ECOWAS: Sailboat Market 2024

Sailboat Market Size in ECOWAS

In 2021, the ECOWAS sailboat market decreased by -5.6% to $X for the first time since 2018, thus ending a two-year rising trend. In general, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Sailboat Production in ECOWAS

In value terms, sailboat production fell to $X in 2021 estimated in export price. The total production indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +4.9% against 2017 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 83%. The level of production peaked at $X in 2020, and then shrank in the following year.

Sailboat Exports

Exports in ECOWAS

In 2021, overseas shipments of sailboats for pleasure or sports, with or without auxiliary motor increased by 50% to X units, rising for the third consecutive year after two years of decline. In general, exports recorded a noticeable increase. The pace of growth was the most pronounced in 2016 with an increase of 1,500%. As a result, the exports reached the peak of X units. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, sailboat exports soared to $X in 2021. Overall, exports recorded a tangible increase. The most prominent rate of growth was recorded in 2017 with an increase of 146%. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Sierra Leone was the major exporting country with an export of around X units, which resulted at 67% of total exports. It was distantly followed by Cabo Verde (X units), generating a 33% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Sierra Leone (with a CAGR of +8.0%).

In value terms, the largest sailboat supplying countries in ECOWAS were Cabo Verde ($X) and Sierra Leone ($X).

In terms of the main exporting countries, Cabo Verde, with a CAGR of +46.1%, saw the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2021, picking up by 56% against the previous year. Overall, the export price, however, continues to indicate a slight reduction. The most prominent rate of growth was recorded in 2017 an increase of 215% against the previous year. Over the period under review, the export prices attained the maximum at $X per unit in 2013; however, from 2014 to 2021, 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 Cabo Verde ($X per unit), while Sierra Leone totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sierra Leone (-13.5%).

Sailboat Imports

Imports in ECOWAS

In 2021, sailboat imports in ECOWAS soared to X units, picking up by 62% against 2020. In general, imports, however, saw a abrupt decrease. The growth pace was the most rapid in 2019 when imports increased by 197%. Over the period under review, imports reached the maximum at X units in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, sailboat imports skyrocketed to $X in 2021. Overall, imports saw tangible growth. 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) represented the key importer of sailboats for pleasure or sports, with or without auxiliary motor, mixing up 43% of total imports. Cabo Verde (X units) held an 18% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (18%), Liberia (8%) and Cote d'Ivoire (5.7%). The following importers - Senegal (X units) and Mali (X units) - together made up 6.3% of total imports.

From 2012 to 2021, average annual rates of growth with regard to sailboat imports into Nigeria stood at -18.4%. At the same time, Senegal (+24.1%), Cote d'Ivoire (+10.7%) and Cabo Verde (+5.6%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +24.1% from 2012-2021. By contrast, Ghana (-2.2%), Liberia (-14.6%) and Mali (-15.4%) illustrated a downward trend over the same period. While the share of Cabo Verde (+15 p.p.), Ghana (+12 p.p.), Cote d'Ivoire (+5.1 p.p.) and Senegal (+3.8 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Nigeria (-33.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cabo Verde ($X) constitutes the largest market for imported sailboats for pleasure or sports, with or without auxiliary motor in ECOWAS, comprising 61% of total imports. The second position in the ranking was held by Liberia ($X), with a 17% share of total imports. It was followed by Nigeria, with a 12% share.

From 2012 to 2021, the average annual growth rate of value in Cabo Verde totaled +30.1%. The remaining importing countries recorded the following average annual rates of imports growth: Liberia (-7.6% per year) and Nigeria (+15.8% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2021, with an increase of 91% against the previous year. Over the period under review, the import price showed a significant expansion. The pace of growth appeared the most rapid in 2017 when the import price increased by 683%. The level of import peaked in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cabo Verde ($X per unit), while Mali ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+41.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform