ECOWAS: Ignition Magneto Market 2024

Ignition Magneto Market Size in ECOWAS

The ECOWAS ignition magneto market fell to $X in 2021, which is down by -2.6% against the previous year. Overall, consumption recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Ignition Magneto Production in ECOWAS

In value terms, ignition magneto production fell modestly to $X in 2021 estimated in export price. In general, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 9.5%. The level of production peaked at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Ignition Magneto Exports

Exports in ECOWAS

In 2021, shipments abroad of ignition magnetos, magneto-dynamos and magnetic flywheels increased by 287% to X units, rising for the second year in a row after two years of decline. Overall, exports showed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, ignition magneto exports surged to $X in 2021. Over the period under review, exports posted a prominent increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Niger prevails in exports structure, recording X units, which was approx. 80% of total exports in 2021. Nigeria (X units) ranks second in terms of the total exports with a 7.2% share, followed by Burkina Faso (5.9%). The following exporters - Togo (X units), Ghana (X units) and Senegal (X units) - each recorded a 6.7% share of total exports.

Niger was also the fastest-growing in terms of the ignition magnetos, magneto-dynamos and magnetic flywheels exports, with a CAGR of +786.4% from 2012 to 2021. At the same time, Burkina Faso (+30.2%), Togo (+9.4%) and Nigeria (+3.9%) displayed positive paces of growth. Ghana experienced a relatively flat trend pattern. By contrast, Senegal (-2.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Niger and Burkina Faso increased by +80 and +5.9 percentage points, respectively.

In value terms, Niger ($X) remains the largest ignition magneto supplier in ECOWAS, comprising 70% of total exports. The second position in the ranking was taken by Burkina Faso ($X), with an 11% share of total exports. It was followed by Nigeria, with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Niger amounted to +798.6%. The remaining exporting countries recorded the following average annual rates of exports growth: Burkina Faso (+43.2% per year) and Nigeria (+9.2% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2021, increasing by 47% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt shrinkage. The growth pace was the most rapid in 2018 when the export price increased by 93% against the previous year. Over the period under review, the export prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Togo ($X per unit), while Niger ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+9.9%), while the other leaders experienced more modest paces of growth.

Ignition Magneto Imports

Imports in ECOWAS

In 2021, approx. X units of ignition magnetos, magneto-dynamos and magnetic flywheels were imported in ECOWAS; with an increase of 35% against 2020. Overall, imports recorded a prominent increase. The most prominent rate of growth was recorded in 2020 when imports increased by 147% against the previous year. Over the period under review, imports reached the maximum in 2021 and are likely to see steady growth in the immediate term.

In value terms, ignition magneto imports surged to $X in 2021. Over the period under review, imports posted a prominent expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 123% against the previous year. The level of import peaked in 2021 and is expected to retain growth in years to come.

Imports by Country

Ghana represented the largest importing country with an import of around X units, which accounted for 50% of total imports. Sierra Leone (X units) held an 18% share (based on physical terms) of total imports, which put it in second place, followed by Nigeria (15%) and Guinea (8.7%). Cote d'Ivoire (X units) held a minor share of total imports.

Imports into Ghana increased at an average annual rate of +17.6% from 2012 to 2021. At the same time, Sierra Leone (+52.9%) and Guinea (+12.4%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +52.9% from 2012-2021. By contrast, Cote d'Ivoire (-3.5%) and Nigeria (-9.1%) illustrated a downward trend over the same period. While the share of Ghana (+29 p.p.), Sierra Leone (+17 p.p.) and Guinea (+3.3 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Cote d'Ivoire (-2.6 p.p.) and Nigeria (-49.3 p.p.) displayed negative dynamics.

In value terms, Ghana ($X), Sierra Leone ($X) and Guinea ($X) were the countries with the highest levels of imports in 2021, with a combined 87% share of total imports.

Sierra Leone, with a CAGR of +62.4%, saw the highest rates of growth with regard to 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 2021, surging by 45% against the previous year. Over the period under review, the import price recorded a buoyant expansion. The most prominent rate of growth was recorded in 2013 when the import price increased by 109%. Over the period under review, import prices hit record highs in 2021 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Cote d'Ivoire ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+9.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform