Report Overview

Increasing size of vehicle fleets driven by people’s rising disposable income is expected to boost the growth of Nigeria Auto Parts and Accessories Market during the forecast period between 2025 and 2031.

Nigeria Auto Parts and Accessories Market - Industry Trends & Forecast Report, 2031

Nigeria Auto Parts and Accessories Market size was estimated to be worth USD 1.74 billion in 2024. During the forecast period between 2024 and 2031, Nigeria Auto Parts and Accessories Market size is projected to grow at a CAGR of 5.49%, reaching a value of USD 2.53 billion by 2031. Major growth factors for Nigeria Auto Parts and Accessories Market include rising vehicle ownership and investment in electric vehicles (EVs). Automotive manufacturers are continuously innovating their products and are launching lightweight and fuel-efficient auto parts and accessories that align with stringent environmental regulations. It, in turn, is forecast to drive Nigeria Auto Parts and Accessories Market over the period under analysis.

Source: BlueWeave Consulting

Auto Parts and Accessories – Overview

Auto parts range from small parts like fuses and spark plugs to larger components like engines, transmissions, and suspension systems. They are individual elements and systems that comprise an automobile. Auto parts or components are intended to be replaced or repaired in case of damage or worn out of the actual parts of any vehicle. Automotive accessories are parts or fittings that are added to an automobile to enhance its appearance, performance, or comfort.

Nigeria Auto Parts and Accessories Market

Growth Drivers

Expanding Production and Sales of Automobiles

Nigeria is emerging as a leading auto manufacturer, with many domestic and international auto parts and accessories suppliers establishing their businesses in the country. For instance, the National Automotive Design and Development Council (NADDC) in Nigeria released its plans in September 2024 for the local manufacturing of automotive spare parts. The NADDC’s plans include an auto industrial park and revival of moribund tire factories to meet the majority of the two-wheeler demand. Such initiatives and increasing investments are expected to boost the growth of Nigeria Auto Parts and Accessories Market over the forecast period.

Challenges

High Concentration of Industry Players

Within the auto parts and accessories industry, "market saturation" is a state in which a certain geographic area or product sector experiences a high concentration of rivals, creating pressure on prices and fierce rivalry. As Nigeria Auto Parts and Accessories Market is crowded with comparable items, it gets harder for businesses to stand out from the competition and take market share in saturated marketplaces. As a result, industry participants may experience slower development and poorer profitability as they strive to differentiate themselves from a crowded field of rivals. Furthermore, as long as existing competitors control the majority of Nigeria Auto Parts and Accessories Market, saturation may hinder innovations.

Impact of Escalating Geopolitical Tensions on Nigeria Auto Parts and Accessories Market

Intensifying and further spreading of geopolitical tensions among countries across the major regions could hinder the growth of Nigeria Auto Parts and Accessories Market. Escalating geopolitical, trade, and tariff conflicts lead to a shortage of auto parts and accessories in the market owing to supply chain disruption. As Nigeria imports most of its auto parts and accessories, barriers to the supply chain result in increased costs and delays. The increased cost as a result of supply chain disruption and trade restrictions imposed by governments causes lower profit margins for industry players, and it often leads to consumers bearing the cost. In addition, these conflicts also often lead to shifts in trade relationships because of divestment campaigns against aggressive countries, which may negatively impact Nigeria Auto Parts and Accessories Market.

Nigeria Auto Parts and Accessories Market

Segmental Coverage

Nigeria Auto Parts and Accessories Market – By Type

Based on type, Nigeria Auto Parts and Accessories Market is segmented into driveline & powertrain, interiors & exteriors, electronics, seating, lighting, and others. The interiors & exteriors segment accounts for the largest market share of Nigeria Auto Parts and Accessories Market by type. An increasing level of disposable income of buyers is fueling the demand for improved visuals and aesthetics of automobiles. Along with improving the automobile's visual appeal, interior & exterior car accessories also elevate their comfort and functionality, contributing to the growth of the segment.

Nigeria Auto Parts and Accessories Market – By Product

Nigeria Auto Parts and Accessories Market by product is segmented into engine parts, electrical parts, drive & transmission steering parts, suspension & braking parts, equipment, and other products. The suspension & braking parts equipment segment accounts for the largest share of Nigeria Auto Parts and Accessories Market by product, as there is the high frequency of wear and tear in brake pads.

Nigeria Auto Parts and Accessories Market – By Distribution Channel

Based on the distribution channel, Nigeria Auto Parts and Accessories Market is bifurcated into OEMs and aftermarket segments. The OEMs (Original Equipment Manufacturers) segment dominates Nigeria Auto Parts and Accessories Market. The robust auto manufacturing sector of Nigeria fuels the demand for auto parts and accessories among OEMs for original installations. The Nigerian government is significantly focusing on establishing the country as an automotive manufacturing hub and is attracting major automotive producers worldwide, which is anticipated to propel the demand for auto parts and accessories from the OEM segment.

Source: BlueWeave Consulting

Competitive Landscape

Major companies in the intensely competitive Nigeria Auto Parts and Accessories Market include A.G. Leventis, APN Auto Link Ltd, Boulos Enterprises Limited, CFAO Yamaha Motor Nigeria Limited, COSEA INTEGRATED CO, Dallas Trading Co, Toyota, United African Company (UAC), and WinPart. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In September 2024 – The Nigerian Federal Government’s National Automotive Design and Development Council (NADDC) announced its plans for domestic production of automotive spare parts, including an auto industrial park and revival of inactive tire factories.

Scope of the Report

By Type

• Driveline & Powertrain

• Interiors & Exteriors

• Electronics

• Seating

• Lighting

• Others

By Product

• Engine Parts

• Electrical Parts

• Drive & Transmission Steering Parts

• Suspension & Braking Parts Equipment

• Others

By Vehicle Type

• Passenger Vehicles (PVs)

• Commercial Vehicles (CVs)

• Light Commercial Vehicles (LCVs)

• Sports Utility Vehicles (SUVs)

• Others

By Distribution Channel

• Original Equipment Manufacturers (OEMs)

• Aftermarket