Nigeria: Air Conditioning Machine Market 2024

Air Conditioning Machine Market Size in Nigeria

In 2021, after four years of growth, there was significant decline in the Nigerien air conditioning machine market, when its value decreased by -35.3% to $X. Overall, consumption, however, showed a temperate expansion. Over the period under review, the market reached the maximum level at $X in 2020, and then fell dramatically in the following year.

Air Conditioning Machine Exports

Exports from Nigeria

For the third consecutive year, Nigeria recorded decline in shipments abroad of air conditioning machines, which decreased by -39% to X units in 2021. Over the period under review, exports faced a drastic downturn. The pace of growth appeared the most rapid in 2015 when exports increased by 168% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, air conditioning machine exports shrank sharply to $X in 2021. In general, exports faced a abrupt setback. The most prominent rate of growth was recorded in 2015 when exports increased by 174% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Niger (X units), Benin (X units) and Angola (X units) were the main destinations of air conditioning machine exports from Nigeria, together comprising 84% of total exports.

From 2012 to 2021, the biggest increases were in Angola (with a CAGR of +17.1%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for air conditioning machine exported from Nigeria were Niger ($X), Benin ($X) and Italy ($X), together accounting for 80% of total exports. Cote d'Ivoire, Angola, Ghana and Togo lagged somewhat behind, together comprising a further 11%.

In terms of the main countries of destination, Togo, with a CAGR of 0.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average air conditioning machine export price amounted to $X per unit, waning by -45.4% against the previous year. Overall, the export price continues to indicate a perceptible slump. The most prominent rate of growth was recorded in 2020 an increase of 45%. The export price peaked at $X per unit in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Italy ($X per unit), while the average price for exports to Togo ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Gambia (+59.8%), while the prices for the other major destinations experienced more modest paces of growth.

Air Conditioning Machine Imports

Imports into Nigeria

In 2021, supplies from abroad of air conditioning machines decreased by -35.6% to X units for the first time since 2016, thus ending a four-year rising trend. Overall, imports, however, saw a pronounced increase. The growth pace was the most rapid in 2019 with an increase of 111%. Imports peaked at X units in 2020, and then dropped dramatically in the following year.

In value terms, air conditioning machine imports plummeted to $X in 2021. Over the period under review, imports, however, saw a remarkable increase. The growth pace was the most rapid in 2019 with an increase of 87%. Over the period under review, imports reached the maximum at $X in 2020, and then contracted notably in the following year.

Imports by Country

In 2021, China (X units) constituted the largest supplier of air conditioning machine to Nigeria, accounting for a 86% share of total imports. Moreover, air conditioning machine imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X units), more than tenfold. The third position in this ranking was held by Malaysia (X units), with a 2.5% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +8.7%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+7.2% per year) and Malaysia (+34.3% per year).

In value terms, China ($X) constituted the largest supplier of air conditioning machine to Nigeria, comprising 84% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 2.1% share of total imports. It was followed by India, with a 1.9% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+43.8% per year) and India (+23.0% per year).

Import Prices by Country

The average air conditioning machine import price stood at $X per unit in 2021, increasing by 7.6% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 20%. As a result, import price attained the peak level of $X per unit. From 2015 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was China ($X per unit), while the price for Brazil ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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