ECOWAS: Market for Residential, Commercial and Industrial Lighting Fixture 2024

Market Size for Residential, Commercial and Industrial Lighting Fixture in ECOWAS

In 2021, the ECOWAS market for residential, commercial and industrial lighting fixture increased by 3.4% to $X, rising for the fifth consecutive year after four years of decline. The total consumption indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +95.9% against 2016 indices. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in years to come.

Production of Residential, Commercial and Industrial Lighting Fixture in ECOWAS

In value terms, production of residential, commercial and industrial lighting fixture shrank to $X in 2021 estimated in export price. Over the period under review, production, however, showed a measured expansion. The most prominent rate of growth was recorded in 2018 with an increase of 41% against the previous year. Over the period under review, production of reached the peak level at $X in 2020, and then dropped in the following year.

Exports of Residential, Commercial and Industrial Lighting Fixture

Exports in ECOWAS

In 2021, exports of residential, commercial and industrial lighting fixture in ECOWAS reduced notably to X units, waning by -20.6% against the year before. Overall, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 20% against the previous year. Over the period under review, the exports of attained the maximum at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, exports of residential, commercial and industrial lighting fixture dropped notably to $X in 2021. Over the period under review, exports, however, posted strong growth. The pace of growth was the most pronounced in 2013 when exports increased by 44% against the previous year. The level of export peaked at $X in 2020, and then dropped dramatically in the following year.

Exports by Country

Nigeria (X units) and Ghana (X units) were the key exporters of residential, commercial and industrial lighting fixture in 2021, finishing at near 29% and 23% of total exports, respectively. Cabo Verde (X units) took a 13% share (based on physical terms) of total exports, which put it in second place, followed by Senegal (13%) and Cote d'Ivoire (7.3%). Niger (X units) and Togo (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Cabo Verde (with a CAGR of +31.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Nigeria ($X) and Cabo Verde ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 61% share of total exports.

Cote d'Ivoire, with a CAGR of +45.9%, recorded the highest rates of growth with regard to the value of exports, among 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 2021, the export price in ECOWAS amounted to $X per unit, waning by -17% against the previous year. Export price indicated a notable expansion from 2012 to 2021: its price increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, export price for residential, commercial and industrial lighting fixture decreased by -17.7% against 2019 indices. The most prominent rate of growth was recorded in 2019 an increase of 39%. As a result, the export price reached the peak level of $X per unit. From 2020 to 2021, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, 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 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+18.4%), while the other leaders experienced more modest paces of growth.

Imports of Residential, Commercial and Industrial Lighting Fixture

Imports in ECOWAS

In 2021, the amount of residential, commercial and industrial lighting fixture imported in ECOWAS reached X units, remaining stable against 2020. In general, imports, however, saw a mild downturn. The growth pace was the most rapid in 2018 when imports increased by 52% against the previous year. The volume of import peaked at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of residential, commercial and industrial lighting fixture skyrocketed to $X in 2021. Overall, imports continue to indicate a strong expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Nigeria (X units), Cote d'Ivoire (X units), Senegal (X units), Ghana (X units) and Guinea (X units) was the major importer of residential, commercial and industrial lighting fixture in ECOWAS, creating 86% of total import. Mali (X units) and Benin (X units) held a little share of total imports.

From 2012 to 2021, the biggest increases were recorded for Guinea (with a CAGR of +31.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Senegal ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 71% share of total imports. Guinea, Nigeria, Mali and Benin lagged somewhat behind, together accounting for a further 21%.

Guinea, with a CAGR of +24.8%, recorded the highest growth rate of the value of imports, among 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

In 2021, the import price in ECOWAS amounted to $X per unit, rising by 91% against the previous year. Overall, the import price continues to indicate buoyant growth. The pace of growth appeared the most rapid in 2014 when the import price increased by 220%. As a result, import price attained the peak level of $X per unit. From 2015 to 2021, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Ghana ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+9.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform