Market Report on Nigeria Air Conditioner (2016-2022)

March 12th 2016 Mumbai, India: Bharatbook.com announces a report on “ Nigeria Air Conditioner Market (2016-2022) ”. The economy is expected to regain growth in the next two years, which would drive several infrastructure development activities in the country.

Nigeria Air Conditioner Market (2016-2022): Market Forecast by AC Types (Window AC, Split AC, Ducted Split AC, Packaged AC, Free Standing AC, Cassette AC and Centralized AC), Applications (Residential, Hospitality, Retail, Commercial Offices, Industrial and Others) and Regions (Northern Region and Southern Region)

African region has emerged as one of the most prime destinations for the global investors. Countries such as South Africa, Kenya, Nigeria, Morocco, and Egypt have led for the growth of African market. In Africa, Nigeria is witnessing sustained economic growth with annual real GDP growth rate of around 7% due the intensifying oil and non-oil sectors. In non-oil sector, real estate market is growing at a healthy growth rate on account of rising public and private investments.

Government initiatives to improve the economy of the country, rising investments and expanding urban population with developing income level are acting as the key drivers for growing air conditioners market in Nigeria.

Nigeria’s Air Conditioner market is projected to grow at a CAGR of 5.70% during 2016-22. In 2015, Nigerian air conditioner market declined due to declining oil prices and weak economic conditions. The economy is expected to regain growth in the next two years, which would drive several infrastructure development activities in the country. Over the next six years, centralized air conditioner market is estimated to grow at a healthy growth rate owing to increasing construction activities in commercial sector.

Southern region of the country is the key revenue generating region in the overall market. Lagos city has led for the growth of the southern region as compared to northern region. Also, with upcoming...