ECOWAS: Metal Vehicle Lock Market 2024

Metal Vehicle Lock Market Size in ECOWAS

After two years of decline, the ECOWAS metal vehicle lock market increased by 12% to $X in 2021. Over the period under review, consumption, however, saw a pronounced contraction. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Metal Vehicle Lock Production in ECOWAS

In value terms, metal vehicle lock production reached $X in 2021 estimated in export price. Over the period under review, production, however, recorded a noticeable decrease. The pace of growth was the most pronounced in 2018 with an increase of 62% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Metal Vehicle Lock Exports

Exports in ECOWAS

After two years of growth, overseas shipments of base metal motor vehicle locks decreased by -85.8% to X kg in 2021. In general, exports recorded a abrupt shrinkage. The growth pace was the most rapid in 2016 when exports increased by 202% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2020, and then fell dramatically in the following year.

In value terms, metal vehicle lock exports fell notably to $X in 2021. Over the period under review, exports recorded a abrupt decline. The most prominent rate of growth was recorded in 2016 with an increase of 134% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Togo (X kg) and Senegal (X kg) were the main exporters of base metal motor vehicle locks in 2021, reaching near 37% and 32% of total exports, respectively. Gambia (X kg) took an 11% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (4.9%). The following exporters - Cabo Verde (X kg), Guinea (X kg) and Cote d'Ivoire (X kg) - each reached an 11% 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 Gambia (with a CAGR of +77.8%), while the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X), Togo ($X) and Gambia ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 90% share of total exports.

Among the main exporting countries, Gambia, with a CAGR of +129.0%, saw the highest rates of growth with regard to 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 ton, with an increase of 131% against the previous year. Over the period under review, the export price posted temperate growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Gambia ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Gambia (+28.8%), while the other leaders experienced more modest paces of growth.

Metal Vehicle Lock Imports

Imports in ECOWAS

Metal vehicle lock imports skyrocketed to X tons in 2021, with an increase of 66% compared with 2020. Over the period under review, imports continue to indicate a prominent increase. The pace of growth was the most pronounced in 2014 when imports increased by 211%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, metal vehicle lock imports skyrocketed to $X in 2021. In general, imports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2015 with an increase of 80%. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Ghana prevails in imports structure, finishing at X tons, which was approx. 66% of total imports in 2021. Guinea (X tons) took the second position in the ranking, followed by Mali (X tons). All these countries together took near 16% share of total imports. The following importers - Liberia (X tons), Senegal (X tons), Nigeria (X tons) and Benin (X tons) - each amounted to a 12% share of total imports.

Imports into Ghana increased at an average annual rate of +33.2% from 2012 to 2021. At the same time, Liberia (+35.6%), Senegal (+26.4%), Guinea (+25.9%) and Mali (+14.0%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +35.6% from 2012-2021. By contrast, Benin (-8.0%) and Nigeria (-20.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Ghana, Guinea, Liberia, Mali and Senegal increased by +56, +7, +2.9, +2.6 and +2.5 percentage points, respectively.

In value terms, Ghana ($X), Senegal ($X) and Guinea ($X) appeared to be the countries with the highest levels of imports in 2021, together accounting for 76% of total imports. Mali, Nigeria, Liberia and Benin lagged somewhat behind, together accounting for a further 15%.

Liberia, with a CAGR of +34.0%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, which is down by -16% against the previous year. Overall, the import price saw a mild reduction. The pace of growth appeared the most rapid in 2015 when the import price increased by 408%. Over the period under review, import prices attained the maximum at $X per ton in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Senegal ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+4.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform