Market Insights Consumer DIY & Hardware Store

Bathroom Hardware - Nigeria

Nigeria

In 2024, the revenue in the Bathroom Hardware market in Nigeria amounts to ₦€1.84bn.
It is projected to grow annually by 4.20% (CAGR 2024-2029).
When compared globally, in China generates the highest revenue with ₦€35,580m in 2024.
In terms of per person revenues, in Nigeria generates ₦€8.03 in 2024.
The demand for modern and affordable bathroom hardware is on the rise in Nigeria, as consumers seek to enhance their living spaces.

Key regions: Turkey, Indonesia, Japan, Nigeria, Germany

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Bathroom Hardware Market in DIY & Hardware Store Market in Nigeria is witnessing limited growth due to factors like slow adoption of digital technologies, low health awareness, and lack of convenience in online services.

Customer preferences: Consumers in Nigeria are increasingly interested in DIY and home improvement projects, driving growth in the Bathroom Hardware Market within the DIY & Hardware Store Market. This trend can be attributed to the growing middle class and urbanization, as individuals seek to enhance the appearance and functionality of their homes. Additionally, there is a rising focus on eco-friendly and sustainable home solutions, in line with global environmental concerns. As a result, there is a growing demand for eco-friendly and energy-efficient bathroom hardware products, such as low flow toilets and LED showerheads.

Trends in the market: In Nigeria, the Bathroom Hardware Market within the DIY & Hardware Store Market is experiencing a surge in online sales, as more consumers are turning to ecommerce platforms for their home improvement needs. This trend is driven by the increasing use of smartphones and the growing popularity of online shopping. With the rise of urbanization and middle class households, there is a high demand for modern and affordable bathroom hardware products. This trend is expected to continue in the future, as more players enter the market and offer innovative solutions to meet the evolving needs of consumers. This presents opportunities for industry stakeholders to tap into the digital market and expand their customer base.

Local special circumstances: In Nigeria, the Bathroom Hardware Market within the DIY & Hardware Store Market is influenced by local factors such as the climate and cultural preferences. The hot and humid climate means that durable and corrosion-resistant materials are in high demand. Additionally, the country's diverse cultural heritage has led to a variety of design preferences and styles, resulting in a wide range of products and choices for consumers. Regulatory factors, such as import restrictions and local manufacturing requirements, also play a significant role in shaping the market. These factors contribute to the market's dynamic and competitive nature, as local and international brands strive to meet the unique demands of the Nigerian market.

Underlying macroeconomic factors: The Bathroom Hardware Market within the DIY & Hardware Store Market in Nigeria is affected by a range of macroeconomic factors, including global economic trends, national economic health, fiscal policies, and financial indicators. Nigeria's economy has been growing steadily, with a focus on diversification and increasing investment in infrastructure. This has led to a rise in consumer spending and a growing middle class, which in turn has increased demand for home improvement projects and DIY products. The DIY & Hardware Store Market is also influenced by global trends, such as the increasing popularity of DIY culture and the rising awareness of environmental sustainability, which is affecting consumer preferences and purchasing behavior. Furthermore, government policies aimed at promoting local manufacturing and increasing access to affordable housing are expected to drive the growth of the Bathroom Hardware Market in Nigeria, providing opportunities for both local and international players in the market.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

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 product value, import value, and export value to determine domestic supply. 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. The main drivers are turnover indices, GDP per capita, 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.