Nigeria: Market for Electronic Instruments And Machines For Measuring Geometrical Quantities 2024

Market Size for Electronic Instruments And Machines For Measuring Geometrical Quantities in Nigeria

For the fifth consecutive year, the Nigerien geometrical quantities electronic measurer market recorded growth in sales value, which increased by 42% to $X in 2022. Overall, consumption enjoyed a significant increase. Geometrical quantities electronic measurer consumption peaked in 2022 and is likely to see steady growth in the near future.

Exports of Electronic Instruments And Machines For Measuring Geometrical Quantities

Exports from Nigeria

In 2022, the amount of electronic instruments and machines for measuring geometrical quantities exported from Nigeria surged to X units, with an increase of 42% compared with the previous year's figure. In general, exports, however, faced a abrupt downturn. The pace of growth was the most pronounced in 2015 with an increase of 483%. As a result, the exports reached the peak of X units. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, geometrical quantities electronic measurer exports surged to $X in 2022. Overall, exports, however, continue to indicate a perceptible reduction. The growth pace was the most rapid in 2015 with an increase of 420%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

South Africa (X units) was the main destination for geometrical quantities electronic measurer exports from Nigeria, with a 67% share of total exports. Moreover, geometrical quantities electronic measurer exports to South Africa exceeded the volume sent to the second major destination, Germany (X units), sevenfold. India (X units) ranked third in terms of total exports with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to South Africa totaled +39.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+5.4% per year) and India (+31.7% per year).

In value terms, India ($X), Cote d'Ivoire ($X) and Germany ($X) appeared to be the largest markets for geometrical quantities electronic measurer exported from Nigeria worldwide, with a combined 42% share of total exports.

In terms of the main countries of destination, India, with a CAGR of +48.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average geometrical quantities electronic measurer export price stood at $X per unit in 2022, waning by -14.4% against the previous year. In general, the export price, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2013 when the average export price increased by 336%. The export price peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per unit), while the average price for exports to South Africa ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to France (+23.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Electronic Instruments And Machines For Measuring Geometrical Quantities

Imports into Nigeria

For the fifth consecutive year, Nigeria recorded growth in purchases abroad of electronic instruments and machines for measuring geometrical quantities, which increased by 40% to X units in 2022. In general, imports saw a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 455% against the previous year. Imports peaked in 2022 and are likely to continue growth in years to come.

In value terms, geometrical quantities electronic measurer imports surged to $X in 2022. Over the period under review, imports continue to indicate a significant expansion. The growth pace was the most rapid in 2020 with an increase of 283% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X units) constituted the largest geometrical quantities electronic measurer supplier to Nigeria, with a 41% share of total imports. Moreover, geometrical quantities electronic measurer imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X units), fivefold. The third position in this ranking was held by South Africa (X units), with a 7.5% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +66.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+102.6% per year) and South Africa (+68.3% per year).

In value terms, China ($X) constituted the largest supplier of electronic instruments and machines for measuring geometrical quantities to Nigeria, comprising 30% of total imports. The second position in the ranking was held by Germany ($X), with a 10% share of total imports. It was followed by Malaysia, with a 6% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +59.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+66.6% per year) and Malaysia (+81.5% per year).

Import Prices by Country

The average geometrical quantities electronic measurer import price stood at $X per unit in 2022, increasing by 20% against the previous year. Over the period under review, the import price, however, saw a slight contraction. The pace of growth appeared the most rapid in 2017 an increase of 48% against the previous year. The import price peaked at $X per unit in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per unit), while the price for Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+14.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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