ECOWAS: Air Conditioning Machine Market 2024

Air Conditioning Machine Exports

Exports in ECOWAS

For the third consecutive year, ECOWAS recorded growth in overseas shipments of air conditioning machines, which increased by 58% to X units in 2021. In general, exports saw a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, air conditioning machine exports skyrocketed to $X in 2021. Total exports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +8.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +132.5% against 2018 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Cote d'Ivoire (X units), Senegal (X units) and Sierra Leone (X units) represented roughly 91% of total exports in 2021. The following exporters - Togo (X units) and Mali (X units) - each recorded a 4.1% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Sierra Leone (with a CAGR of +91.5%), while the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X), Sierra Leone ($X) and Cote d'Ivoire ($X) were the countries with the highest levels of exports in 2021, together accounting for 87% of total exports.

In terms of the main exporting countries, Sierra Leone, with a CAGR of +40.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per unit, growing by 1.9% against the previous year. Overall, the export price, however, saw a pronounced reduction. The pace of growth was the most pronounced in 2019 an increase of 13%. Over the period under review, the export prices reached the maximum at $X per unit in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Senegal ($X per unit), while Cote d'Ivoire ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+1.5%), while the other leaders experienced a decline in the export price figures.

Air Conditioning Machine Imports

Imports in ECOWAS

After three years of growth, supplies from abroad of air conditioning machines decreased by -3.8% to X units in 2021. Overall, imports, however, showed a buoyant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 85% against the previous year. The volume of import peaked at X units in 2020, and then reduced slightly in the following year.

In value terms, air conditioning machine imports contracted to $X in 2021. In general, imports, however, continue to indicate a prominent increase. The pace of growth was the most pronounced in 2019 when imports increased by 58% against the previous year. Over the period under review, imports reached the peak figure at $X in 2020, and then fell in the following year.

Imports by Country

Nigeria was the major importer of air conditioning machines in ECOWAS, with the volume of imports amounting to X units, which was approx. 42% of total imports in 2021. Cote d'Ivoire (X units) took the second position in the ranking, followed by Ghana (X units), Senegal (X units) and Guinea (X units). All these countries together took near 46% share of total imports. Mali (X units) and Togo (X units) took a minor share of total imports.

Imports into Nigeria increased at an average annual rate of +4.0% from 2012 to 2021. At the same time, Senegal (+16.9%), Mali (+14.6%), Guinea (+14.0%), Cote d'Ivoire (+10.9%), Ghana (+9.1%) and Togo (+6.7%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +16.9% from 2012-2021. While the share of Cote d'Ivoire (+4.8 p.p.), Senegal (+4.2 p.p.), Ghana (+2.7 p.p.) and Guinea (+2.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Nigeria (-11.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported air conditioning machines in ECOWAS, comprising 53% of total imports. The second position in the ranking was taken by Ghana ($X), with a 13% share of total imports. It was followed by Cote d'Ivoire, with a 12% share.

In Nigeria, air conditioning machine imports expanded at an average annual rate of +5.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (+4.4% per year) and Cote d'Ivoire (+7.4% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2021, reducing by -5.4% against the previous year. Over the period under review, the import price continues to indicate a mild shrinkage. The pace of growth appeared the most rapid in 2016 an increase of 10%. The level of import peaked at $X per unit in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Nigeria ($X per unit), while Guinea ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+9.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform