Press Release Description

Increasing Infrastructural Developments in Nigeria to Play a Crucial Role in Boosting the Air Conditioner Industry

The Nigeria Air Conditioner Market is expecting around 5.5% CAGR during 2024-30, cites MarkNtel Advisors in their recent research report. The market growth attributes to massive investments in hospitality, healthcare, & commercial sectors by the Nigerian government, owing to its increasing focus on infrastructural developments in the country, i.e., propelling the demand for air conditioners. 

Besides, with the increasing establishment of offices, hotels, shopping malls, & other commercial buildings, the demand for air conditioners is anticipated to rise further and demonstrate an upswing for the market during 2024-30. In addition, Nigeria is witnessing a gradually increasing footfall of migrants, which is another vital aspect infusing the demand for air conditioners and driving the market.

Moreover, unfavorable weather conditions and improving purchasing power & changing living standards of the people are other crucial aspects projected to spur the requirements for air conditioners in the country in the years to come, further states the research report, "Nigeria Air Conditioner Market Analysis, 2024."

Rising Government Focus on the Hospitality Sector to Contribute Significantly to the Market Growth

Amongst all end-users, the Hospitality sector is anticipated to dominate the Nigeria Air Conditioner Market with the largest share during the forecast period. It owes principally to the growing investments by the Nigerian government in enhancing the hospitality sector, i.e., demonstrating an increasing number of construction projects for hotels, resorts, etc., to boost tourism in the country, which, in turn, is propelling the demand for air conditioners.

Besides, the rapidly increasing presence of brands like Hyatt, Marriott, and Radisson across the country is another critical aspect fueling the need for air conditioners to back their infrastructural & facility needs. It, in turn, would augment the sales of air conditioners and boost the market across the hospitality sector during the forecast period.

Nigeria Air Conditioner Market

Escalating Imports of Second-Hand Air Conditioners in Nigeria from Europe to Drive the Market

With the rapidly increasing establishment of multinational companies, the growing influx of migrants, the rising number of hotels, resorts, etc., in Nigeria, the bulk demand for air conditioners is rapidly increasing and, in turn, leading to the surging imports of second-hand air conditioners from different countries across Europe, to suffice the burgeoning consumer requirements.

Besides, rapid urbanization and changing living standards of people are other prominent factors stimulating the adoption of air conditioners in Nigeria and fueling the overall market growth, reveals MarkNtel Advisors in their research report, "Nigeria Air Conditioner Market Analysis, 2024."

Key Competitors

According to MarkNtel Advisors, the leading players 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., and Trane Inc.

Key Questions Answered in the Study

  1. What are the current & future trends in the Nigeria Air Conditioner Market?
  2. How has the industry been evolving in terms of geography & product adoption?
  3. How has the competition been shaping across Nigeria, followed by their comparative factorial indexing?
  4. What are the key growth drivers & challenges for the Nigeria Air Conditioner Market?
  5. What are the customer orientation, purchase behavior, and expectations from air conditioner manufacturers across Nigeria?

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)
  3. By Region (East, West, North, Midwest)

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