Nigeria Two-Wheeler Market:
GMI Research expects the market to expand at a higher rate during the forecast period. The strong presence of insufficient public intra-city transport system and the rising demand for the last mile delivery purposes are the key factors driving the growth of the Nigeria two-wheeler market.
Nigeria Two-Wheeler Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The strong demand for two-wheelers due to their flexibility and higher fuel efficiency is a significant factor contributing to the growth of the Nigeria two-wheeler market. Moreover, the strong presence of insufficient public intra-city transport system and the rising demand for the last mile delivery purposes are the major factors surging the growth of the Nigeria two-wheeler market share in terms of revenue during the forecast period.
The significant shift towards the motorcycle ride-hailing services of the population to prevent congestion and heavy traffic jam is another factor that will have a positive influence on the market’s demand. For example, in Gokada, a ride-hail start-up in Nigeria, in 2019 created USD 5.3 million Series A round to fuel the two-wheel transit business. The start-up has onboarded and trained about 1,000 riders on its app and has completed approximately 1 million rides since 2018. The growing affordability of the two-wheelers and the increasing price of passenger cars will further stimulate the growth of the Nigeria two-wheeler market. On the other hand, the rising concerns associated with the safety of the people nationwide will hamper the growth of the Nigeria two-wheeler market.
Vehicle Type Segment Drivers
Based on the vehicle type, the motorcycle segment is projected to increase at a faster CAGR in the upcoming years due to the increasing penetration of motorcycles in the nation attributed to the strong presence of larger fuel capacity and improved control in the rugged road conditions. Furthermore, the fundamental shift of individuals towards the motorcycle-hailing ride due to its low cost in comparison to car-hailing services and flexible transport service options to deal with the long traffic jams will further pay the way for the growth of the market.
Nigeria Two-Wheeler Market Segmentation:
Segmentation by Vehicle Type:
- Motorcycle
- Scooter/Moped
Segmentation by Engine Type:
- ICE
- Electric
Segmentation by Engine Capacity:
- Up to 125cc
- 126-250cc
- 250-500cc
- Above 500cc
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