ECOWAS: Safety Seat Belt Market 2024

Safety Seat Belt Market Size in ECOWAS

In 2022, the ECOWAS safety seat belt market decreased by -29.1% to $X, falling for the second consecutive year after three years of growth. Overall, consumption showed a noticeable shrinkage. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Safety Seat Belt Production in ECOWAS

In value terms, safety seat belt production expanded rapidly to $X in 2022 estimated in export price. Overall, production, however, saw a drastic downturn. The growth pace was the most rapid in 2017 when the production volume increased by 241%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Safety Seat Belt Exports

Exports in ECOWAS

In 2022, approx. X units of safety seat belts were exported in ECOWAS; waning by -22.9% on the previous year's figure. In general, exports showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 821%. As a result, the exports reached the peak of X units. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, safety seat belt exports plummeted to $X in 2022. Over the period under review, exports showed a noticeable shrinkage. The pace of growth was the most pronounced in 2020 with an increase of 845%. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Nigeria (X units), Ghana (X units) and Burkina Faso (X units) represented roughly 73% of total exports in 2022. Niger (X units) took the next position in the ranking, distantly followed by Mali (X units) and Cote d'Ivoire (X units). All these countries together took approx. 25% share of total exports. Senegal (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Niger (with a CAGR of +49.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest safety seat belt supplying countries in ECOWAS were Ghana ($X), Burkina Faso ($X) and Nigeria ($X), with a combined 78% share of total exports. Cote d'Ivoire, Niger, Mali and Senegal lagged somewhat behind, together accounting for a further 21%.

Niger, with a CAGR of +48.2%, 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

The export price in ECOWAS stood at $X per unit in 2022, with an increase of 2.9% against the previous year. In general, the export price showed a tangible expansion. The pace of growth appeared the most rapid in 2017 an increase of 115% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+21.3%), while the other leaders experienced more modest paces of growth.

Safety Seat Belt Imports

Imports in ECOWAS

In 2022, the amount of safety seat belts imported in ECOWAS fell markedly to X units, shrinking by -39.6% compared with 2021 figures. Overall, imports recorded a abrupt curtailment. The pace of growth was the most pronounced in 2014 with an increase of 176%. As a result, imports attained the peak of X units. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, safety seat belt imports contracted to $X in 2022. Over the period under review, imports continue to indicate a noticeable slump. The pace of growth was the most pronounced in 2014 when imports increased by 82%. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Senegal (X units) was the main importer of safety seat belts, constituting 41% of total imports. Burkina Faso (X units) ranks second in terms of the total imports with a 22% share, followed by Nigeria (8.8%), Mali (6%), Cote d'Ivoire (5.7%) and Ghana (5%). Benin (X units) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Burkina Faso (with a CAGR of +61.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Senegal ($X) and Cote d'Ivoire ($X) were the countries with the highest levels of imports in 2022, with a combined 64% share of total imports. Burkina Faso, Benin, Mali and Nigeria lagged somewhat behind, together accounting for a further 20%.

Among the main importing countries, Benin, with a CAGR of +32.6%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, surging by 42% against the previous year. Overall, the import price saw buoyant growth. The growth pace was the most rapid in 2013 when the import price increased by 109% against the previous year. The level of import peaked at $X per unit in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, 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 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+6.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform