ECOWAS: Starter Battery Market 2024

Starter Battery Market Size in ECOWAS

After three years of growth, the ECOWAS starter battery market decreased by -5.4% to $X in 2022. In general, consumption, however, showed a strong increase. The level of consumption peaked at $X in 2021, and then shrank in the following year.

Starter Battery Production in ECOWAS

In value terms, starter battery production contracted slightly to $X in 2022 estimated in export price. In general, production, however, recorded a pronounced slump. The most prominent rate of growth was recorded in 2017 with an increase of 23% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Starter Battery Exports

Exports in ECOWAS

Starter battery exports amounted to X units in 2022, picking up by 3.8% compared with the previous year's figure. In general, exports recorded buoyant growth. The pace of growth appeared the most rapid in 2015 when exports increased by 143% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in the near future.

In value terms, starter battery exports totaled $X in 2022. Over the period under review, exports continue to indicate a prominent increase. The pace of growth was the most pronounced in 2015 when exports increased by 147% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

Togo (X units) and Nigeria (X units) prevails in exports structure, together achieving 85% of total exports. It was distantly followed by Ghana (X units), making up a 4.6% share of total exports. Burkina Faso (X units), Senegal (X units), Niger (X units) and Guinea-Bissau (X units) took a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of +524.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Togo ($X), Nigeria ($X) and Ghana ($X) were the countries with the highest levels of exports in 2022, with a combined 90% share of total exports.

In terms of the main exporting countries, Togo, with a CAGR of +437.3%, saw the highest rates of growth with regard to 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

The export price in ECOWAS stood at $X per unit in 2022, with a decrease of -2.8% against the previous year. Overall, the export price, however, continues to indicate a slight increase. The pace of growth was the most pronounced in 2021 when the export price increased by 13%. As a result, the export price attained the peak level of $X per unit, and then reduced modestly in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Niger ($X per unit) and Togo ($X per unit), while Guinea-Bissau ($X per unit) and Nigeria ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (+2.1%), while the other leaders experienced more modest paces of growth.

Starter Battery Imports

Imports in ECOWAS

After three years of growth, overseas purchases of lead-acid accumulators for starting piston engines decreased by -1.6% to X units in 2022. Overall, imports, however, posted a resilient increase. The most prominent rate of growth was recorded in 2020 when imports increased by 74%. The volume of import peaked at X units in 2021, and then dropped modestly in the following year.

In value terms, starter battery imports reduced to $X in 2022. Over the period under review, imports, however, showed a strong expansion. The pace of growth appeared the most rapid in 2020 with an increase of 40%. The level of import peaked at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, Ghana (X units) was the main importer of lead-acid accumulators for starting piston engines, creating 51% of total imports. Guinea (X units) ranks second in terms of the total imports with a 16% share, followed by Mali (9.5%) and Cote d'Ivoire (7.3%). Nigeria (X units), Gambia (X units) and Liberia (X units) held a minor share of total imports.

Imports into Ghana increased at an average annual rate of +18.3% from 2012 to 2022. At the same time, Gambia (+35.8%), Mali (+33.0%), Guinea (+18.7%), Cote d'Ivoire (+8.3%) and Liberia (+7.2%) displayed positive paces of growth. Moreover, Gambia emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +35.8% from 2012-2022. By contrast, Nigeria (-5.0%) illustrated a downward trend over the same period. While the share of Ghana (+19 p.p.), Mali (+7.7 p.p.), Guinea (+6.4 p.p.) and Gambia (+2.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Liberia (-1.5 p.p.), Cote d'Ivoire (-3.7 p.p.) and Nigeria (-18.5 p.p.) displayed negative dynamics.

In value terms, Ghana ($X) constitutes the largest market for imported lead-acid accumulators for starting piston engines in ECOWAS, comprising 41% of total imports. The second position in the ranking was held by Mali ($X), with a 14% share of total imports. It was followed by Guinea, with a 14% share.

From 2012 to 2022, the average annual growth rate of value in Ghana totaled +11.3%. In the other countries, the average annual rates were as follows: Mali (+32.7% per year) and Guinea (+12.5% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, with a decrease of -6.5% against the previous year. Over the period under review, the import price continues to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2021 an increase of 16%. Over the period under review, import prices attained the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a 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 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 (+0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform