ECOWAS: Loudspeaker Market 2024

Loudspeaker Market Size in ECOWAS

The ECOWAS loudspeaker market contracted modestly to $X in 2022, waning by -4.5% against the previous year. Overall, consumption, however, recorded a prominent increase. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Loudspeaker Production in ECOWAS

In value terms, loudspeaker production reduced slightly to $X in 2022 estimated in export price. In general, production, however, showed a resilient increase. The growth pace was the most rapid in 2019 when the production volume increased by 63%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Loudspeaker Exports

Exports in ECOWAS

In 2022, exports of loudspeakers in ECOWAS surged to X units, increasing by 482% on the previous year's figure. Overall, exports showed a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, loudspeaker exports amounted to $X in 2022. Over the period under review, exports, however, recorded a mild shrinkage. The most prominent rate of growth was recorded in 2020 when exports increased by 212% against the previous year. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Guinea prevails in exports structure, accounting for X units, which was approx. 95% of total exports in 2022. Niger (X units) held a little share of total exports.

Guinea was also the fastest-growing in terms of the loudspeakers exports, with a CAGR of +147.3% from 2012 to 2022. At the same time, Niger (+91.6%) displayed positive paces of growth. Guinea (+95 p.p.) and Niger (+1.8 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Guinea ($X) remains the largest loudspeaker supplier in ECOWAS, comprising 36% of total exports. The second position in the ranking was taken by Niger ($X), with a 3% share of total exports.

In Guinea, loudspeaker exports expanded at an average annual rate of +63.4% over the period from 2012-2022.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, which is down by -80.3% against the previous year. Overall, the export price saw a dramatic slump. The pace of growth appeared the most rapid in 2019 an increase of 80% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2020 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 Niger ($X per unit), while Guinea totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (-24.4%).

Loudspeaker Imports

Imports in ECOWAS

In 2022, approx. X units of loudspeakers were imported in ECOWAS; surging by 4.9% against the previous year. In general, imports enjoyed resilient growth. The pace of growth appeared the most rapid in 2014 with an increase of 200%. As a result, imports reached the peak of X units. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, loudspeaker imports declined to $X in 2022. Overall, imports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2018 with an increase of 167%. Over the period under review, imports reached the maximum at $X in 2021, and then dropped in the following year.

Imports by Country

In 2022, Ghana (X units) represented the largest importer of loudspeakers, creating 64% of total imports. It was distantly followed by Nigeria (X units) and Cote d'Ivoire (X units), together creating a 21% share of total imports. Guinea (X units), Togo (X units), Senegal (X units) and Sierra Leone (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to loudspeaker imports into Ghana stood at +16.1%. At the same time, Sierra Leone (+48.2%), Cote d'Ivoire (+36.6%), Guinea (+27.8%), Togo (+10.6%), Senegal (+2.4%) and Nigeria (+1.7%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +48.2% from 2012-2022. Ghana (+14 p.p.), Cote d'Ivoire (+8.7 p.p.), Guinea (+2.5 p.p.) and Sierra Leone (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while Senegal and Nigeria saw its share reduced by -4% and -20.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported loudspeakers in ECOWAS, comprising 54% of total imports. The second position in the ranking was held by Nigeria ($X), with a 15% share of total imports. It was followed by Cote d'Ivoire, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana stood at +22.9%. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (-4.1% per year) and Cote d'Ivoire (+28.2% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, shrinking by -13.8% against the previous year. Over the period under review, the import price saw a perceptible contraction. The pace of growth appeared the most rapid in 2015 an increase of 148% against the previous year. Over the period under review, import prices attained the peak figure at $X per unit in 2013; however, from 2014 to 2022, 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 ($X per unit), while Togo ($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 (+5.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform