Image

Nigeria Home Appliances Market - Industry Trends and Forecast to 2029

  • Chemical and Materials
  • Upcoming Report
  • May 2022
  • Country Level
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60
  • Chemical and Materials
  • Upcoming Report
  • May 2022
  • Country Level
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Nigeria Home Appliances Market, By Product (Refrigerator, Air Conditioner, Heaters, Washing Machines, Cleaning Appliances, Gas Stove, Cooking Range, Microwave and Oven and Others), Technology (Manual Home Appliances and Smart Home Appliances), Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, E-Commerce and Others), Household Type (Family Households and Non-Family Households) – Industry Trends and Forecast to 2029

Market Analysis and Size

Home appliances play a crucial role in regular housekeeping tasks such as washing laundry, cooking, and food preservation, among others. These appliances are known to be equipped with special connections such as gas, plumbing, electrical, and ventilation arrangements.

Nigeria Home Appliances Market was valued at USD 466873.66 thousands in 2021 and is expected to reach USD 629184.77 thousands by 2029, registering a CAGR of 3.80% during the forecast period of 2022-2029. Family Households accounts for the most prominent household type segment in the respective market owing to rise in need of products such as refrigerators, washing machines, heaters and others. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Market Definition

Home appliances are products which are used to reduce the work load from the consumers to save time in their daily household activities. These household appliances are used in domestic, commercial and industrial sectors in different applications. Due to the growing variety and income level of the individuals the consumption of home appliances is increasing at the faster pace.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Thousands, Volumes in Units, Pricing in USD

Segments Covered

Product (Refrigerator, Air Conditioner, Heaters, Washing Machines, Cleaning Appliances, Gas Stove, Cooking Range, Microwave and Oven and Others), Technology (Manual Home Appliances and Smart Home Appliances), Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, E-Commerce and Others), Household Type (Family Households and Non-Family Households)

Market Players Covered

Honeywell International Inc. (U.S.), Siemens (Germany), Johnson Controls (Ireland), Axis Communications AB (Sweden), Schneider Electric (France), ASSA ABLOY (Sweden), Amazon (U.S.), Apple Inc., (U.S.), ADT (US), ABB (Switzerland), Robert Bosch GmbH (Germany), Sony Corporation (Japan), Samsung (South Korea), Ooma Inc., (U.S.), Delta Controls (Canada), Comcast (U.S.), Crestron Electronics Inc., (U.S.), SimpliSafe Inc., (U.S.), Armorax (U.S.), LG Electronics (South Korea), Lutron Electronics Co., Inc (U.S.) and Legrand (France)

Market Opportunities

Continuous technological advancements leading to development of smart appliances

Growing urbanization in developing economies

Penetration of iot, z-wave, Wi-Fi, Bluetooth technology

Nigeria Home Appliances Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

  • Technological advancements

The continuous technological advancements leading to development of smart appliances acts as one of the major factors driving the growth of home appliances market. Smart appliances deliver advanced features. Also, increase in consumer inclination towards advanced appliances owing to the high living standards drives the market growth.

  • Surge in Number of Smart Buildings

Additionally, with the growing urbanization in developing economies, there has been a surge in smart buildings, which is estimated to bolster the market's overall growth. Furthermore, the increasing number of internet users, growing adoption of smart devices, and increasing customer preference for video doorbells, voice-assisted technologies (such as Alexa and Google Home) and surveillance systems also further fuels market growth.

  • Concerns Regarding Safety

Growing concerns regarding safety, security and public convenience also cushions the market's growth within the forecasted period. Moreover, the connected devices help consumers control and monitor the home appliances and office devices remotely from their smartphones or tablets, which acts as a market driver.

Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the home appliances market.

Opportunities

Furthermore, penetration of IoT, z-wave, Wi-Fi, Bluetooth technology coupled with the investment in smart home security devices are estimated to generate lucrative opportunities for the market, which will further expand the smart home market's growth rate in the future. Additionally, the shifted focus on improving energy efficiency will also offer numerous growth opportunities within the market.

Restraints/Challenges Nigeria Home Appliances Market

  • High Cost

The high cost for smart home setups is serving as a market restraint. The price range is expected to obstruct market growth.

