Comfort & Lighting - Nigeria

Nigeria

Revenue in the Comfort & Lighting market is projected to reach €13.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.80%, resulting in a projected market volume of €24.0m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 3.5m users by 2029.
Household penetration will be 2.9% in 2024 and is expected to hit 6.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €10.33.

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Comfort & Lighting market in Nigeria is experiencing significant growth and development in recent years. Customer preferences in Nigeria are shifting towards more modern and energy-efficient lighting solutions.

With increasing urbanization and a growing middle class, there is a rising demand for comfortable and well-lit living spaces. Consumers are looking for lighting options that not only provide sufficient brightness but also enhance the aesthetics of their homes. LED lighting, in particular, has gained popularity due to its long lifespan, energy efficiency, and versatility in design.

Additionally, there is a growing interest in smart lighting systems that allow for remote control and automation, providing convenience and energy savings. In terms of comfort, Nigerian consumers are increasingly seeking products that offer enhanced comfort features. This includes the demand for air conditioning units that provide efficient cooling and dehumidification, especially in the hot and humid climate of Nigeria.

There is also a rising interest in smart home technologies that allow for the control of comfort settings such as temperature and humidity through mobile devices. The trends in the Comfort & Lighting market in Nigeria are driven by several factors. Firstly, the rapid urbanization and population growth in the country have led to an increase in the construction of residential and commercial buildings.

This has created a demand for lighting and comfort solutions to meet the needs of these spaces. Additionally, the government's focus on infrastructure development and the improvement of electricity supply has contributed to the growth of the market. As more areas in Nigeria gain access to reliable electricity, the demand for lighting and comfort products is expected to further increase.

Local special circumstances in Nigeria also play a role in shaping the Comfort & Lighting market. The country's diverse cultural heritage and preferences influence the design and aesthetics of lighting and comfort products. Manufacturers and suppliers need to take into account the local tastes and preferences when developing and marketing their products.

Additionally, the availability and cost of energy sources, such as electricity and gas, can impact the affordability and usage of comfort and lighting products. Underlying macroeconomic factors, such as GDP growth and disposable income levels, also contribute to the development of the Comfort & Lighting market in Nigeria. As the economy grows and incomes rise, consumers have more purchasing power to invest in comfort and lighting products.

Furthermore, government policies and regulations related to energy efficiency and sustainable development can shape the market by encouraging the adoption of energy-efficient lighting and comfort solutions. In conclusion, the Comfort & Lighting market in Nigeria is experiencing growth and development driven by changing customer preferences, urbanization, government initiatives, and underlying macroeconomic factors. The demand for energy-efficient lighting solutions and enhanced comfort features is on the rise, creating opportunities for manufacturers and suppliers in the market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market category. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. 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, the S-curve function and exponential trend smoothing are well suited for forecasting innovative products due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

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 once a year, in case market dynamics change we do more frequent updates.