ECOWAS: Market for Glass Rear-View Mirrors For Vehicles 2024

Market Size for Glass Rear-View Mirrors For Vehicles in ECOWAS

The ECOWAS glass rear-view vehicle mirror market surged to $X in 2022, with an increase of 17% against the previous year. Overall, consumption recorded a prominent increase. The level of consumption peaked in 2022 and is likely to see steady growth in years to come.

Production of Glass Rear-View Mirrors For Vehicles in ECOWAS

In value terms, glass rear-view vehicle mirror production totaled $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with a decrease of 99.9% against the previous year. The level of production peaked in 2022 and is expected to retain growth in the near future.

Exports of Glass Rear-View Mirrors For Vehicles

Exports by Country

In 2022, Nigeria (X units) and Ghana (X units) represented the major exporters of glass rear-view mirrors for vehicles in ECOWAS, together committing 69% of total exports. It was distantly followed by Togo (X units) and Niger (X units), together making up an 18% share of total exports. The following exporters - Guinea (X units), Mali (X units) and Cote d'Ivoire (X units) - together made up 7.9% of total exports.

From 2020 to 2022, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +22.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) remains the largest glass rear-view vehicle mirror supplier in ECOWAS, comprising 54% of total exports. The second position in the ranking was held by Togo ($X), with an 18% share of total exports. It was followed by Niger, with a 9.1% share.

From 2020 to 2022, the average annual rate of growth in terms of value in Nigeria was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: Togo (+3.3% per year) and Niger (+3.9% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, reducing by -32.9% against the previous year. Overall, the export price continues to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2021 an increase of 1.9%. As a result, the export price reached the peak level of $X per unit, and then reduced notably in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per unit), while Ghana ($X per unit) was amongst the lowest.

From 2020 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+2.4%), while the other leaders experienced more modest paces of growth.

Imports of Glass Rear-View Mirrors For Vehicles

Imports in ECOWAS

In 2022, the amount of glass rear-view mirrors for vehicles imported in ECOWAS skyrocketed to X units, growing by 17% compared with the previous year's figure. Over the period under review, imports recorded a prominent expansion. The growth pace was the most rapid in 2013 when imports increased by 123% against the previous year. Over the period under review, imports reached the peak figure at X units in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, glass rear-view vehicle mirror imports surged to $X in 2022. In general, imports showed a temperate expansion. The pace of growth was the most pronounced in 2020 with an increase of 82% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Ghana represented the major importer of glass rear-view mirrors for vehicles in ECOWAS, with the volume of imports resulting at X units, which was near 51% of total imports in 2022. Cote d'Ivoire (X units) held an 11% share (based on physical terms) of total imports, which put it in second place, followed by Nigeria (8.6%), Benin (8.3%), Guinea (6.5%) and Burkina Faso (4.6%). Senegal (X units) held a minor share of total imports.

Imports into Ghana increased at an average annual rate of +23.1% from 2012 to 2022. At the same time, Benin (+38.6%), Guinea (+23.3%), Senegal (+22.3%), Cote d'Ivoire (+17.7%), Burkina Faso (+15.2%) and Nigeria (+6.8%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +38.6% from 2012-2022. Ghana (+15 p.p.), Benin (+6.5 p.p.) and Guinea (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Burkina Faso and Nigeria saw its share reduced by -1.8% and -16.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported glass rear-view mirrors for vehicles in ECOWAS, comprising 50% of total imports. The second position in the ranking was held by Benin ($X), with an 11% share of total imports. It was followed by Cote d'Ivoire, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana totaled +7.1%. In the other countries, the average annual rates were as follows: Benin (+24.7% per year) and Cote d'Ivoire (+2.2% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, almost unchanged from the previous year. Overall, the import price recorded a abrupt downturn. The pace of growth was the most pronounced in 2017 an increase of 104% against the previous year. Over the period under review, import prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Burkina Faso ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (-7.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform