ECOWAS: Market for Nickel-Cadmium, Nickel Metal Hydride, Lithium-Ion, Lithium Polymer And Nickel-Iron Accumulators 2025

Market Size for Nickel-Cadmium, Nickel Metal Hydride, Lithium-Ion, Lithium Polymer And Nickel-Iron Accumulators in ECOWAS

The ECOWAS nickel and lithium accumulators market rose significantly to $X in 2022, growing by 5.9% against the previous year. In general, consumption showed buoyant growth. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Nickel-Cadmium, Nickel Metal Hydride, Lithium-Ion, Lithium Polymer And Nickel-Iron Accumulators in ECOWAS

In value terms, nickel and lithium accumulators production amounted to $X in 2022 estimated in export price. In general, production showed strong growth. The most prominent rate of growth was recorded in 2016 with an increase of 58%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Nickel-Cadmium, Nickel Metal Hydride, Lithium-Ion, Lithium Polymer And Nickel-Iron Accumulators

Exports in ECOWAS

For the third consecutive year, ECOWAS recorded growth in shipments abroad of nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators, which increased by 44% to X units in 2022. Over the period under review, exports saw a resilient expansion. The most prominent rate of growth was recorded in 2021 with an increase of 157% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in years to come.

In value terms, nickel and lithium accumulators exports surged to $X in 2022. Overall, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2021 when exports increased by 173%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

In 2022, Togo (X units) represented the key exporter of nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators, committing 58% of total exports. Cote d'Ivoire (X units) held the second position in the ranking, followed by Nigeria (X units) and Benin (X units). All these countries together took approx. 32% share of total exports. The following exporters - Senegal (X units) and Sierra Leone (X units) - together made up 6.7% of total exports.

Exports from Togo increased at an average annual rate of +13.9% from 2012 to 2022. At the same time, Benin (+56.5%), Cote d'Ivoire (+28.9%), Senegal (+19.9%), Nigeria (+5.9%) and Sierra Leone (+4.6%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +56.5% from 2012-2022. While the share of Togo (+58 p.p.), Cote d'Ivoire (+8.4 p.p.) and Benin (+6.3 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Sierra Leone (-7.3 p.p.) and Nigeria (-22.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Togo ($X) remains the largest nickel and lithium accumulators supplier in ECOWAS, comprising 60% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 15% share of total exports. It was followed by Senegal, with a 5.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Togo totaled +29.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (+34.8% per year) and Senegal (+30.2% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, increasing by 25% against the previous year. Export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +7.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, nickel and lithium accumulators export price increased by +51.4% against 2019 indices. The pace of growth was the most pronounced in 2013 when the export price increased by 90% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is likely to continue growth in the near future.

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 ($X per unit), while Sierra Leone ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+13.9%), while the other leaders experienced more modest paces of growth.

Imports of Nickel-Cadmium, Nickel Metal Hydride, Lithium-Ion, Lithium Polymer And Nickel-Iron Accumulators

Imports in ECOWAS

In 2022, the amount of nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators imported in ECOWAS soared to X units, jumping by 232% compared with 2021 figures. In general, imports enjoyed significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, nickel and lithium accumulators imports surged to $X in 2022. Over the period under review, imports enjoyed resilient growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria was the largest importing country with an import of around X units, which reached 70% of total imports. It was distantly followed by Ghana (X units), Senegal (X units) and Cote d'Ivoire (X units), together achieving a 24% share of total imports. The following importers - Sierra Leone (X units) and Burkina Faso (X units) - together made up 4.3% of total imports.

Imports into Nigeria increased at an average annual rate of +24.3% from 2012 to 2022. At the same time, Sierra Leone (+57.5%), Cote d'Ivoire (+37.9%), Ghana (+31.2%), Senegal (+29.3%) and Burkina Faso (+6.0%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +57.5% from 2012-2022. While the share of Ghana (+4.7 p.p.), Cote d'Ivoire (+3.5 p.p.), Sierra Leone (+2.4 p.p.) and Senegal (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Nigeria (-4.3 p.p.) and Burkina Faso (-6.8 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators in ECOWAS, comprising 61% of total imports. The second position in the ranking was taken by Ghana ($X), with a 9.6% share of total imports. It was followed by Cote d'Ivoire, with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria stood at +18.3%. In the other countries, the average annual rates were as follows: Ghana (+23.9% per year) and Cote d'Ivoire (+38.4% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, dropping by -42.9% against the previous year. Over the period under review, the import price recorded a noticeable curtailment. The pace of growth appeared the most rapid in 2015 an increase of 81%. The level of import peaked at $X per unit in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Burkina Faso ($X per unit), while Sierra Leone ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+0.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform