Nigeria: Market for Household Washing and Drying Machines 2024

Market Size for Household Washing and Drying Machines in Nigeria

In 2021, the Nigerien washing and drying machine market decreased by -23.3% to $X, falling for the second year in a row after three years of growth. In general, consumption, however, recorded a buoyant increase. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Exports of Household Washing and Drying Machines

Exports from Nigeria

Washing and drying machine exports from Nigeria contracted dramatically to X tons in 2021, waning by -22.4% compared with the year before. Over the period under review, exports, however, showed buoyant growth. The growth pace was the most rapid in 2014 with an increase of 245%. The exports peaked at X tons in 2020, and then contracted sharply in the following year.

In value terms, washing and drying machine exports fell dramatically to $X in 2021. Overall, exports, however, recorded a strong increase. The most prominent rate of growth was recorded in 2020 with an increase of 166% against the previous year. As a result, the exports reached the peak of $X, and then dropped significantly in the following year.

Exports by Country

Guinea (X kg) was the main destination for washing and drying machine exports from Nigeria, with a 50% share of total exports. Moreover, washing and drying machine exports to Guinea exceeded the volume sent to the second major destination, Guatemala (X kg), fourfold. The third position in this ranking was taken by Benin (X kg), with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Guinea was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (0.0% per year) and Benin (+38.4% per year).

In value terms, the largest markets for washing and drying machine exported from Nigeria were Guinea ($X), Ghana ($X) and Niger ($X), with a combined 59% share of total exports. Kenya, Lebanon, Guatemala and Benin lagged somewhat behind, together accounting for a further 31%.

Kenya, with a CAGR of +29.7%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average washing and drying machine export price amounted to $X per ton, shrinking by -34.3% against the previous year. Over the period under review, the export price continues to indicate a abrupt shrinkage. The growth pace was the most rapid in 2016 when the average export price increased by 89% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Lebanon ($X per ton), while the average price for exports to Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Kenya (+4.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Household Washing and Drying Machines

Imports into Nigeria

In 2021, purchases abroad of household washing and drying machines decreased by -30% to X tons, falling for the second year in a row after three years of growth. Over the period under review, imports, however, posted prominent growth. The most prominent rate of growth was recorded in 2019 with an increase of 178%. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, washing and drying machine imports declined notably to $X in 2021. In general, imports, however, enjoyed buoyant growth. The pace of growth was the most pronounced in 2019 when imports increased by 136% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest washing and drying machine supplier to Nigeria, with a 75% share of total imports. Moreover, washing and drying machine imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), more than tenfold. India (X tons) ranked third in terms of total imports with a 4.5% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +28.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+11.9% per year) and India (+24.0% per year).

In value terms, China ($X) constituted the largest supplier of household washing and drying machines to Nigeria, comprising 72% of total imports. The second position in the ranking was taken by Thailand ($X), with a 5.9% share of total imports. It was followed by India, with a 5.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +31.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+9.9% per year) and India (+19.9% per year).

Import Prices by Country

In 2021, the average washing and drying machine import price amounted to $X per ton, rising by 12% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the average import price increased by 26%. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood 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 South Korea ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+3.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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