  • Increased Security and Privacy Concerns

Also, the consumer security and privacy concerns with more connected devices are projected to be challenge for the smart home market over the forecast period.

This home appliances market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info home appliances market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Nigeria Home Appliances Market

The home appliances market was immensely impacted by the outbreak of COVID-19. The pandemic significantly damaged and disrupted supply chain hubs across all major end verticals across the globe. The lockdown harmed production across the globe and will exacerbate the existing manufacturing slump and trade uncertainty. The United States has been hit the worst in manufacturing, with China's production capacity falling by over 14% and worldwide electronic component sales falling by nearly 40%. The industrial industry, which accounts for roughly 17% of global GDP, is one of the worst-affected sectors during the COVID-19 epidemic. This has had a direct influence on global FDI inflows, and as a result, some economies around the world have experienced significant declines. The worldwide standoff has stifled production at these plants, causing the entire supply chain to fall apart.

To combat the spread of the virus and for economic reasons, large industrial corporations closed their facilities and laid off their personnel. To survive during the pandemic, some manufacturers have begun to change their companies in order to be able to provide crucial or high-demand products.

Recent Developments

  • In January 2020, Samsung launched new range of air conditioners with Wi-Fi capability, human detection and green R32 gas, Premium Triple Inverter Series, Eco Inverter, and On/Off split ACs with wind -Free AC 2.0. The new range of product will ease work of the customers and also will help Samsung gain more sales and revenue values.

Nigeria Home Appliances Market Scope

The home appliances market is segmented on the basis of product, technology, distribution channel and household type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

  • Refrigerator
  • Air Conditioner
  • Heaters
  • Washing Machines
  • Cleaning Appliances
  • Gas Stove
  • Cooking Range
  • Microwave
  • Oven
  • Others

Technology

  • Manual Home Appliances
  • Smart Home Appliances

Distribution Channel

  • Supermarkets/Hypermarkets
  • Specialty Stores
  • E-Commerce
  • Others

Household Type

  • Family Households
  • Non-Family Households

Competitive Landscape and Nigeria Home Appliances Market Share Analysis

The home appliances market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to home appliances market.

Some of the major players operating in the home appliances market are

  • Honeywell International Inc. (U.S.)
  • Siemens (Germany)
  • Johnson Controls (Ireland)
  • Axis Communications AB (Sweden)
  • Schneider Electric (France)
  • ASSA ABLOY (Sweden)
  • Amazon (U.S.)
  • Apple Inc., (U.S.)
  • ADT (US)
  • ABB (Switzerland)
  • Robert Bosch GmbH (Germany)
  • Sony Corporation (Japan)
  • Samsung (South Korea)
  • Ooma Inc., (U.S.)
  • Delta Controls (Canada)
  • Comcast (U.S.)
  • Crestron Electronics Inc., (U.S.)
  • SimpliSafe Inc., (U.S.)
  • Armorax (U.S.)
  • LG Electronics (South Korea)
  • Lutron Electronics Co., Inc (U.S.)
  • Legrand (France)


SKU-
Why Choose Us


Frequently Asked Questions

The Nigeria Home Appliances Market is expected to USD 629184.77 thousand by 2029.
The Nigeria Home Appliances Market is expected to witness CAGR of 3.80% the forecast period of 2022-2029
The major players operating in the Nigeria Home Appliances Market are Honeywell International Inc. (U.S.), Siemens (Germany), Johnson Controls (Ireland), Axis Communications AB (Sweden), Schneider Electric (France), ASSA ABLOY (Sweden), Amazon (U.S.), Apple Inc., (U.S.), ADT (US), ABB (Switzerland), Robert Bosch GmbH (Germany), Sony Corporation (Japan), Samsung (South Korea), Ooma Inc., (U.S.), Delta Controls (Canada), Comcast (U.S.), Crestron Electronics Inc., (U.S.), SimpliSafe Inc., (U.S.), Armorax (U.S.), LG Electronics (South Korea), Lutron Electronics Co., Inc (U.S.) and Legrand (France).
High Cost, and Increased Security and Privacy Concerns are poised to restrict the Nigeria Home Appliances Market growth.