Major Appliances - Nigeria | Statista Market Forecast

In 2024, the Major Appliances market in Nigeria generated a revenue of US$9.73bn.
This market is projected to experience an annual growth rate of 11.62% (CAGR 2024-2029).
When compared globally, China leads the pack with a revenue of US$102bn in 2024.
Looking at the per household revenue, in Nigeria saw an average of US$217.40 generated per household in 2024.
Moving on to the volume of the Major Appliances market, it is expected to reach 17.5m pieces units by 2029.
In 2025.0, a volume growth of 4.7% is predicted.
Furthermore, the average volume per household in the Major Appliances market is projected to be 0.32pieces units in 2024.
Nigeria's major appliances market is experiencing a surge in demand for energy-efficient and cost-effective products.

Definition: Major appliances are typically large and durable, yet they are designed to meet the needs of households and are well-suited for use in residential settings.

Structure: The major appliances segment consists of the following subsegments:

Refrigerators
Freezers
Dishwashing machines
Washing machines
Cookers & Ovens
Air conditioners

Additional Information: The market comprises key performance indicators such as revenues, volume, price per unit, average revenue and volume per household, sales channels, and key players. In addition, a comparable estimates box is provided, which shows the forecasted development of the selected market from different sources.

Note that the volume sales only refer to B2C (business to consumer) sales, via both the offline and the online channel. The average revenue and volume per household are determined by dividing the revenues and volume by the number of households, where a household refers to a house and its occupants, regarded as a unit. Finally, price per unit refers to the cost of a single unit of the product.

For more information on the displayed data, please use the info button right next to the boxes.

Refrigerators
Freezers
Diswashing machines and washing machines
Washing machines
Cookers and ovens
Air conditioners

Dryers
Heating appliances
Tankless water heaters
Water heaters

The major appliances market is divided into refrigerators, freezers, dishwashing machines, washing machines, cookers, air conditioners and ovens. The COVID-19 pandemic augured well for the market, with an uptick in volume sales of all products, as consumers placed greater emphasis on cleaning and hygiene. The market witnessed a bit of a slow down amid the Russia- Ukraine war, owing to supply chain disruptions, component shortages and consumers curbing their discretionary spend, but is expected to rebound over the short term.

Amongst other drivers fueling the market include the growing population and urbanisation, especially in emerging economies, technological advancements, such as smart washing machines and smart refrigerators and the growing trend towards home cooking, which augers well for products such as ovens.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.