ECOWAS: Vehicle Radio Market 2025

Vehicle Radio Market Size in ECOWAS

The ECOWAS vehicle radio market was finally on the rise to reach $X in 2022, after two years of decline. In general, consumption, however, showed a drastic downturn. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Vehicle Radio Production in ECOWAS

In value terms, vehicle radio production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 56%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Vehicle Radio Exports

Exports in ECOWAS

Vehicle radio exports fell markedly to X units in 2022, with a decrease of -20.9% compared with the previous year's figure. Over the period under review, exports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 38% against the previous year. The volume of export peaked at X units in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, vehicle radio exports dropped significantly to $X in 2022. Overall, exports recorded a abrupt curtailment. The pace of growth was the most pronounced in 2016 when exports increased by 53%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Senegal was the largest exporting country with an export of about X units, which amounted to 53% of total exports. Burkina Faso (X units) held a 12% share (based on physical terms) of total exports, which put it in second place, followed by Togo (11%), Nigeria (9.3%) and Mali (8.5%). Ghana (X units) and Liberia (X units) followed a long way behind the leaders.

Exports from Senegal decreased at an average annual rate of -13.3% from 2012 to 2022. At the same time, Togo (+13.3%), Liberia (+11.6%) and Burkina Faso (+2.9%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +13.3% from 2012-2022. By contrast, Mali (-4.3%), Nigeria (-14.0%) and Ghana (-27.2%) illustrated a downward trend over the same period. While the share of Togo (+10 p.p.), Burkina Faso (+10 p.p.), Mali (+5.2 p.p.) and Liberia (+2.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Senegal (-3.2 p.p.) and Ghana (-19.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest vehicle radio supplier in ECOWAS, comprising 52% of total exports. The second position in the ranking was taken by Burkina Faso ($X), with an 18% share of total exports. It was followed by Togo, with an 11% share.

In Senegal, vehicle radio exports shrank by an average annual rate of -13.9% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Burkina Faso (+8.9% per year) and Togo (+15.8% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, growing by 2.2% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the export price increased by 19%. The level of export peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per unit), while Mali ($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 (+7.3%), while the other leaders experienced more modest paces of growth.

Vehicle Radio Imports

Imports in ECOWAS

In 2022, after two years of decline, there was significant growth in purchases abroad of radio receivers for motor vehicles, when their volume increased by 52% to X units. Over the period under review, imports, however, continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2019 when imports increased by 111% against the previous year. The volume of import peaked at X units in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, vehicle radio imports skyrocketed to $X in 2022. Overall, imports, however, continue to indicate a abrupt descent. The pace of growth appeared the most rapid in 2019 with an increase of 132% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Nigeria (X units) was the main importer of radio receivers for motor vehicles, achieving 41% of total imports. It was distantly followed by Niger (X units), Mali (X units), Ghana (X units) and Benin (X units), together comprising a 44% share of total imports. The following importers - Burkina Faso (X units), Cabo Verde (X units) and Cote d'Ivoire (X units) - together made up 8.8% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Benin (with a CAGR of +22.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Niger ($X) and Mali ($X) were the countries with the highest levels of imports in 2022, together comprising 72% of total imports. Ghana, Benin, Burkina Faso, Cabo Verde and Cote d'Ivoire lagged somewhat behind, together comprising a further 19%.

Benin, with a CAGR of +29.0%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, declining by -1.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.7%. The most prominent rate of growth was recorded in 2014 an increase of 59%. As a result, import price reached the peak level of $X per unit. From 2015 to 2022, the import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+5.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform