Nigeria - Trucks - Market Analysis, Forecast, Size, Trends and Insights
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View PricingTruck Price in Nigeria - 2022
Contents:
- Truck Price in Nigeria (CIF) - 2022
- Truck Price in Nigeria (FOB) - 2022
- Truck Imports in Nigeria
- Truck Exports in Nigeria
Truck Price in Nigeria (CIF) - 2022
In June 2022, the average truck import price amounted to $4,457 per unit, which is down by -7.7% against the previous month. Over the period under review, the import price continues to indicate a slight contraction. The growth pace was the most rapid in October 2021 an increase of 81% month-to-month. Over the period under review, average import prices reached the maximum at $8,034 per unit in February 2022; afterwards, it flattened through to June 2022.
There were significant differences in the average prices amongst the major supplying countries. In June 2022, the country with the highest price was China ($19,707 per unit), while the price for Belgium ($2,456 per unit) was amongst the lowest.
From June 2021 to June 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.6%), while the prices for the other major suppliers experienced more modest paces of growth.
Truck Price in Nigeria (FOB) - 2022
The average truck export price stood at $4,508 per unit in 2022, surging by 31% against the previous year. Overall, the export price, however, showed a abrupt descent. The growth pace was the most rapid in 2014 an increase of 155%. Over the period under review, the average export prices reached the peak figure at $30,107 per unit in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Niger ($31,097 per unit), while the average price for exports to Belgium ($299 per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Niger (+29.0%), while the prices for the other major destinations experienced a decline.
Truck Imports in Nigeria
For the fourth consecutive year, Nigeria recorded growth in supplies from abroad of trucks, which increased by 17% to 93K units in 2022. In general, imports recorded a significant increase. The pace of growth was the most pronounced in 2021 when imports increased by 136% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.
In value terms, truck imports surged to $475M in 2022. Over the period under review, imports enjoyed a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.
Import of Truck in Nigeria (Million USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
United States | 11.7 | 9.2 | 128 | 192 | 154.1% |
China | 64.4 | 120 | 87.0 | 123 | 24.1% |
Belgium | 3.3 | 10.4 | 14.1 | 10.1 | 45.2% |
Barbados | 1.9 | 1.8 | 1.9 | 2.3 | 6.6% |
Others | 158 | 148 | 96.0 | 148 | -2.2% |
Total | 239 | 290 | 327 | 475 | 25.7% |
Top Suppliers of Truck to Nigeria in 2022:
- United States (64.4K units)
- Barbados (11.7K units)
- Belgium (2.7K units)
- China (1.9K units)
Truck Exports in Nigeria
In 2022, overseas shipments of trucks decreased by -20.1% to 147 units for the first time since 2018, thus ending a three-year rising trend. Overall, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 700%. As a result, the exports attained the peak of 184 units, and then declined sharply in the following year.
In value terms, truck exports expanded slightly to $663K in 2022. Over the period under review, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 178%. As a result, the exports attained the peak of $692K. From 2021 to 2022, the growth of the exports remained at a lower figure.
Export of Truck in Nigeria (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
United Kingdom | 2.3 | 2.2 | 327 | 285 | 398.5% |
Niger | 2.7 | 8.3 | 53.1 | 187 | 310.7% |
Ghana | 180 | 101 | 105 | 96.6 | -18.7% |
Benin | 40.6 | 12.6 | 109 | 73.7 | 22.0% |
Belgium | 2.1 | 0.7 | 1.0 | 0.6 | -34.1% |
Angola | N/A | 551 | N/A | N/A | 0% |
Others | 21.5 | 16.1 | 37.3 | 20.1 | -2.2% |
Total | 249 | 692 | 633 | 663 | 38.6% |
Top Export Markets for Truck from Nigeria in 2022:
- United Kingdom (125.0 units)
- Benin (8.0 units)
- Niger (6.0 units)
- Ghana (4.0 units)
- Belgium (2.0 units)
This report provides an in-depth analysis of the truck market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 29104110 - Goods vehicles with a diesel or semi-diesel engine, of a gross vehicle weight . 5 tonnes (excluding dumpers for off-highway use)
- Prodcom 29104130 - Goods vehicles with a diesel or semi-diesel engine, of a gross vehicle weight > 5 tonnes but . .20 tonnes (including vans) (excluding dumpers for off-highway use, tractors)
- Prodcom 29104140 - Goods vehicles with compression-ignition internal combustion piston engine (diesel or semi-diesel), of a gross vehicle weight > .20 tonnes (excluding dumpers designed for offhighway use)
- Prodcom 29104200 - Goods vehicles, with spark-ignition internal combustion piston engine, other goods vehicles, new
Country coverage:
- Nigeria
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Nigeria
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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Explore the top import markets for trucks in 2023, including the United States, Canada, Germany, and more. Find out what drives the demand for trucks in these key countries.
Global truck imports stood at X tons in 2016, dropping by -X% against the previous year figure. Overall, truck imports continue to indicate a measured curtailment. The pace of growth appeared th...
Global truck imports stood at X tons in 2016, dropping by -X% against the previous year figure. Overall, truck imports continue to indicate a measured curtailment. The pace of growth appeared th...
Explore the top import markets for trucks in 2023, including the United States, Canada, Germany, and more. Find out what drives the demand for trucks in these key countries.
Global truck imports stood at X tons in 2016, dropping by -X% against the previous year figure. Overall, truck imports continue to indicate a measured curtailment. The pace of growth appeared th...
Global truck imports stood at X tons in 2016, dropping by -X% against the previous year figure. Overall, truck imports continue to indicate a measured curtailment. The pace of growth appeared th...