Internet, Technology cum electronics, are fast-paced Fast-moving Consumer Electronics in Nigeria
Electronic more than ever has become a fast-moving consumer good, a rapid rise of technology has a lot to do with this. Africa is fast becoming a significant market for technology hence electronics. The continent as a whole has waded the “dumping ground” narrative by being a high-end consumer of quality devices coupled with affordability suitable for its environment. Manufacturers have taken up the challenge to meet the demand of the ever-changing market
Riding the wave is the availability of brands struggling the gain the minds, hearts, and pockets of Africans. These manufacturers meet consumers at different want points, ranging from price to quality, to specifications and a host of other factors, making electronic devices available to virtually everyone as they try to localize demand
Africa is home to more than 1.2 billion consumers today, projected to increase to 1.7 billion by 2030 (Bookings Institutions) Consumer expenditure is also mushrooming: it was worth $600bn in 2010, representing 8% of consumer spending in the emerging markets. It will be worth as much as $1 trillion by 2020 (African Business).
Nigeria has also recently cornered much attention due to its growing consumer technology market as Africa’s most populous country, it comprises half of the region’s total consumer spending. Moreover, Nigerians have displayed a conspicuously strong appetite for a range of hi-tech goods, from smartphones to televisions to cameras to home appliances and so on.
Revenue in the Household appliances segment is projected to reach US$400m in 2021. Revenue is expected to show an annual growth rate (CAGR 2021-2025) of 10.84%, resulting in a projected market volume of US$603m by 2025. User penetration will be 9.8% in 2021 and is expected to hit 17.8% by 2025. The average revenue per user (ARPU) is expected to amount to US$19.38. In global comparison, most revenue will be generated in China (US$61,574m in 2021) (Statistica).
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