Press Release Description

Increasing Spending in the Commercial and Residential Sectors to Lead to the Nigeria Air Conditioner Market Growth During 2021-26F

The Nigeria Air Conditioner market is projected to grow at an astronomical rate owing to the factors such as surging presence of international hotel chains, burgeoning spending toward commercial and residential sectors due to a growth in the urban population, and extensive demand for AC among customers on account of increase in disposable income. Besides these, growth in medical tourism, rising demand for energy efficient air conditioners among customers, and significant government investment toward infrastructural development are some of the key factors leading to a positive impact toward the growth of the market in the forecast period.

According to MarkNtel Advisors’ research report titled “Nigeria Air Conditioner Market Analysis, 2020”, the Nigeria Air Conditioner market is anticipated to grow at a CAGR of around 5.5% during 2021-26. Based on Type, the split ac acquired the largest share in 2020 due to a boost in infrastructure development activities and escalating number of construction activities in the commercial sector.

Nigeria Air Conditioner Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Air Conditioner providers across the country. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.

Hospitality Segment to Register the Fastest Growth

Based on End-User, Hospitality sector is projected to register the fastest growth over the forecast period 2016-2026. The growth of the segment is attributed to a rise in the growth of tourism sector, increasing government initiatives to attract foreign investors and tourists, and escalating presence of international hotel chains. Moreover, Healthcare sector is also booming at a rapid rate. The increase in government funding in healthcare, pharmaceuticals and health tech, and escalating number of patients with cardiology, orthopedics, renal dialysis issues and cancer. Thus, this is expected to strongly contribute toward the growth of Nigeria Air Conditioner market in the coming period as stated in MarkNtel Advisors’ research report “Nigeria Air Conditioner Market Analysis, 2020”.

According to MarkNtel Advisors, the key players with a considerable market share in the Nigeria Air Conditioner market include Carrier Corporation, Chigo Holding Limited, Daikin Industries, Ltd., Johnson Controls, Inc. (York), LG Electronics, Inc., Midea Group Co., Ltd., Mitsubishi Electric Corporation, Panasonic Corporation, Qingdao Haier Co., Ltd., Samsung Electronics Co., Ltd., Trane Inc. etc.

Market Segmentation:

  1. By Type (Window, Split, Floor Standing, Cassette, Packaged, Ducted Split, Condensing units/VRF, Chillers, AHU/FCU)
  2. By End-User (Residential, Commercial, Healthcare, Hospitality, Government & Transportation, Oil & Gas, Others)
  3. By Geographic Region (East, West, North, Midwest)
  4. By Competitors (Carrier Corporation, Chigo Holding Limited, Daikin Industries, Ltd., Johnson Controls, Inc. (York), LG Electronics, Inc., Midea Group Co., Ltd., Mitsubishi Electric Corporation, Panasonic Corporation, Qingdao Haier Co., Ltd., Samsung Electronics Co., Ltd., Trane Inc. etc.) 

Key questions answered in the study:

1.    What are the current and future trends of the Nigeria Air Conditioner?

2.    How the industry has been evolving in terms of end-user demand and application areas?

3.    What are the future plans and customer expectations of end-users across the country?

4.    How the competition has been shaping across the countries followed by their comparative factorial indexing?

5.    What are the key growth drivers and challenges for the Nigeria Air Conditioner?

6.    What are the customer orientation, purchase behavior, and expectations from the rental construction equipment companies across various regions?