ECOWAS: Air Conditioning Machine Market 2024

Air Conditioning Machine Market Size in ECOWAS

In 2022, the ECOWAS air conditioning machine market increased by 16% to $X, rising for the sixth year in a row after three years of decline. Over the period under review, consumption showed a strong expansion. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Air Conditioning Machine Production in ECOWAS

In value terms, air conditioning machine production expanded slightly to $X in 2022 estimated in export price. Overall, production continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2019 when the production volume increased by 84% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Air Conditioning Machine Exports

Exports in ECOWAS

In 2022, approx. X units of non-window or wall air conditioning machines were exported in ECOWAS; which is down by -57.7% compared with the year before. Overall, exports showed a abrupt slump. The most prominent rate of growth was recorded in 2021 when exports increased by 156%. The volume of export peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, air conditioning machine exports dropped significantly to $X in 2022. Over the period under review, exports saw a deep setback. The growth pace was the most rapid in 2021 when exports increased by 311%. As a result, the exports reached the peak of $X, and then dropped remarkably in the following year.

Exports by Country

In 2022, Nigeria (X units), distantly followed by Senegal (X units), Burkina Faso (X units), Cote d'Ivoire (X units), Sierra Leone (X units) and Cabo Verde (X units) represented the main exporters of non-window or wall air conditioning machines, together creating 89% of total exports. Ghana (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Cabo Verde (with a CAGR of +30.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X), Nigeria ($X) and Cote d'Ivoire ($X) constituted the countries with the highest levels of exports in 2022, with a combined 62% share of total exports. Sierra Leone, Ghana, Cabo Verde and Burkina Faso lagged somewhat behind, together comprising a further 29%.

Cabo Verde, with a CAGR of +39.9%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, falling by -39.3% against the previous year. Overall, the export price, however, enjoyed a modest increase. The most prominent rate of growth was recorded in 2021 when the export price increased by 61% against the previous year. As a result, the export price reached the peak level of $X per unit, and then fell rapidly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per unit), while Burkina Faso ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+9.0%), while the other leaders experienced more modest paces of growth.

Air Conditioning Machine Imports

Imports in ECOWAS

In 2022, approx. X units of non-window or wall air conditioning machines were imported in ECOWAS; rising by 28% against the previous year. Overall, imports posted a strong increase. The growth pace was the most rapid in 2018 when imports increased by 55% against the previous year. The volume of import peaked in 2022 and is likely to continue growth in years to come.

In value terms, air conditioning machine imports surged to $X in 2022. Over the period under review, imports posted a prominent expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 71% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

Nigeria dominates imports structure, resulting at X units, which was near 66% of total imports in 2022. Senegal (X units) held the second position in the ranking, followed by Ghana (X units) and Cote d'Ivoire (X units). All these countries together took near 21% share of total imports. Togo (X units), Niger (X units) and Guinea (X units) took a minor share of total imports.

Nigeria was also the fastest-growing in terms of the non-window or wall air conditioning machines imports, with a CAGR of +16.8% from 2012 to 2022. At the same time, Senegal (+16.0%), Niger (+15.5%), Cote d'Ivoire (+11.9%) and Ghana (+9.7%) displayed positive paces of growth. By contrast, Guinea (-2.0%) and Togo (-6.2%) illustrated a downward trend over the same period. Nigeria (+25 p.p.) and Senegal (+2.5 p.p.) significantly strengthened its position in terms of the total imports, while Guinea and Togo saw its share reduced by -4.6% and -17% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported non-window or wall air conditioning machines in ECOWAS, comprising 60% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with an 11% share of total imports. It was followed by Ghana, with an 8.6% share.

In Nigeria, air conditioning machine imports expanded at an average annual rate of +13.9% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+6.8% per year) and Ghana (+6.8% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, dropping by -4.5% against the previous year. In general, the import price continues to indicate a slight descent. The most prominent rate of growth was recorded in 2013 when the import price increased by 19%. The level of import peaked at $X per unit in 2016; however, from 2017 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 Guinea ($X per unit), while Senegal ($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 (+14.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform