Welcome to our presentation on the lucrative opportunities within Nigeria's dynamic and growing auto spare parts sector. With over 12 million vehicles on Nigerian roads, the automotive aftermarket was valued at an impressive $6.5 billion in 2022.
15M Vehicles in Nigeria
~80% are used imports, highlighting aftermarket needs.
15+ Years Average Vehicle Age Drives high demand for frequent part replacements.
t Economic
Contribution A key driver of local economy and employment generation.
The Nigerian auto spare parts market is sustained by a diverse network of importers, wholesalers, retailers, and mechanics. Major distribution hubs include Ladipo Market in Lagos, Onitsha, Kano, and Abuja, serving as critical points for trade.
Over 80% of auto parts are imported, primarily from Asia and Europe. To explore key auto spare parts dealers in nigeria, consider engaging with industry platforms.
Counterfeit parts (approximately 20% of the market), forex volatility, and import duties are significant hurdles.
A growing population, increasing vehicle ownership, and the rise of ride-sharing platforms drive demand.
E-commerce platforms are emerging, streamlining sales and distribution channels.
The prevalence of older vehicles necessitates frequent part replacements and routine maintenance.
Limited access to new vehicle financing encourages owners to maintain their existing vehicles for longer periods.
Challenging road infrastructure leads to accelerated wear and tear on vehicle components.
The increasing cost of new vehicles motivates owners to invest in the longevity of their current cars.
The emergence of local vehicle assembly plants, such as Innoson and Stallion, is reshaping the automotive landscape.
Consumers are increasingly preferring genuine and quality parts, driving market formalisation.
There's a growing adoption of digital tools for efficient inventory and sales management across the sector.
Nigeria's auto spare parts market offers immense potential, ripe for strategic investment.
Establishing strategic partnerships is crucial for effective market penetration and sustained success.
The West Africa Automotive Show is an essential platform for industry networking and engagement.
This resilient market promises significant long-term returns for astute investors.