ECOWAS: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in ECOWAS

The ECOWAS electrical musical instrument market reduced modestly to $X in 2022, dropping by X% against the previous year. The total consumption indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Electrical Musical Instrument Production in ECOWAS

In value terms, electrical musical instrument production shrank to $X in 2022 estimated in export price. In general, production showed prominent growth. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Electrical Musical Instrument Exports

Exports in ECOWAS

In 2022, overseas shipments of electrical musical or keyboard instruments decreased by X% to X units, falling for the fourth year in a row after two years of growth. Overall, exports recorded a deep downturn. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. The volume of export peaked at X units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, electrical musical instrument exports expanded slightly to $X in 2022. In general, exports continue to indicate a mild contraction. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, Ghana (X units) represented the main exporter of electrical musical or keyboard instruments, constituting X% of total exports. Cote d'Ivoire (X units) held an X% share (based on physical terms) of total exports, which put it in second place, followed by Burkina Faso (X%), Niger (X%) and Mali (X%). Sierra Leone (X units) followed a long way behind the leaders.

Exports from Ghana decreased at an average annual rate of X% from 2012 to 2022. At the same time, Burkina Faso (X%), Sierra Leone (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. Niger experienced a relatively flat trend pattern. By contrast, Mali (X%) illustrated a downward trend over the same period. Niger (X p.p.), Burkina Faso (X p.p.), Cote d'Ivoire (X p.p.) and Sierra Leone (X p.p.) significantly strengthened its position in terms of the total exports, while Mali and Ghana saw its share reduced by X% and X% from 2012 to 2022, respectively.

In value terms, Niger ($X), Burkina Faso ($X) and Cote d'Ivoire ($X) constituted the countries with the highest levels of exports in 2022, with a combined X% share of total exports. Mali, Ghana and Sierra Leone lagged somewhat behind, together accounting for a further X%.

Sierra Leone, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of 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 unit, rising by X% against the previous year. Export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, electrical musical instrument export price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2013 when the export price increased by X%. The level of export peaked in 2022 and is expected to retain growth in the near future.

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

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

Electrical Musical Instrument Imports

Imports in ECOWAS

In 2022, purchases abroad of electrical musical or keyboard instruments decreased by X% to X units, falling for the second year in a row after three years of growth. Overall, imports saw a deep contraction. The pace of growth appeared the most rapid in 2019 with an increase of X%. The volume of import peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, electrical musical instrument imports declined to $X in 2022. In general, imports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2019 with an increase of X%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Ghana (X units) represented the key importer of electrical musical or keyboard instruments, achieving X% of total imports. It was distantly followed by Nigeria (X units) and Cote d'Ivoire (X units), together generating a X% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to electrical musical instrument imports into Ghana stood at X%. At the same time, Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Nigeria (X%) illustrated a downward trend over the same period. Ghana (X p.p.) and Cote d'Ivoire (X p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, Ghana ($X) constitutes the largest market for imported electrical musical or keyboard instruments in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Nigeria ($X), with an X% share of total imports.

In Ghana, electrical musical instrument imports remained relatively stable over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, surging by X% against the previous year. Import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when the import price increased by X% against the previous year. The level of import peaked at $X per unit in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per unit), while Ghana ($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 (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform