Price for Vehicles; Spark-Ignition Internal Combustion Reciprocating Piston Engine, Cylinder Capacity Exceeding 3000cc in Nigeria - 2023

Contents:

1. Price for Vehicles; Spark-Ignition Internal Combustion Reciprocating Piston Engine, Cylinder Capacity Exceeding 3000cc in Nigeria (CIF) - 2022
2. Price for Vehicles; Spark-Ignition Internal Combustion Reciprocating Piston Engine, Cylinder Capacity Exceeding 3000cc in Nigeria (FOB) - 2022
3. Imports of Vehicles; Spark-Ignition Internal Combustion Reciprocating Piston Engine, Cylinder Capacity Exceeding 3000cc in Nigeria
4. Exports of Vehicles; Spark-Ignition Internal Combustion Reciprocating Piston Engine, Cylinder Capacity Exceeding 3000cc in Nigeria

Price for Vehicles; Spark-Ignition Internal Combustion Reciprocating Piston Engine, Cylinder Capacity Exceeding 3000cc in Nigeria (CIF) - 2022

The average import price for vehicles; spark-ignition internal combustion reciprocating piston engine, cylinder capacity exceeding 3000ccs stood at $73,366 per unit in 2022, with an increase of 32% against the previous year. In general, import price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for vehicles; spark-ignition internal combustion reciprocating piston engine, cylinder capacity exceeding 3000ccs increased by +71.3% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the UK ($74,297 per unit) and South Africa ($73,758 per unit), while the price for Germany ($73,230 per unit) and China ($73,274 per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Vehicles; Spark-Ignition Internal Combustion Reciprocating Piston Engine, Cylinder Capacity Exceeding 3000cc in Nigeria (FOB) - 2022

In 2022, the average export price for vehicles; spark-ignition internal combustion reciprocating piston engine, cylinder capacity exceeding 3000ccs amounted to $53,643 per unit, picking up by 6.9% against the previous year. Over the period under review, the export price, however, recorded a perceptible decrease. The growth pace was the most rapid in 2019 an increase of 910%. Over the period under review, the average export prices hit record highs at $480,227 per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Benin ($62,617 per unit), while the average price for exports to Ghana ($17,944 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+16.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Vehicles; Spark-Ignition Internal Combustion Reciprocating Piston Engine, Cylinder Capacity Exceeding 3000cc in Nigeria

After two years of decline, overseas purchases of vehicles; spark-ignition internal combustion reciprocating piston engine, cylinder capacity exceeding 3000ccs increased by 64% to 2K units in 2022. In general, total imports indicated a resilient increase from 2019 to 2022: its volume increased at an average annual rate of +8.7% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of vehicles; spark-ignition internal combustion reciprocating piston engine, cylinder capacity exceeding 3000ccs skyrocketed to $145M in 2022. Overall, imports continue to indicate significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Top Suppliers of Vehicles; Spark-Ignition Internal Combustion Reciprocating Piston Engine, Cylinder Capacity Exceeding 3000cc to Nigeria in 2022:

1. United Arab Emirates (901.0 units)
2. United States (368.0 units)
3. Japan (227.0 units)
4. Germany (168.0 units)
5. Thailand (56.0 units)
6. South Africa (41.0 units)
7. Canada (40.0 units)
8. United Kingdom (28.0 units)

Exports of Vehicles; Spark-Ignition Internal Combustion Reciprocating Piston Engine, Cylinder Capacity Exceeding 3000cc in Nigeria

In 2022, the amount of vehicles; spark-ignition internal combustion reciprocating piston engine, cylinder capacity exceeding 3000ccs exported from Nigeria stood at 11 units, approximately mirroring the previous year's figure. Over the period under review, exports saw a sharp decrease. The pace of growth appeared the most rapid in 2021 when exports increased by 120% against the previous year. The exports peaked at 55 units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, exports of vehicles; spark-ignition internal combustion reciprocating piston engine, cylinder capacity exceeding 3000ccs surged to $609K in 2022. In general, exports saw a precipitous descent. The most prominent rate of growth was recorded in 2021 when exports increased by 406%. Over the period under review, the exports of reached the maximum at $1.7M in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Top Export Markets for Vehicles; Spark-Ignition Internal Combustion Reciprocating Piston Engine, Cylinder Capacity Exceeding 3000cc from Nigeria in 2022:

1. Benin (8.0 units)
2. Ghana (1.0 units)
3. United States (1.0 units)
4. Germany (1.0 units)

Source: IndexBox Market Intelligence Platform