ECOWAS: Aircraft Market 2024

Aircraft Market Size in ECOWAS

In 2022, the ECOWAS aircraft market increased by 191% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption continues to indicate prominent growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Aircraft Production in ECOWAS

In value terms, aircraft production dropped modestly to $X in 2022 estimated in export price. The total production indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.4% against 2020 indices. The growth pace was the most rapid in 2014 with an increase of 34% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Aircraft Exports

Exports in ECOWAS

In 2022, shipments abroad of airplanes and other aircraft decreased by -20% to X units, falling for the second year in a row after three years of growth. Overall, exports, however, continue to indicate a perceptible expansion. The pace of growth was the most pronounced in 2020 when exports increased by 425% against the previous year. As a result, the exports attained the peak of X units. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, aircraft exports skyrocketed to $X in 2022. Over the period under review, exports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2017 with an increase of 583% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in years to come.

Exports by Country

In 2022, Ghana (X units), distantly followed by Nigeria (X units), Burkina Faso (X units) and Senegal (X units) represented the major exporters of airplanes and other aircraft, together achieving 100% of total exports.

From 2012 to 2022, the biggest increases were recorded for Burkina Faso (with a CAGR of +41.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Burkina Faso ($X) remains the largest aircraft supplier in ECOWAS, comprising 23% of total exports. The second position in the ranking was taken by Ghana ($X), with a 0.9% share of total exports. It was followed by Nigeria, with a 0.2% share.

In Burkina Faso, aircraft exports expanded at an average annual rate of +38.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (+8.5% per year) and Nigeria (+17.4% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, growing by 181% against the previous year. In general, the export price posted a significant expansion. The growth pace was the most rapid in 2017 when the export price increased by 924% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Burkina Faso ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+106.5%), while the other leaders experienced more modest paces of growth.

Aircraft Imports

Imports in ECOWAS

In 2022, supplies from abroad of airplanes and other aircraft increased by 89% to X units, rising for the second year in a row after two years of decline. In general, imports enjoyed a temperate increase. The most prominent rate of growth was recorded in 2017 with an increase of 282% against the previous year. The volume of import peaked at X units in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, aircraft imports skyrocketed to $X in 2022. Over the period under review, imports, however, recorded a mild setback. The most prominent rate of growth was recorded in 2015 with an increase of 255% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Niger prevails in imports structure, resulting at X units, which was near 63% of total imports in 2022. Nigeria (X units) held a 7.6% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (6.7%) and Burkina Faso (4.9%). The following importers - Mali (X units), Cote d'Ivoire (X units) and Senegal (X units) - each finished at a 13% share of total imports.

Niger was also the fastest-growing in terms of the airplanes and other aircraft imports, with a CAGR of +47.0% from 2012 to 2022. At the same time, Mali (+12.8%), Cote d'Ivoire (+11.6%), Burkina Faso (+3.2%) and Senegal (+1.2%) displayed positive paces of growth. By contrast, Nigeria (-1.1%) and Ghana (-18.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Niger, Mali and Cote d'Ivoire increased by +61, +2.7 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Niger ($X) constitutes the largest market for imported airplanes and other aircraft in ECOWAS, comprising 52% of total imports. The second position in the ranking was taken by Nigeria ($X), with a 9.9% share of total imports. It was followed by Senegal, with a 7.4% share.

In Niger, aircraft imports increased at an average annual rate of +37.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Nigeria (+27.3% per year) and Senegal (+20.0% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, rising by 4.5% against the previous year. Overall, the import price, however, showed a noticeable curtailment. The growth pace was the most rapid in 2015 an increase of 215%. As a result, import price attained the peak level of $X per unit. From 2016 to 2022, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Senegal ($X per unit), while Mali ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+28.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform