Nigeria: Air Conditioning Machine Market 2024

Air Conditioning Machine Market Size in Nigeria

For the third consecutive year, the Nigerien air conditioning machine market recorded growth in sales value, which increased by 60% to $X in 2022. Overall, consumption enjoyed strong growth. Air conditioning machine consumption peaked in 2022 and is likely to see steady growth in the near future.

Air Conditioning Machine Exports

Exports from Nigeria

For the third consecutive year, Nigeria recorded decline in overseas shipments of non-window or wall air conditioning machines, which decreased by -18.3% to X units in 2022. Over the period under review, exports, however, posted a significant expansion. The pace of growth appeared the most rapid in 2019 when exports increased by 2,539% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, air conditioning machine exports soared to $X in 2022. In general, exports, however, posted significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 772%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Niger (X units), Benin (X units) and Italy (X units) were the main destinations of air conditioning machine exports from Nigeria, with a combined 93% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Niger (with a CAGR of +41.2%), while the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) remains the key foreign market for non-window or wall air conditioning machines exports from Nigeria, comprising 65% of total exports. The second position in the ranking was held by Niger ($X), with a 9.7% share of total exports. It was followed by Benin, with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Italy totaled +42.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (+41.0% per year) and Benin (+23.9% per year).

Export Prices by Country

The average air conditioning machine export price stood at $X per unit in 2022, jumping by 72% against the previous year. Overall, the export price, however, continues to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2014 when the average export price increased by 191% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per unit), while the average price for exports to Niger ($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 Cote d'Ivoire (+29.7%), while the prices for the other major destinations experienced mixed trend patterns.

Air Conditioning Machine Imports

Imports into Nigeria

Air conditioning machine imports into Nigeria skyrocketed to X units in 2022, with an increase of 58% against 2021. Over the period under review, imports saw a buoyant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 175%. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in years to come.

In value terms, air conditioning machine imports surged to $X in 2022. In general, imports recorded a buoyant increase. The most prominent rate of growth was recorded in 2021 when imports increased by 100% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

Thailand (X units), China (X units) and Italy (X units) were the main suppliers of air conditioning machine imports to Nigeria, together comprising 70% of total imports. Slovakia, Spain, the United States, the United Arab Emirates and South Korea lagged somewhat behind, together accounting for a further 10%.

From 2012 to 2022, the biggest increases were recorded for Slovakia (with a CAGR of +53.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), China ($X) and Italy ($X) were the largest air conditioning machine suppliers to Nigeria, together comprising 43% of total imports. Slovakia, the United States, South Korea, Spain and the United Arab Emirates lagged somewhat behind, together accounting for a further 15%.

Among the main suppliers, Slovakia, with a CAGR of +43.6%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average air conditioning machine import price amounted to $X per unit, picking up by 4.7% against the previous year. Overall, the import price, however, saw a noticeable slump. The pace of growth appeared the most rapid in 2014 an increase of 94% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per unit), while the price for Thailand ($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 (+2.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform