In 2023, Nigeria's import of parts for air conditioners stood at $10.335 million. The forecasted values from 2024 to 2028 indicate a steady decline. In 2024, imports are expected to decrease by approximately 3.5% year-on-year to $9.969 million. By 2025, the decline continues with a 3.6% drop to $9.6113 million, followed by a decrease to $9.2609 million in 2026, showing a 3.6% reduction. The downward trend persists with values falling to $8.9174 million in 2027 and $8.5808 million in 2028, marking annual declines of around 3.7% and 3.8%, respectively.
Over the five-year period from 2024 to 2028, the compound annual growth rate (CAGR) is approximately -3.2%, highlighting a consistent decline in imports of air conditioner parts to Nigeria.
Future trends to watch include the impact of potential economic reforms, evolving energy policies, and technological advancements. Increased local manufacturing capabilities and shifts in consumer preferences towards more energy-efficient systems could also influence import volumes substantially.