Nigeria: Market for Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) 2024

Market Size for Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) in Nigeria

After two years of decline, the Nigerien market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) increased by X% to $X in 2022. Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Exports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Exports from Nigeria

In 2022, after three years of growth, there was significant decline in overseas shipments of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft), when their volume decreased by X% to X units. Over the period under review, exports, however, enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2016 when exports increased by X%. The exports peaked at X units in 2021, and then fell remarkably in the following year.

In value terms, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) fell significantly to $X in 2022. In general, exports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2016 when exports increased by X%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Niger (X units) was the main destination for exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from Nigeria, with a X% share of total exports. Moreover, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) to Niger exceeded the volume sent to the second major destination, Benin (X units), more than tenfold. The third position in this ranking was held by Democratic Republic of the Congo (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Niger totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (X% per year) and Democratic Republic of the Congo (X% per year).

In value terms, Niger ($X) remains the key foreign market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) exports from Nigeria, comprising X% of total exports. The second position in the ranking was taken by Angola ($X), with a X% share of total exports. It was followed by Benin, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Niger totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (X% per year) and Benin (X% per year).

Export Prices by Country

In 2022, the average export price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) amounted to $X per unit, with a decrease of X% against the previous year. Overall, the export price, however, showed a temperate expansion. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Angola ($X per unit), while the average price for exports to Democratic Republic of the Congo ($X 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 South Africa (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Imports into Nigeria

In 2022, purchases abroad of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) was finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. As a result, imports reached the peak of X units. From 2017 to 2022, the growth of imports of remained at a lower figure.

In value terms, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) soared to $X in 2022. In general, imports, however, saw a mild setback. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports of remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of internal combustion engine (excl. diesel, moto vehicle and aircraft) to Nigeria, accounting for a X% share of total imports. Moreover, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from China exceeded the figures recorded by the second-largest supplier, the UK (X units), sixfold. The third position in this ranking was taken by the United States (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (X% per year) and the United States (X% per year).

In value terms, the largest internal combustion engine (excl. diesel, moto vehicle and aircraft) suppliers to Nigeria were China ($X), Japan ($X) and the United States ($X), with a combined X% share of total imports. The UK, Poland and Israel lagged somewhat behind, together accounting for a further X%.

The UK, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) amounted to $X per unit, growing by X% against the previous year. In general, the import price, however, showed a mild contraction. The pace of growth appeared the most rapid in 2017 when the average import price increased by X%. Over the period under review, average import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for Israel ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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