ECOWAS: Inflator System Airbag Market 2024

Inflator System Airbag Market Size in ECOWAS

The ECOWAS inflator system airbag market rose notably to $X in 2022, surging by 6% against the previous year. In general, consumption posted a resilient expansion. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Inflator System Airbag Production in ECOWAS

In value terms, inflator system airbag production rose notably to $X in 2022 estimated in export price. Over the period under review, production posted a prominent expansion. The pace of growth appeared the most rapid in 2017 when the production volume increased by 40%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Inflator System Airbag Exports

Exports in ECOWAS

In 2022, shipments abroad of airbags with inflator system and parts thereof decreased by -63.6% to X kg, falling for the third consecutive year after five years of growth. In general, exports, however, saw pronounced growth. The growth pace was the most rapid in 2013 with an increase of 504% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, inflator system airbag exports rose significantly to $X in 2022. Overall, exports, however, continue to indicate a noticeable expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 178% against the previous year. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria was the key exporter of airbags with inflator system and parts thereof in ECOWAS, with the volume of exports resulting at X kg, which was near 52% of total exports in 2022. Sierra Leone (X kg) took a 23% share (based on physical terms) of total exports, which put it in second place, followed by Guinea (13%) and Senegal (12%).

Exports from Nigeria increased at an average annual rate of +1.4% from 2012 to 2022. At the same time, Senegal (+1.6%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +1.6% from 2012-2022. By contrast, Sierra Leone (-3.9%) and Guinea (-33.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Sierra Leone and Guinea increased by +23 and +13 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sierra Leone ($X), Nigeria ($X) and Senegal ($X) constituted the countries with the highest levels of exports in 2022, together comprising 89% of total exports.

Senegal, with a CAGR of +16.9%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, jumping by 206% against the previous year. Overall, the export price saw modest growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+15.2%), while the other leaders experienced more modest paces of growth.

Inflator System Airbag Imports

Imports in ECOWAS

In 2022, after two years of decline, there was significant growth in overseas purchases of airbags with inflator system and parts thereof, when their volume increased by 147% to X tons. Over the period under review, imports showed a buoyant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, inflator system airbag imports surged to $X in 2022. Overall, imports enjoyed a buoyant expansion. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Nigeria represented the main importing country with an import of around X tons, which recorded 60% of total imports. It was distantly followed by Senegal (X tons) and Ghana (X tons), together creating a 32% share of total imports. The following importers - Mali (X tons) and Cote d'Ivoire (X tons) - together made up 5.6% of total imports.

From 2012 to 2022, average annual rates of growth with regard to inflator system airbag imports into Nigeria stood at +7.1%. At the same time, Senegal (+15.8%), Mali (+12.8%) and Cote d'Ivoire (+1.3%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +15.8% from 2012-2022. Ghana experienced a relatively flat trend pattern. From 2012 to 2022, the share of Senegal, Nigeria and Mali increased by +13, +2.7 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported airbags with inflator system and parts thereof in ECOWAS, comprising 61% of total imports. The second position in the ranking was held by Ghana ($X), with a 21% share of total imports. It was followed by Cote d'Ivoire, with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria totaled +17.3%. In the other countries, the average annual rates were as follows: Ghana (-0.7% per year) and Cote d'Ivoire (+2.4% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, declining by -20% against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the import price increased by 73%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+9.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform