ECOWAS: Engine Generator Market 2024

Engine Generator Market Size in ECOWAS

For the seventh year in a row, the ECOWAS engine generator market recorded decline in sales value, which decreased by -5.2% to $X in 2022. Over the period under review, consumption showed a deep downturn. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Engine Generator Production in ECOWAS

In value terms, engine generator production shrank to $X in 2022 estimated in export price. Over the period under review, production, however, saw a deep reduction. The pace of growth appeared the most rapid in 2015 when the production volume increased by 28%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

Engine Generator Exports

Exports in ECOWAS

In 2022, overseas shipments of generators for internal combustion engines were finally on the rise to reach X units after three years of decline. Over the period under review, exports, however, recorded a noticeable decrease. The most prominent rate of growth was recorded in 2017 with an increase of 120%. Over the period under review, the exports reached the maximum at X units in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, engine generator exports rose notably to $X in 2022. Overall, exports saw a modest increase. The pace of growth appeared the most rapid in 2018 with an increase of 94% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Sierra Leone (X units) and Ghana (X units) represented roughly 67% of total exports in 2022. It was distantly followed by Nigeria (X units) and Togo (X units), together committing a 24% share of total exports. Senegal (X units) and Mali (X units) took a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Togo (with a CAGR of +21.4%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest engine generator supplying countries in ECOWAS were Sierra Leone ($X), Ghana ($X) and Nigeria ($X), together accounting for 86% of total exports.

In terms of the main exporting countries, Ghana, with a CAGR of +23.5%, saw the highest growth rate of 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 2022, the export price in ECOWAS amounted to $X per unit, declining by -15.1% against the previous year. Export price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, engine generator export price increased by +26.5% against 2016 indices. The most prominent rate of growth was recorded in 2016 when the export price increased by 34% against the previous year. Over the period under review, the export prices attained the maximum at $X per unit in 2021, and then shrank rapidly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sierra Leone ($X per unit), while Togo ($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 (+9.3%), while the other leaders experienced more modest paces of growth.

Engine Generator Imports

Imports in ECOWAS

In 2022, supplies from abroad of generators for internal combustion engines decreased by -27.5% to X units, falling for the second year in a row after two years of growth. Over the period under review, imports recorded a deep reduction. The pace of growth appeared the most rapid in 2020 with an increase of 258% against the previous year. As a result, imports reached the peak of X units. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, engine generator imports contracted notably to $X in 2022. In general, imports saw a abrupt shrinkage. The pace of growth was the most pronounced in 2020 when imports increased by 279%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Ghana (X units), distantly followed by Guinea (X units), Nigeria (X units), Cote d'Ivoire (X units), Senegal (X units), Sierra Leone (X units), Mali (X units) and Burkina Faso (X units) were the key importers of generators for internal combustion engines, together creating 89% of total imports.

From 2012 to 2022, the biggest increases were recorded for Guinea (with a CAGR of +4.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest engine generator importing markets in ECOWAS were Nigeria ($X), Guinea ($X) and Ghana ($X), with a combined 60% share of total imports.

Guinea, with a CAGR of +8.4%, saw the highest growth rate of 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, picking up by 11% against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the import price increased by 19%. As a result, import price reached the peak level of $X per unit. From 2019 to 2022, the 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 Nigeria ($X per unit), while Ghana ($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 (+7.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform