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Small Cars - Nigeria

Nigeria
  • Revenue in the Small Cars market is projected to reach US$57m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.28%, resulting in a projected market volume of US$57m by 2029.
  • Small Cars market unit sales are expected to reach 3.6k vehicles in 2029.
  • The volume weighted average price of Small Cars market in 2024 is expected to amount to US$16k.
  • From an international perspective it is shown that the most revenue will be generated China (US$13bn in 2024).

The Small Cars Market segment includes economy passenger cars of an average footprint around 3.7m2 (40 ft2), an average mass around 1200kg (2680lbs) and a passenger/cargo volume between 2.4 m3 and 2.8 m3 (85 ft3 and 99 ft3). All key figures shown represent the sales of new small cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models.

  • European Car Segment: B (Small Cars)
  • US Car Segment: Subcompact Cars
  • Chinese Car Segment: Category A
  • Also known as: Light Cars, Superminis

Example models: Citroën C3, Ford Fiesta, Hyundai i30, Kia e-Soul, Lancia Ypsilon, Mazda 2, Nissan Note, Opel Corsa, Peugeot 208, Renault Clio, Seat Ibiza, Škoda Fabia, Suziki Swift, Toyota Yaris, Volkswagen Polo.

In-Scope

  • Economy passenger cars - Small Cars

Out-Of-Scope

  • Small SUVs
  • Sports models
Small Cars: market data & analysis - Cover

Market Insights report

Small Cars: market data & analysis

Study Details

    Unit Sales

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    Analyst Opinion

    The Small Cars market in Nigeria has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development.

    Customer preferences in Nigeria have shifted towards smaller, more fuel-efficient vehicles. This can be attributed to several factors, including rising fuel prices and increasing awareness of environmental issues. Consumers are looking for cars that are affordable to purchase and operate, and small cars fit these criteria.

    Additionally, the compact size of small cars makes them well-suited for navigating Nigeria's crowded urban areas. Trends in the market also support the growth of the Small Cars segment in Nigeria. As the country's middle class continues to expand, more people are able to afford personal vehicles.

    Small cars, with their lower price points, are an attractive option for these new car buyers. Furthermore, the availability of financing options has made it easier for consumers to purchase small cars, further driving demand. Local special circumstances in Nigeria have also played a role in the development of the Small Cars market.

    The country's infrastructure is still developing, with many roads in need of repair. Small cars are better able to navigate these challenging road conditions compared to larger vehicles. Additionally, the high cost of vehicle maintenance and repairs in Nigeria makes small cars more appealing, as they typically have lower maintenance costs.

    Underlying macroeconomic factors have also contributed to the growth of the Small Cars market in Nigeria. The country has experienced steady economic growth in recent years, leading to an increase in disposable income. This has allowed more people to enter the car market and consider purchasing a small car.

    Additionally, government policies promoting the use of smaller, more fuel-efficient vehicles have further boosted the demand for small cars. In conclusion, the Small Cars market in Nigeria is developing due to a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. As consumers prioritize affordability, fuel efficiency, and maneuverability, small cars have become the preferred choice for many Nigerian car buyers.

    With the country's middle class expanding and infrastructure still developing, the Small Cars segment is expected to continue its growth trajectory in the coming years.

    Technical Specifications

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Notes: Level 0: No automation and very limited driver assistance in the form of automatic emergency braking or blind-spot warning. Level 1: Driver assistance such as cruise control or lane centering. Level 2: Partial automation, including brake and steering support. Level 3: Conditional automation in which the vehicle can perform most driving tasks. In certain scenarios, human intervention is still needed.

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Price

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Methodology

    Data coverage:

    The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

    Modeling approach:

    Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. 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, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

    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. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

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