ECOWAS: Non-Household Fan Market 2024

Non-Household Fan Market Size in ECOWAS

The ECOWAS non-household fan market rose remarkably to $X in 2022, growing by 6.9% against the previous year. The total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -5.9% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Non-Household Fan Production in ECOWAS

In value terms, non-household fan production declined to $X in 2022 estimated in export price. The total production indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.4% against 2020 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 56% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Non-Household Fan Exports

Exports in ECOWAS

In 2022, overseas shipments of non-household ventilation fans decreased by -26.4% to X units, falling for the second consecutive year after three years of growth. Over the period under review, exports, however, recorded a resilient expansion. The growth pace was the most rapid in 2016 when exports increased by 134%. The volume of export peaked at X units in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, non-household fan exports dropped to $X in 2022. In general, exports, however, recorded a strong increase. The growth pace was the most rapid in 2016 with an increase of 185% against the previous year. The level of export peaked at $X in 2021, and then fell in the following year.

Exports by Country

In 2022, Ghana (X units), distantly followed by Nigeria (X units), Sierra Leone (X units) and Niger (X units) represented the key exporters of non-household ventilation fans, together mixing up 89% of total exports. The following exporters - Liberia (X units) and Cabo Verde (X units) - together made up 7.3% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Niger (with a CAGR of +60.5%), while the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) remains the largest non-household fan supplier in ECOWAS, comprising 46% of total exports. The second position in the ranking was held by Ghana ($X), with a 23% share of total exports. It was followed by Sierra Leone, with a 22% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled +15.9%. In the other countries, the average annual rates were as follows: Ghana (+38.4% per year) and Sierra Leone (+17.9% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, picking up by 17% against the previous year. Overall, the export price, however, saw a perceptible descent. The growth pace was the most rapid in 2014 an increase of 51% against the previous year. The level of export peaked at $X per unit in 2017; however, from 2018 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 Nigeria ($X per unit), while Niger ($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 (+6.6%), while the other leaders experienced more modest paces of growth.

Non-Household Fan Imports

Imports in ECOWAS

In 2022, supplies from abroad of non-household ventilation fans increased by 43% to X units for the first time since 2019, thus ending a two-year declining trend. Overall, imports posted strong growth. The most prominent rate of growth was recorded in 2019 when imports increased by 204%. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, non-household fan imports rose notably to $X in 2022. Over the period under review, imports enjoyed prominent growth. The most prominent rate of growth was recorded in 2019 with an increase of 94% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Nigeria represented the major importing country with an import of around X units, which recorded 63% of total imports. Ghana (X units) took the second position in the ranking, followed by Senegal (X units). All these countries together took approx. 22% share of total imports. Burkina Faso (X units), Togo (X units), Cote d'Ivoire (X units) and Liberia (X units) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of +18.8% from 2012 to 2022. At the same time, Senegal (+27.1%), Liberia (+26.4%), Ghana (+16.9%), Cote d'Ivoire (+14.5%) and Burkina Faso (+6.5%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +27.1% from 2012-2022. By contrast, Togo (-8.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria, Senegal and Ghana increased by +21, +5.2 and +3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported non-household ventilation fans in ECOWAS, comprising 45% of total imports. The second position in the ranking was held by Senegal ($X), with a 14% share of total imports. It was followed by Ghana, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria stood at +7.9%. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (+20.6% per year) and Ghana (+7.7% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, with a decrease of -22.2% against the previous year. In general, the import price continues to indicate a drastic downturn. The most prominent rate of growth was recorded in 2016 an increase of 34% against the previous year. Over the period under review, import prices hit record highs at $X per unit in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per unit), while Togo ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+11.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform