Lamps & Lighting - Nigeria

Nigeria

In Nigeria, the revenue generated in the Lamps & Lighting market in 2024 amounts to US$397.10m.
It is projected that the market will experience an annual growth rate of 1.69% (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue in this segment, with US$31,960m in 2024.
In terms of per person revenues, in Nigeria generates US$1.73 in 2024.
Nigeria's growing middle class is driving demand for stylish and energy-efficient lamps and lighting, fueling market growth.

Key regions: Brazil, China, Denmark, United Kingdom, Worldwide

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Analyst Opinion

The Lamps & Lighting market in Nigeria has been experiencing significant growth in recent years.

Customer preferences: Customers in Nigeria are increasingly looking for energy-efficient and cost-effective lighting solutions. LED lamps and lighting fixtures have gained popularity in the market due to their long lifespan and low energy consumption. Additionally, customers are also showing a preference for aesthetically pleasing and innovative lighting designs that can enhance the overall ambiance of their homes or commercial spaces.

Trends in the market: One of the key trends in the Lamps & Lighting market in Nigeria is the increasing adoption of smart lighting solutions. With the advancement in technology, customers are now able to control and customize their lighting settings through smartphone apps or voice commands. This trend is particularly popular among urban consumers who value convenience and automation in their daily lives. Another trend in the market is the growing demand for solar-powered lighting solutions. Nigeria, like many other African countries, faces challenges in terms of reliable electricity supply. As a result, customers are turning to solar-powered lamps and lighting fixtures as a reliable alternative. This trend is especially prevalent in rural areas where access to electricity is limited.

Local special circumstances: Nigeria has a large population and a rapidly growing urban middle class. This demographic shift has led to an increase in construction activities, both residential and commercial. As a result, there is a growing demand for lamps and lighting fixtures to illuminate these new structures. This presents a significant opportunity for manufacturers and suppliers in the market.

Underlying macroeconomic factors: The Nigerian economy has been recovering from a period of recession, and this has had a positive impact on the Lamps & Lighting market. As disposable incomes rise and consumer confidence improves, customers are more willing to invest in home improvement projects, including upgrading their lighting systems. Additionally, government initiatives promoting energy efficiency and sustainability have also contributed to the growth of the market. In conclusion, the Lamps & Lighting market in Nigeria is witnessing growth due to customer preferences for energy-efficient and aesthetically pleasing lighting solutions. The adoption of smart lighting and solar-powered lighting is also on the rise. The growing population, urbanization, and recovering economy are key factors driving the market's development.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.