ECOWAS: Data Storage Device Market 2024

Data Storage Device Market Size in ECOWAS

The ECOWAS data storage device market declined slightly to $X in 2022, waning by -4.4% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Data Storage Device Production in ECOWAS

In value terms, data storage device production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 28%. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Data Storage Device Exports

Exports in ECOWAS

In 2022, approx. X units of data storage devices were exported in ECOWAS; reducing by -62.1% compared with 2021. In general, exports, however, enjoyed a temperate expansion. The most prominent rate of growth was recorded in 2021 with an increase of 1,458%. As a result, the exports reached the peak of X units, and then shrank significantly in the following year.

In value terms, data storage device exports dropped significantly to $X in 2022. Over the period under review, exports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2021 with an increase of 701% against the previous year. As a result, the exports reached the peak of $X, and then dropped sharply in the following year.

Exports by Country

Ghana was the key exporting country with an export of around X units, which reached 67% of total exports. It was distantly followed by Cote d'Ivoire (X units) and Nigeria (X units), together comprising a 27% share of total exports. Mali (X units) followed a long way behind the leaders.

Ghana was also the fastest-growing in terms of the data storage devices exports, with a CAGR of +45.3% from 2012 to 2022. At the same time, Cote d'Ivoire (+22.6%) displayed positive paces of growth. By contrast, Nigeria (-2.6%) and Mali (-22.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ghana and Cote d'Ivoire increased by +65 and +16 percentage points, respectively.

In value terms, Ghana ($X) remains the largest data storage device supplier in ECOWAS, comprising 67% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 14% share of total exports. It was followed by Nigeria, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Ghana stood at +47.5%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+28.6% per year) and Nigeria (+13.7% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, increasing by 51% against the previous year. In general, the export price posted a prominent increase. The pace of growth was the most pronounced in 2015 an increase of 54%. Over the period under review, the export prices reached the peak figure at $X per unit in 2017; however, 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 Nigeria ($X per unit), while Cote d'Ivoire ($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 (+16.8%), while the other leaders experienced more modest paces of growth.

Data Storage Device Imports

Imports in ECOWAS

In 2022, approx. X units of data storage devices were imported in ECOWAS; approximately reflecting the previous year's figure. Overall, imports, however, recorded a perceptible slump. The growth pace was the most rapid in 2014 with an increase of 459%. As a result, imports reached the peak of X units. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, data storage device imports contracted to $X in 2022. In general, imports posted a strong expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 77% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then declined in the following year.

Imports by Country

Nigeria represented the main importer of data storage devices in ECOWAS, with the volume of imports finishing at X units, which was near 49% of total imports in 2022. Ghana (X units) held a 15% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (8%) and Senegal (4.8%). Cabo Verde (X units), Mali (X units), Togo (X units), Benin (X units), Burkina Faso (X units) and Guinea (X units) held a minor share of total imports.

Imports into Nigeria decreased at an average annual rate of -8.0% from 2012 to 2022. At the same time, Togo (+23.5%), Cabo Verde (+22.0%), Mali (+15.4%), Ghana (+13.6%), Benin (+12.6%), Cote d'Ivoire (+5.3%) and Senegal (+2.2%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +23.5% from 2012-2022. By contrast, Burkina Faso (-1.8%) and Guinea (-4.7%) illustrated a downward trend over the same period. While the share of Ghana (+12 p.p.), Cote d'Ivoire (+4.5 p.p.), Cabo Verde (+3.9 p.p.), Togo (+3.7 p.p.), Mali (+3.6 p.p.), Benin (+2.8 p.p.) and Senegal (+2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Nigeria (-34 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Nigeria ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising 84% of total imports. Senegal, Benin, Mali, Togo, Cabo Verde, Guinea and Burkina Faso lagged somewhat behind, together accounting for a further 14%.

Cabo Verde, with a CAGR of +22.8%, recorded the highest rates of growth with regard to the value of imports, among 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

The import price in ECOWAS stood at $X per unit in 2022, shrinking by -2.6% against the previous year. Overall, the import price, however, posted strong growth. The most prominent rate of growth was recorded in 2013 an increase of 153% against the previous year. The level of import peaked at $X per unit in 2021, and then contracted modestly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per unit), while Cabo Verde ($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 (+16.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform