Nigeria Consumer Electronics Demand Remained Relatively Strong in 2017, States Euromonitor in Its New Report Published at MarketPublishers.com
25 Aug 2017 • by Natalie Aster
LONDON – The good performance of the Nigerian consumer electronics sector during most of the analysis period was undone by the recession of 2016. The healthy growth is associated with most products remaining quite immature in the country, like home cinema systems and speakers, OLED and LCD TVs, portable media players, and wearable electronic devices. In spite of the influence of the 2016 recession, Nigeria’s growing population, and also the emerging middle-class households, contributed to the demand for consumer electronics remaining relatively strong throughout 2017, even amidst the hard economic decisions to be made by consumers.
Smartphones was the most dynamic consumer electronics category in 2017 owing to the their multifunctionality and ability to provide entertainment to consumers when there is lack of power supply which impacts the ability to utilise other media forms like TVs, computers, and DVD players.
The electronics and appliance specialist retailers channel continues to grab the largest share of the overall consumer electronics market during 2017 in retail volume terms. There is increasing competition from the online retail channel, driven by investments from the dominant online retailers like Konga and Jumia which are coming on the scene.
The booming population along with the rapid urbanisation growth in the country is poised to fuel the demand for consumer electronics.
New research report “Consumer Electronics in Nigeria” elaborated by Euromonitor International offers a 360-degree review of the market on a national scale.
The report analyses the market size of the country’s consumer electronics industry, pinpoints the fastest-growing market segments and identifies the major factors driving change. It provides granular segmentation of local and international products. The study keeps track of the major latest technology trends in novel consumer electronics products; includes an analysis of key demand and supply-side trends; limelights the hidden opportunities in the marketplace. The research report offers an all-round understanding of the competitive scenario, profiles the market’s top players and identifies the major brands. Detailed 5-year forecasts of market trends and market growth are also provided in the study.
Data provided include: market sizes (historical and forecasts), company and brand market shares.
Visit Euromonitor International page at MarketPublishers.com to access a full collection of the publisher’s research reports.