Smart Appliances - Nigeria

Nigeria

Revenue in the Smart Appliances market is projected to reach €111.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.58%, resulting in a projected market volume of €193.4m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 2.7m users by 2029.
Household penetration will be 2.1% in 2024 and is expected to hit 5.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €118.80.

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Smart Appliances market in Nigeria is experiencing significant growth and development. Customer preferences in Nigeria are shifting towards smart appliances due to their convenience and energy efficiency.

Consumers are increasingly looking for appliances that can be controlled remotely through smartphone apps, allowing them to monitor and control their devices even when they are not at home. Additionally, the rising cost of electricity in Nigeria has made energy efficiency a top priority for consumers, and smart appliances are seen as a way to reduce energy consumption and lower utility bills. Trends in the market show that smart appliances are becoming more affordable and accessible to a wider range of consumers in Nigeria.

Technological advancements and increased competition among manufacturers have led to a decrease in the prices of smart appliances, making them more affordable for the average Nigerian household. As a result, the market for smart appliances is expanding beyond the high-end segment and reaching a larger consumer base. Local special circumstances in Nigeria, such as unreliable power supply and the need for cost-saving measures, are driving the demand for smart appliances.

Nigeria has been grappling with electricity shortages and frequent power outages, which has led consumers to seek alternative solutions to manage their energy consumption. Smart appliances offer features such as energy monitoring and scheduling, which can help consumers optimize their energy usage and reduce their reliance on the grid. Additionally, the high cost of electricity in Nigeria has made energy efficiency a priority for consumers, and smart appliances are seen as a way to save money in the long run.

Underlying macroeconomic factors, such as urbanization and a growing middle class, are also contributing to the development of the smart appliances market in Nigeria. As more Nigerians move to urban areas and experience a rise in disposable income, there is an increased demand for modern and technologically advanced appliances. Smart appliances are seen as a status symbol and a way to showcase one's modern lifestyle.

Furthermore, the growing middle class in Nigeria has more purchasing power and is willing to invest in smart appliances that offer convenience, efficiency, and the latest technology. In conclusion, the Smart Appliances market in Nigeria is experiencing growth and development due to shifting customer preferences, affordability, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, it is expected that smart appliances will become increasingly popular and accessible to a wider range of consumers in Nigeria.

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.