ECOWAS: Non-Enclosed Loudspeakers Market 2024

Non-Enclosed Loudspeakers Market Size in ECOWAS

For the fourth year in a row, the ECOWAS non-enclosed loudspeakers market recorded growth in sales value, which increased by 17% to $X in 2021. In general, consumption, however, showed a noticeable setback. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Non-Enclosed Loudspeakers Production in ECOWAS

In value terms, non-enclosed loudspeakers production reduced to $X in 2021 estimated in export price. In general, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 27%. Over the period under review, production attained the maximum level at $X in 2020, and then reduced in the following year.

Non-Enclosed Loudspeakers Exports

Exports in ECOWAS

Non-enclosed loudspeakers exports fell sharply to X units in 2021, declining by -34.5% compared with 2020 figures. Overall, exports recorded a drastic downturn. The most prominent rate of growth was recorded in 2020 with an increase of 55% against the previous year. The volume of export peaked at X units in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, non-enclosed loudspeakers exports expanded markedly to $X in 2021. Over the period under review, exports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2020 with an increase of 101% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Guinea was the key exporter of loudspeakers (not in enclosure) in ECOWAS, with the volume of exports finishing at X units, which was near 59% of total exports in 2021. Cote d'Ivoire (X units) ranks second in terms of the total exports with a 17% share, followed by Nigeria (11%). The following exporters - Togo (X units), Ghana (X units), Niger (X units) and Liberia (X units) - together made up 9.4% of total exports.

Guinea was also the fastest-growing in terms of the loudspeakers (not in enclosure) exports, with a CAGR of +57.4% from 2012 to 2021. At the same time, Cote d'Ivoire (+16.8%) and Ghana (+14.0%) displayed positive paces of growth. By contrast, Niger (-1.7%), Nigeria (-4.6%), Togo (-18.5%) and Liberia (-26.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Guinea, Cote d'Ivoire, Nigeria, Ghana and Niger increased by +58, +15, +5, +2.3 and +1.8 percentage points, respectively.

In value terms, Guinea ($X) remains the largest non-enclosed loudspeakers supplier in ECOWAS, comprising 82% of total exports. The second position in the ranking was taken by Togo ($X), with a 7.5% share of total exports. It was followed by Nigeria, with a 3.3% share.

In Guinea, non-enclosed loudspeakers exports increased at an average annual rate of +85.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Togo (-4.7% per year) and Nigeria (-10.2% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per unit, growing by 75% against the previous year. Overall, the export price showed significant growth. The growth pace was the most rapid in 2015 an increase of 80%. The level of export peaked in 2021 and is expected to retain growth in the near future.

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 Guinea (+17.8%), while the other leaders experienced more modest paces of growth.

Non-Enclosed Loudspeakers Imports

Imports in ECOWAS

In 2021, non-enclosed loudspeakers imports in ECOWAS soared to X units, growing by 43% against the previous year's figure. Over the period under review, imports, however, continue to indicate a pronounced reduction. Over the period under review, imports attained the peak figure at X units in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, non-enclosed loudspeakers imports soared to $X in 2021. Overall, imports, however, continue to indicate a noticeable decrease. The most prominent rate of growth was recorded in 2013 when imports increased by 84%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Togo (X units) and Burkina Faso (X units) dominates imports structure, together making up 82% of total imports. Nigeria (X units) ranks next in terms of the total imports with a 7.3% share, followed by Ghana (7%). Senegal (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Burkina Faso (with a CAGR of +24.9%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Ghana ($X), Nigeria ($X) and Togo ($X) constituted the countries with the highest levels of imports in 2021, with a combined 74% share of total imports. Burkina Faso and Senegal lagged somewhat behind, together accounting for a further 8.8%.

Among the main importing countries, Burkina Faso, with a CAGR of +21.4%, 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

In 2021, the import price in ECOWAS amounted to $X per unit, with an increase of 12% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of 37%. As a result, import price reached the peak level of $X per unit. From 2014 to 2021, the import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+15.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform