Nigeria’s vehicle market in 2022 totaled 10,302 sales, a 2.4% increase from the prior year and the second consecutive yearly growth. In December sales rose 11.2%, the 8th consecutive positive month.
Market Trend and Outlook
The Nigerian vehicle market in 2022 totaled 10,302 sales, a 5.2% increase from the prior year and the second consecutive yearly growth. In December sales rose 11.2%, the 8th consecutive positive month.
Looking at cumulative data from 2022 brand-wise, the leader Toyota reports a 3.5% increase in sales YTD while holding 17.9% market share, followed by Hyundai which gained 24.4%.
