Leading Players in Nigeria Car Finance Market: Ken Research

Nigeria Car Finance Market

In Nigeria Car Finance Market there are about ~ players operating in the overall market, and top ~ players accounted ~% share in the market in terms of revenue. The market is at the maturity stage with high ownership of car.

Key Market Findings:

Nigeria Car Finance Market was valued at USD ~ in 2022P and is projected to grow to USD ~ by 2027F, registering a CAGR of ~% in terms of revenue during the forecast period (2022P-2027F).
Major portion of the credit is disbursed in southern region of Nigeria, which is very well developed and is hub of all the activities in Nigeria.

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Role of In-House Financing: Through recently introduced promotional offers by banks in partnership with selected vehicle dealers, customers are able to access finance at a discounted rate for a limited number of vehicles and models. Indeed, the provision of alternative financing products, especially in-house financing by the automotive companies, is seen by industry players as a key requirement for the growth of the local market.

Growing Passenger car sales: The ability of consumers to purchase and maintain new vehicles, along with their increasing interest in purchasing multiple passenger vehicles to meet their daily needs and travel requirements, may help to increase demand for cars in the region. The region is home to a growing number of international automakers and brands.

Favorable Government Schemes: The launch of Nigeria’s NAIDP and the subsequent hike in import tariffs for vehicles attract the interest of leading international carmakers and has led to the resumption of small scale vehicle assembly in the country.

Analysts at Ken Research in their latest publication “Nigeria Car Finance Market Outlook to 2027F – By Distribution Channels (OEMs, Banks, NBFCs, Commercial Banks, Investment Bank), By type of Vehicles (Passenger, Commercial), By tenure of Loan (0-5 years,6-7 years, and 8-9 year) By condition of Vehicle (old, new), and By Region( Central, Southern, Eastern Northern and Other).” observed that Nigeria Car Finance Market is expected to showcase considerable growth in the coming five years. It is anticipated to grow more quickly in the next years with the easy availability of finance and low-interest rates. The car finance market in Nigeria is expected to grow at ~% CAGR over the forecasted period 2022-2027F.

Key Segments Covered in the report: –

By Region