Market Insights Consumer Household Appliances Major Appliances

Freezers - Nigeria

Nigeria

In 2024, the Freezers market in Nigeria generated a revenue of US$208.30m.
The market is projected to experience an annual growth rate of 5.88% from 2024 to 2029 (CAGR 2024-2029).
When comparing this revenue on a global scale, in China leads the way with a revenue of US$5,491m in 2024.
In terms of per household revenues, the Freezers market in Nigeria generated US$4.66 in 2024.
Looking ahead, the volume in the Freezers market is expected to reach 0.5m pieces by 2029.
However, there will be a slight decline in volume growth in 2025, with a rate of 3.8%.
On average, each household in Nigeria is expected to have a volume of 0.01pieces in the Freezers market in 2024.
The demand for freezers in Nigeria is rapidly growing due to the increasing need for food preservation in the country's tropical climate.

Key regions: Indonesia, Japan, India, Germany, Europe

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Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on Household Appliances.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, trade data, national statistical office data, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global Survey), as well as performance factors. In addition, we use relevant key market indicators and data from country-specific associations, such as number of households, consumer spending, and price level index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques, such as exponential trend smoothing, for instance. The selection of forecasting techniques is based on the behavior of the relevant market.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Survey data is reweighted for representativeness.