ECOWAS: Electric Water Heater Market 2025

Electric Water Heater Market Size in ECOWAS

The ECOWAS electric water heater market declined slightly to $X in 2022, waning by -2.7% against the previous year. In general, consumption, however, posted a resilient expansion. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Electric Water Heater Production in ECOWAS

In value terms, electric water heater production reduced to $X in 2022 estimated in export price. Overall, production, however, showed a strong expansion. The pace of growth was the most pronounced in 2016 with an increase of 43%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Electric Water Heater Exports

Exports in ECOWAS

In 2022, overseas shipments of electric water heaters and immersion heaters were finally on the rise to reach X units after two years of decline. In general, exports, however, recorded a noticeable decrease. The growth pace was the most rapid in 2019 when exports increased by 118%. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, electric water heater exports skyrocketed to $X in 2022. Overall, exports, however, recorded a abrupt slump. The growth pace was the most rapid in 2019 when exports increased by 438%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Ghana (X units) represented the major exporter of electric water heaters and immersion heaters, committing 31% of total exports. Niger (X units) held a 15% share (based on physical terms) of total exports, which put it in second place, followed by Burkina Faso (10%), Nigeria (8.4%), Cote d'Ivoire (7.8%), Senegal (6.7%), Togo (6.7%) and Benin (5.6%). Cabo Verde (X units) took a relatively small share of total exports.

Exports from Ghana increased at an average annual rate of +8.4% from 2012 to 2022. At the same time, Benin (+71.0%), Niger (+29.2%) and Cote d'Ivoire (+4.5%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +71.0% from 2012-2022. Senegal experienced a relatively flat trend pattern. By contrast, Burkina Faso (-1.5%), Togo (-10.9%), Cabo Verde (-12.5%) and Nigeria (-13.2%) illustrated a downward trend over the same period. While the share of Ghana (+22 p.p.), Niger (+14 p.p.), Benin (+5.6 p.p.), Cote d'Ivoire (+4.6 p.p.), Senegal (+2.7 p.p.) and Burkina Faso (+2.4 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Cabo Verde (-4.1 p.p.), Togo (-7.1 p.p.) and Nigeria (-14.1 p.p.) displayed negative dynamics.

In value terms, Ghana ($X) remains the largest electric water heater supplier in ECOWAS, comprising 36% of total exports. The second position in the ranking was held by Senegal ($X), with a 14% share of total exports. It was followed by Niger, with a 14% share.

In Ghana, electric water heater exports expanded at an average annual rate of +10.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Senegal (+8.7% per year) and Niger (+26.7% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, surging by 14% against the previous year. Overall, the export price, however, showed a slight descent. The most prominent rate of growth was recorded in 2019 when the export price increased by 147%. As a result, the export price reached the peak level of $X per unit. From 2020 to 2022, the export prices remained at a somewhat lower figure.

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 ($X per unit), while Benin ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+7.7%), while the other leaders experienced more modest paces of growth.

Electric Water Heater Imports

Imports in ECOWAS

In 2022, purchases abroad of electric water heaters and immersion heaters decreased by -8.5% to X units, falling for the second consecutive year after three years of growth. Over the period under review, imports, however, showed a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of 42%. The volume of import peaked at X units in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, electric water heater imports expanded remarkably to $X in 2022. In general, imports, however, showed resilient growth. The growth pace was the most rapid in 2018 with an increase of 44%. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, Nigeria (X units) represented the key importer of electric water heaters and immersion heaters, achieving 50% of total imports. Ghana (X units) took the second position in the ranking, distantly followed by Guinea (X units), Benin (X units), Cote d'Ivoire (X units) and Senegal (X units). All these countries together held approx. 43% share of total imports. Cabo Verde (X units) held a minor share of total imports.

Imports into Nigeria increased at an average annual rate of +4.6% from 2012 to 2022. At the same time, Benin (+27.2%), Guinea (+19.7%), Ghana (+19.1%), Senegal (+13.3%), Cote d'Ivoire (+7.5%) and Cabo Verde (+6.2%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +27.2% from 2012-2022. While the share of Ghana (+13 p.p.), Benin (+4.4 p.p.), Guinea (+3.6 p.p.) and Senegal (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Nigeria (-20.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported electric water heaters and immersion heaters in ECOWAS, comprising 65% of total imports. The second position in the ranking was taken by Ghana ($X), with a 15% share of total imports. It was followed by Cote d'Ivoire, with a 4.4% share.

In Nigeria, electric water heater imports expanded at an average annual rate of +7.9% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+15.8% per year) and Cote d'Ivoire (+5.9% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, jumping by 21% against the previous year. Overall, the import price saw a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per unit), while Benin ($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 (+3.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform