Carmart.ng ranks 2nd as Nigeria’s Used Car Market Leaders in 2023 by Mordor Intelligence

• Data-driven report published by Mordor Intelligence ranks Carmart.ng as 2nd in the Nigerian used market scene.
• The article notes that the growth of the online car market in Nigeria has also been impacted by the increased used of the internet in the country.
• According to the Mordor Intelligence report, online car marketplaces like Carmart.ng are the brands driving the growth and exposure of the Nigerian used car market.

In an end-of-year research report by Mordor Intelligence about the Nigerian used car market, Carmart.ng ranked 2nd in Nigeria’s Used car market.

In the article, Mordor Intelligence, a revenue-funded organization started in 2014, partnered with over 600+ enterprises across 20 industries to deliver data-driven insights on projects, and took a deep dive into Nigeria’s booming used car market.

According to the article, the Nigeria used car market is valued at USD 1.14 billion and is anticipated to surpass a net valuation of USD 1.74 billion. Carrying out their analysis, the report noted that one of the reasons why the purchase of used cars is prevalent in Nigeria is due to the increase in the price of brand-new cars in the country. 

The report notes: “The prices of new cars shot up extensively as of July 2023 because of the devaluation of the domestic currency, the naira, and the increase in exchange rates for clearing imports, which has had approximately a 15% impact on the prices of new cars.”

While the article analyzed the impact of the increased car prices on Nigerians, it also highlights the stride Nigerians are making, using technological devices to drive sales of cars in the country. The article says: “The adoption of advanced technology by tech-savvy young individuals, the emergence of e-commerce marketplaces, and the aggressive strategies employed by various companies to invest in online advertisements are driving the demand for used cars sold through online platforms. These platforms assist consumers in making informed decisions since comprehensive information about vehicles, such as make, model, kilometres driven, engine capacity, condition, etc., is readily available.”

According to the report, some of the high-ranking online car marketplaces in Nigeria include Jiji, Carmart.ng, OList, Autochek Africa, Betacar, BuyCars.ng, Auto Auction Mall, Najiauto, Tokunbocars.ng, CarXus, Cars.ng, and Cheapcars.ng, among others. 

Mordor Intelligence report states: “These players engage in competitive dynamics based on several factors, including used car pricing, online presence, value-added services such as warranties and financing options, commission structures, the volume of listings on their platforms, and the availability of comprehensive information about the performance and condition of used vehicles on their websites.”

Also, the report noted that the increase in car sales using online marketplaces like Carmart.ng has been exacerbated by the increased use of the internet in Nigeria, which has gone from having 81.2 million users in 2018 to over 190 million in 2022. 

What this report indicates is not just that the used car market dominates the Nigerian market car scene, and that online marketplaces play a pivotal role in its dominance, with brands like Carmart.ng taking a second place role in the growth of online car sales in Nigeria.