Nigeria electric vehicle market Overview
Nigeria electric vehicle market is anticipated to grow moderately during the forecast period. Although Nigeria is lagging in the race for electric vehicles, the government is keen on encouraging the electric mobility in the country to minimize the harmful gas and carbon emission from the traditional combustion of fossil fuels resulting in environmental misbalance and global warming. Moreover, the rising awareness among the people regarding environmental degradation and related benefits through the use of electric vehicles would accelerate the adoption rate of electric vehicles in Nigeria in the coming years.
According to 6Wresearch, Nigeria Electric Vehicle Market size is anticipated to register growth during 2020-2026. The Nigerian government has introduced various support measures in the form of incentives and subsidies for promoting electric vehicles in the country. A Nigerian based auto company, Jet Motor Company, has raised $9 million from foreign investors to intensify the creation of electric vehicles and boost market growth. Furthermore, increased spending from government and enhanced FDI in place are the other factors, which would result in the growth of the electric vehicle market during the forecast period. However, subdued market growth is expected in the year 2020, on account of suspended economic activities due to the outbreak of the COVID-19 pandemic.
Vehicle types, the passenger vehicle segment is projected to grow significantly in the coming years capturing dominant market revenue share in the overall electric vehicles in Nigeria. Also, the two-wheelers electric vehicle segment looks promising with the advancements in technology and increased usage in the past few years
Key Highlights of the Report:
- Nigeria Electric Vehicle Market Overview
- Nigeria Electric Vehicle Market Outlook
- Nigeria Electric Vehicle Market Forecast
- Nigeria Electric Vehicle Market Overview on Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
- Historical Data and Forecast of Nigeria Electric Vehicle Market Revenues, By Types, for the period 2016-2026
- Historical Data and Forecast of Nigeria Electric Vehicle Market Revenues, By Regions, for the period 2016-2026
- Market Drivers and Restraints
- Market Opportunity Assessment
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