ECOWAS: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in ECOWAS

The ECOWAS keyboard stringed instrument market shrank to $X in 2022, with a decrease of -8.1% against the previous year. Over the period under review, consumption, however, showed a buoyant increase. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Keyboard Stringed Instrument Production in ECOWAS

In value terms, keyboard stringed instrument production rose sharply to $X in 2022 estimated in export price. Over the period under review, production, however, saw a pronounced expansion. The growth pace was the most rapid in 2017 with an increase of 143%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Keyboard Stringed Instrument Exports

Exports in ECOWAS

In 2022, overseas shipments of keyboard stringed instruments increased by 50% to X units for the first time since 2017, thus ending a four-year declining trend. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 230%. As a result, the exports attained the peak of X units. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, keyboard stringed instrument exports skyrocketed to $X in 2022. Overall, exports, however, showed a noticeable downturn. The pace of growth was the most pronounced in 2017 when exports increased by 212%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Nigeria represented the largest exporting country with an export of around X units, which amounted to 57% of total exports. Ghana (X units) took the second position in the ranking, followed by Cote d'Ivoire (X units) and Togo (X units). All these countries together held approx. 37% share of total exports. The following exporters - Liberia (X units) and Senegal (X units) - each accounted for a 6.7% share of total exports.

Nigeria was also the fastest-growing in terms of the keyboard stringed instruments exports, with a CAGR of +23.9% from 2012 to 2022. At the same time, Togo (+11.6%) and Ghana (+7.2%) displayed positive paces of growth. Liberia experienced a relatively flat trend pattern. By contrast, Cote d'Ivoire (-2.2%) and Senegal (-6.7%) illustrated a downward trend over the same period. While the share of Nigeria (+50 p.p.), Ghana (+6.9 p.p.), Togo (+6.8 p.p.) and Liberia (+3.3 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Cote d'Ivoire (-2.8 p.p.) and Senegal (-3.1 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) remains the largest keyboard stringed instrument supplier in ECOWAS, comprising 62% of total exports. The second position in the ranking was taken by Ghana ($X), with an 11% share of total exports. It was followed by Cote d'Ivoire, with a 10% share.

In Nigeria, keyboard stringed instrument exports expanded at an average annual rate of +39.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (+3.9% per year) and Cote d'Ivoire (+7.4% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, with a decrease of -16.6% against the previous year. In general, the export price continues to indicate a noticeable setback. The most prominent rate of growth was recorded in 2013 an increase of 31% against the previous year. As a result, the export price attained the peak level of $X per unit. 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 Senegal ($X per unit), while Liberia ($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 (+12.2%), while the other leaders experienced more modest paces of growth.

Keyboard Stringed Instrument Imports

Imports in ECOWAS

In 2022, keyboard stringed instrument imports in ECOWAS contracted to X units, dropping by -11.2% against 2021 figures. Over the period under review, imports, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2013 with an increase of 177% against the previous year. Over the period under review, imports hit record highs at X units in 2021, and then dropped in the following year.

In value terms, keyboard stringed instrument imports skyrocketed to $X in 2022. In general, imports continue to indicate a mild slump. The pace of growth appeared the most rapid in 2013 when imports increased by 115%. Over the period under review, imports attained the peak figure at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria represented the key importer of keyboard stringed instruments in ECOWAS, with the volume of imports finishing at X units, which was near 65% of total imports in 2022. Cote d'Ivoire (X units) held a 12% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (8.6%), Benin (6.3%) and Cabo Verde (4.6%).

From 2012 to 2022, average annual rates of growth with regard to keyboard stringed instrument imports into Nigeria stood at +13.9%. At the same time, Cabo Verde (+14.9%), Benin (+13.9%) and Ghana (+9.6%) displayed positive paces of growth. Moreover, Cabo Verde emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +14.9% from 2012-2022. Cote d'Ivoire experienced a relatively flat trend pattern. Nigeria (+18 p.p.), Benin (+1.7 p.p.) and Cabo Verde (+1.5 p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire saw its share reduced by -21.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 81% of total imports. These countries were followed by Cabo Verde and Benin, which together accounted for a further 7.5%.

In terms of the main importing countries, Cabo Verde, with a CAGR of +30.1%, saw the highest rates of growth with regard to the value of imports, 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, jumping by 30% against the previous year. In general, the import price, however, recorded a abrupt setback. The level of import peaked at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cabo Verde (+11.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform