Market Insights Consumer Toys & Hobby Sports Equipment

Exercise Equipment - Nigeria

Nigeria

In Nigeria, the Exercise Equipment market generates a revenue of US$0.7bn in 2024.
It is projected to experience an annual growth rate of 14.77% (CAGR 2024-2028).
When compared to other countries worldwide, in China leads the market with a revenue of US$12,960.0m in 2024.
On a per capita basis, the revenue generated amounts to US$2.96 per person in 2024.
The Exercise Equipment market in Nigeria showcases promising growth potential and a significant contribution to the economy.
"Nigeria's growing middle class is driving demand for exercise equipment, as more people prioritize their health and fitness."

Key regions: Germany, Italy, China, United Kingdom, India

Market

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Region comparison

Currency

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on goods people buy for their leisure activities and hobbies.

Modeling approach:

Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use in-house market research, national statistical offices, international institutions, trade associations, third-party studies, and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and household number. This data helps us 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 relevant market. For example, exponential trend smoothing is well suited for forecasting the Toys & Hobby market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

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.