ECOWAS: Multiple Loudspeakers Market 2024

Multiple Loudspeakers Market Size in ECOWAS

The ECOWAS multiple loudspeakers market rose significantly to $X in 2021, surging by 11% against the previous year. The total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +7.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -3.3% against 2019 indices. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Multiple Loudspeakers Production in ECOWAS

In value terms, multiple loudspeakers production rose remarkably to $X in 2021 estimated in export price. Overall, production showed a prominent increase. The growth pace was the most rapid in 2019 when the production volume increased by 70% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Multiple Loudspeakers Exports

Exports in ECOWAS

In 2021, multiple loudspeakers exports in ECOWAS skyrocketed to X units, increasing by 100% compared with 2020 figures. In general, exports showed a strong expansion. The growth pace was the most rapid in 2014 when exports increased by 199% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, multiple loudspeakers exports soared to $X in 2021. Over the period under review, exports, however, saw a noticeable decrease. The pace of growth was the most pronounced in 2014 with an increase of 183%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Nigeria represented the main exporting country with an export of about X units, which recorded 65% of total exports. Benin (X units) took the second position in the ranking, followed by Sierra Leone (X units) and Ghana (X units). All these countries together held near 28% share of total exports. The following exporters - Senegal (X units) and Burkina Faso (X units) - each recorded a 3.4% share of total exports.

Nigeria was also the fastest-growing in terms of the multiple loudspeakers (in enclosure) exports, with a CAGR of +85.9% from 2012 to 2021. At the same time, Ghana (+18.0%) and Benin (+15.9%) displayed positive paces of growth. By contrast, Sierra Leone (-9.5%), Burkina Faso (-11.0%) and Senegal (-13.9%) illustrated a downward trend over the same period. While the share of Nigeria (+65 p.p.), Benin (+10 p.p.) and Ghana (+4.2 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Burkina Faso (-8 p.p.), Senegal (-11.4 p.p.) and Sierra Leone (-37 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) remains the largest multiple loudspeakers supplier in ECOWAS, comprising 56% of total exports. The second position in the ranking was held by Benin ($X), with a 12% share of total exports. It was followed by Ghana, with a 9.7% share.

In Nigeria, multiple loudspeakers exports expanded at an average annual rate of +68.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Benin (+20.0% per year) and Ghana (-7.2% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per unit, dropping by -33% against the previous year. Overall, the export price showed a deep downturn. The most prominent rate of growth was recorded in 2017 an increase of 57% against the previous year. Over the period under review, the export prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+6.3%), while the other leaders experienced mixed trends in the export price figures.

Multiple Loudspeakers Imports

Imports in ECOWAS

In 2021, the amount of multiple loudspeakers (in enclosure) imported in ECOWAS was estimated at X units, with an increase of 14% on 2020 figures. Over the period under review, imports saw a notable increase. The most prominent rate of growth was recorded in 2014 with an increase of 49%. As a result, imports attained the peak of X units. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, multiple loudspeakers imports soared to $X in 2021. Total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +10.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +17.0% against 2018 indices. The pace of growth appeared the most rapid in 2013 with an increase of 64%. The level of import peaked in 2021 and is likely to see steady growth in the near future.

Imports by Country

Ghana represented the major importer of multiple loudspeakers (in enclosure) in ECOWAS, with the volume of imports finishing at X units, which was approx. 68% of total imports in 2021. It was distantly followed by Cote d'Ivoire (X units), committing a 16% share of total imports. Guinea (X units), Cabo Verde (X units), Liberia (X units) and Nigeria (X units) held a relatively small share of total imports.

Imports into Ghana increased at an average annual rate of +16.5% from 2012 to 2021. At the same time, Liberia (+28.8%), Guinea (+20.7%), Cote d'Ivoire (+18.1%) and Cabo Verde (+13.7%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +28.8% from 2012-2021. By contrast, Nigeria (-2.5%) illustrated a downward trend over the same period. While the share of Ghana (+44 p.p.), Cote d'Ivoire (+11 p.p.), Guinea (+2.5 p.p.) and Liberia (+2.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Nigeria (-1.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported multiple loudspeakers (in enclosure) in ECOWAS, comprising 66% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 16% share of total imports. It was followed by Nigeria, with a 7% share.

In Ghana, multiple loudspeakers imports expanded at an average annual rate of +18.6% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+18.4% per year) and Nigeria (+17.0% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per unit, surging by 12% against the previous year. Import price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +6.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, multiple loudspeakers import price increased by +20.5% against 2019 indices. The growth pace was the most rapid in 2015 when the import price increased by 39% against the previous year. Over the period under review, import prices attained the maximum at $X per unit in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Nigeria ($X per unit), while Cabo Verde ($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 (+20.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform