Trucks - Nigeria | Statista Market Forecast

The Trucks market in Nigeria is projected to reach 2.32k vehicles unit sales by 2024.
It is expected to show a compound annual rate (CAGR 2024-2030) of 2.59%, resulting in a projected market volume of 2.71k vehicles units by 2030.
The production of the Trucks market is also expected to reach 0.00 units by 2030, illustrating the potential for growth in the market.
From an international perspective, it is evident that most of the sales in 2024 will be China, with 3.74m vehicles units sold.
The Nigerian commercial vehicles market is experiencing a surge in demand for trucks due to the country's growing economy and infrastructure development.

Definition

The Trucks market encompasses a diverse array of vehicles primarily intended for the transportation of goods and materials on a larger scale. These robust and specialized vehicles are engineered for commercial purposes, playing a pivotal role in industries such as logistics, construction, and heavy-duty transportation. Trucks come in various configurations that cater to specific cargo and operational requirements, ranging from light-duty delivery trucks to heavy-duty long-haul trucks with a GVWR of 16 tons or more.

Additional Information

The Trucks market is a dynamic sector characterized by a wide range of vehicle types and applications. Manufacturers continually innovate to improve performance, efficiency, and safety. This market is heavily influenced by factors such as government regulations, emissions standards, and evolving industry needs, which drive advancements in areas like fuel efficiency and alternative propulsion technologies.

Key players in the Trucks market include globally renowned companies such as Daimler Trucks, Volvo Group, PACCAR Inc., and Scania. These manufacturers play a crucial role in shaping the industry by introducing new technologies, improving fuel efficiency, and ensuring compliance with evolving environmental regulations. This market is highly competitive, driving continuous innovation and advancements in truck design and functionality.

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Tanker trucks
Refrigerated trucks
Large delivery trucks
Freight trucks
Flatbed trucks
Construction trucks

Watercraft, aircraft, and railway vehicles
Medium and heavy buses and coaches
Motorcycles and scooters
Light commercial vehicles (LCVs)
Consumer and recreational vehicles
Passenger cars
Off-road and specialized vehicles

The Trucks market in Nigeria has been experiencing significant growth in recent years. Customer preferences in the Trucks market in Nigeria have been shifting towards larger and more powerful vehicles.

This can be attributed to the increasing demand for trucks that can carry heavy loads and navigate through the country's challenging terrains. Additionally, customers are also prioritizing trucks that are fuel-efficient and have low maintenance costs. One of the key trends in the Nigerian Trucks market is the rising demand for used trucks.

This can be attributed to the relatively high cost of new trucks and the limited purchasing power of many customers. Used trucks offer a more affordable option for businesses and individuals who need reliable transportation for their goods. As a result, there has been a growing market for the importation and sale of used trucks in Nigeria.

Another trend in the Nigerian Trucks market is the increasing adoption of technology and connectivity features in trucks. This includes features such as GPS navigation systems, telematics, and advanced safety systems. These technological advancements not only improve the efficiency and safety of truck operations but also align with global trends in the trucking industry.

Local special circumstances in Nigeria also play a role in the development of the Trucks market. The country has a large agricultural sector, which relies heavily on trucks for the transportation of goods. This creates a consistent demand for trucks in Nigeria.

Additionally, the country's rapidly growing population and urbanization have led to an increase in the demand for goods and services, further driving the need for trucks. Underlying macroeconomic factors also contribute to the growth of the Trucks market in Nigeria. The country's GDP has been steadily increasing, indicating a growing economy.

This economic growth has led to increased investment in infrastructure development, including road construction and improvement. These infrastructure projects create a need for trucks to transport construction materials and equipment, further driving the demand for trucks in the market. Additionally, the government's focus on diversifying the economy and promoting local manufacturing has led to increased production and demand for trucks within the country.

Overall, the Trucks market in Nigeria is experiencing growth due to customer preferences for larger and more powerful vehicles, the rising demand for used trucks, the adoption of technology and connectivity features, local special circumstances such as the agricultural sector and urbanization, and underlying macroeconomic factors such as economic growth and infrastructure development.

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of trucks.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

The trucking industry in Canada refers to companies which are engaged in the transport of goods via truck. This includes both organizations who own and operate a private truck fleet to transport goods they produce themselves, as well as for-hire carriers who are contracted to carry goods produced by a different company. In 2022, the industry generated almost 39.55 billion Canadian dollars from almost 63.7 million shipments. Both these figures are slightly lower than at the industry’s peak in 2014, when shipments of 63.8 million tons of cargo generated 38.7 billion in revenue. However, the revenue per shipment of 621.15 Canadian dollars in 2018 is higher than in 2017, when only 585.6 Canadian dollars of revenue was generated per shipment.