The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Euromonitor International’s Consumer Appliances research coverage is now extended to include Nigeria. As the largest economy in Sub-Saharan Africa, Nigeria is undoubtedly a market to take note of. This spotlight report provides a quick introduction to our latest research findings on consumer appliances trends in the market, highlighting key categories and challenges to growth.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.
In 2017, Nigeria’s consumer appliances industry witnessed the fastest percentage volume growth in the Middle East and Africa. Growth is, however, from a low volume base and follows a substantial drop in 2016. The country currently contributes just 5% of the region’s total volume sales.
Compared to other markets in the region, Nigerian households have relatively limited access to electricity and water supply. This renders ownership of key major appliances, such as automatic washing machines, which require continuous electrical and water supply, pointless for some consumers. Access to electricity is further impeded by the country’s unstable power supply, which experiences frequent blackouts.
Due to falling global oil prices, Nigeria witnessed its first economic recession in over two decades in 2016. This also impacted value and volume sales of consumer appliances, which declined over 2015-2016. The industry and economy rebounded in 2017, but the country is set to witness an expansion of its BOP in the long run and this may impact discretionary spending on white goods.
Most categories of major and small appliances have generally low penetration rates. Access to affordable domestic help is one contributing factor, as consumers rely on these services rather than appliances for cooking and cleaning tasks. Moreover, consumers continue to purchase goods either second-hand or from an informal market of illegally imported (untaxed) cheap products or “fake brands”, skewing the official count of new and replacement appliance sales. Nonetheless, the low penetration rates signify that the industry has room for growth.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.