Hobby & Leisure market in Nigeria

The Nigerian Hobby & Leisure eCommerce market is predicted to reach US$536.4 million by 2024 and accounts for 24.1% of the total eCommerce market in Nigeria. It is expected to increase over the next years. The expected compound annual growth rate for the next four years (CAGR 2024-2028) will be 16.8%, resulting in a projected market volume of US$998.4 million by 2028. Within the Hobby & Leisure market ECDB considers the following twelve sub-markets: Media, Sports Equipment, Pet Supplies, Stationery, Crafts & Art Supplies, Toys, Bullion & Precious Metal, Camping & Adventure, Musical Instruments, Flowers & Gifts, Other Hobby & Leisure, Erotic & Adult, and Smoking Supplies.

Monthly revenues

Monthly eCommerce revenues in the Nigerian Musical Instruments market

The monthly eCommerce revenue of the Nigerian Musical Instruments market was US$2 million in October 2024. This refers to a growth of 2.8% compared to September 2024. Within the last 12 months, the monthly revenue share was the highest in January 2024 with 9.5% of the total 2024 revenue of the Nigerian Musical Instruments market and the lowest in April 2024 with 7.1% of the total 2024 revenue.

Revenue Last Month

US$1.7m

The eCommerce revenue grew by 2.8% from September 2024 to October 2024.

10-2024+2.8%

Monthly revenue shares in the last 12 months

in %

Note: Data shown is using current exchange rates.

Source: ECDB analysis

0-20241-20242-20243-20244-20245-20246-20247-20248-20249-202410-202411-2024
Revenue (in mUS$)0.00.00.00.00.00.00.00.00.00.00.00.0
Monthly revenue share (in %)48.798.12.547.154.627.726.894.826.989.034.571.3

Market development

eCommerce revenue development in the Musical Instruments market in Nigeria

The Nigerian Musical Instruments eCommerce market is predicted to reach US$18.5 million by 2024 and accounts for 3.5% of the Hobby & Leisure eCommerce market in Nigeria. It is expected to increase over the next years. The expected compound annual growth rate for the next four years (CAGR 2024-2028) will be 14.8%, resulting in a projected market volume of US$32.2 million by 2028. The Musical Instruments eCommerce market is a sub-market of the Hobby & Leisure market. Further categories within the Hobby & Leisure market are: Bullion & Precious Metal, Camping & Adventure, Erotic & Adult, Flowers & Gifts, Media, Other Hobby & Leisure, Pet Supplies, Smoking Supplies, Sports Equipment, Stationery, Crafts & Art Supplies, and Toys.

eCommerce revenue development in the Musical Instruments market in Nigeria

in million US$

Note: Market revenue represents B2C sales of physical goods including VAT. It excludes B2B sales, C2C sales, returns, compensation for damaged or missing goods, any discounts granted and services. Data shown is using current exchange rates.

Source: ECDB analysis

eCommerce revenue growth in the Musical Instruments market in Nigeria

in %

Note: Market revenue represents B2C sales of physical goods including VAT. It excludes B2B sales, C2C sales, returns, compensation for damaged or missing goods, any discounts granted and services. Data shown is using current exchange rates.

Source: ECDB analysis

Net eCommerce revenue split by sub-category

in %

Note: Data shown is using current exchange rates.

Source: ECDB analysis

20202021202220232024202520262027
Revenue (in mUS$)0.00.00.00.00.00.00.00.0
Growth (in %)36.754.096.027.970.42.079.182.8

Online share

eCommerce online share of the total Musical Instruments market in Nigeria

The online share refers to the proportion of the retail volume that is transacted via the Internet. It includes purchases via desktop PC, tablet or smartphone, both via website or app. Only retail of physical goods is taken into account. In the Nigerian Musical Instruments retail market, the online share is 3.2% and will increase by an average of 12.2% to 5.1% by 2028.

eCommerce online share of the total Musical Instruments market in Nigeria

in %

Note: Data shown is using current exchange rates.

Source: Statista Market Insights , ECDB analysis

20202021202220232024202520262027
Online share (in %)85.6%77.9%80.9%28.2%65.7%3.0%63.2%90.1%

Market definition

Definition of the Musical Instruments market within the Hobby & Leisure market

Market definition: Hobby & Leisure > Musical Instruments The category Musical Instruments covers the sale of guitars, keyboards and pianos, drums and percussions, and more. This category does not cover music software and technology, instrument maintenance and repair or music lessons and educational resources. All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

In-scope

  • Guitars
  • Keyboards and pianos
  • Drums and percussions
  • Wind instruments
  • String instruments
  • Electronic instruments
  • DJ equipment
  • Amplifiers and effects

Out-of-scope

  • Music software and technology
  • Instrument maintenance and repair
  • Music lessons and educational resources