparison to scooters, the fuel tank of motorcycles is larger, which further
boosts their demand for commercial purposes.
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Nigeria is emerging as Africa’s largest
economy and has registered a strong GDP growth rate over the past few years.
However, the collapse of the public intra-city transport system paved the way
for Two Wheelers as a means of transportation in the country. Two Wheelers,
which are usually referred to as Okada in local Nigerian parlance, are used for
intra-city transportation in the country. In many cities of the country, Two
Wheelers are continuously replacing passenger cars and other intra city
transport options, owing to increasing traffic congestion and unavailability of
transport options in rural and sub-urban areas. Two Wheelers have emerged as an
essential means of commercial transportation in the country and their demand is
increasing at a robust pace in the country.
Key market players in the Nigeria
Two-Wheeler market include:
- Bajaj Auto Ltd
- TVS Motor Company Limited
- Honda Manufacturing (Nigeria) Ltd
- Hero MotoCorp Ltd
- Yamaha Motor Nigeria Ltd
- Suzuki Motor Corporation
- Chongqing Lifan Motorcycle Engine Co.Ltd
- Chongqing Zongshen Automobile Industry Co., Ltd.
- Loncin Motorcycle Industries Limited
- Kawasaki Heavy Industries, Ltd
The country’s population suffers from poor access to the
workplace, education, health, and other services due to ineffective public
transport network. As a result, Two Wheelers have emerged as a prominent mode
of transport in the country. Additionally, owing to booming population and
growing demand for supplying goods from one place to another, Two Wheelers in
the country are playing an important role in narrowing the gap between
transport system’s demand and supply.
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“The Nigeria
Two-Wheeler Market is forecasted to grow during the forecasted period, as
many automotive players has started to invest in the research and development
sector, so that they can offer new models at an affordable price range. Inadequate
public transport in Nigeria has emerged as a major market driver over the
recent years and it is expected to be one of the major demand generating
factors for the Nigeria Two-Wheeler Market during the forecast period."
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Nigeria
Two-Wheeler Market By Vehicle Type (Scooter/Moped,
Motorcycle) By Propulsion Type Market Share Analysis (ICE and Electric) By
Region Competition Forecast & Opportunities, 2018- 2028F”, has
evaluated the future growth potential of Nigeria Two Wheeler market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Nigeria Two-Wheeler market.
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