ECOWAS: Market for Equipment For Internal Combustion Engines 2025

Market Size for Equipment For Internal Combustion Engines in ECOWAS

The ECOWAS internal combustion engine equipment market contracted slightly to $X in 2022, falling by -4.2% against the previous year. In general, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Equipment For Internal Combustion Engines in ECOWAS

In value terms, internal combustion engine equipment production declined slightly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 21%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Exports of Equipment For Internal Combustion Engines

Exports in ECOWAS

In 2022, overseas shipments of equipment for internal combustion engines decreased by -4.1% to X units for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2016 with an increase of 47% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2021, and then fell modestly in the following year.

In value terms, internal combustion engine equipment exports totaled $X in 2022. Total exports indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +8.8% against 2020 indices. The growth pace was the most rapid in 2015 with an increase of 45%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Burkina Faso represented the main exporting country with an export of around X units, which amounted to 61% of total exports. Nigeria (X units) took an 11% share (based on physical terms) of total exports, which put it in second place, followed by Sierra Leone (10%) and Ghana (10%). Mali (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to internal combustion engine equipment exports from Burkina Faso stood at +16.3%. At the same time, Nigeria (+18.2%), Sierra Leone (+8.8%) and Mali (+1.1%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +18.2% from 2012-2022. Ghana experienced a relatively flat trend pattern. While the share of Burkina Faso (+29 p.p.) and Nigeria (+6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Mali (-4.4 p.p.) and Ghana (-14.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Burkina Faso ($X) remains the largest internal combustion engine equipment supplier in ECOWAS, comprising 43% of total exports. The second position in the ranking was held by Sierra Leone ($X), with a 16% share of total exports. It was followed by Ghana, with a 16% share.

In Burkina Faso, internal combustion engine equipment exports expanded at an average annual rate of +11.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Sierra Leone (-3.1% per year) and Ghana (+1.4% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, picking up by 6.7% against the previous year. Over the period under review, the export price, however, saw a abrupt contraction. The most prominent rate of growth was recorded in 2015 an increase of 25%. Over the period under review, the export prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2022, the export prices remained at a 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 Sierra Leone ($X per unit), while Burkina Faso ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+1.3%), while the other leaders experienced a decline in the export price figures.

Imports of Equipment For Internal Combustion Engines

Imports in ECOWAS

In 2022, purchases abroad of equipment for internal combustion engines decreased by -0.5% to X units, falling for the second consecutive year after two years of growth. In general, imports, however, posted a modest expansion. The growth pace was the most rapid in 2020 with an increase of 230% against the previous year. As a result, imports attained the peak of X units. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, internal combustion engine equipment imports dropped to $X in 2022. Overall, imports showed a deep slump. The growth pace was the most rapid in 2020 with an increase of 113%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Ghana was the key importer of equipment for internal combustion engines in ECOWAS, with the volume of imports resulting at X units, which was approx. 65% of total imports in 2022. Cote d'Ivoire (X units) held a 10% share (based on physical terms) of total imports, which put it in second place, followed by Guinea (6.6%) and Benin (5.8%). Mali (X units), Senegal (X units) and Nigeria (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to internal combustion engine equipment imports into Ghana stood at +14.5%. At the same time, Benin (+33.4%), Mali (+30.5%), Guinea (+30.1%) and Cote d'Ivoire (+14.7%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +33.4% from 2012-2022. By contrast, Senegal (-19.7%) and Nigeria (-21.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ghana, Cote d'Ivoire, Guinea, Benin and Mali increased by +45, +7.3, +6.1, +5.4 and +3.5 percentage points, respectively.

In value terms, the largest internal combustion engine equipment importing markets in ECOWAS were Ghana ($X), Cote d'Ivoire ($X) and Mali ($X), with a combined 80% share of total imports.

Mali, with a CAGR of +23.1%, recorded the highest growth rate of 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 2022, the import price in ECOWAS amounted to $X per unit, flattening at the previous year. Over the period under review, the import price, however, continues to indicate a abrupt descent. The pace of growth appeared the most rapid in 2016 when the import price increased by 27%. Over the period under review, import prices attained the peak figure at $X per unit in 2012; however, from 2013 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 ($X per unit), while Benin ($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 (+10.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform