ECOWAS: Vehicle Seat Market 2024

Vehicle Seat Market Size in ECOWAS

The ECOWAS vehicle seat market reached $X in 2022, surging by 2.2% against the previous year. Over the period under review, consumption showed a strong expansion. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Vehicle Seat Production in ECOWAS

In value terms, vehicle seat production totaled $X in 2022 estimated in export price. In general, production posted prominent growth. The most prominent rate of growth was recorded in 2016 with an increase of 84% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Vehicle Seat Exports

Exports in ECOWAS

In 2022, overseas shipments of seats for motor vehicles were finally on the rise to reach X units after three years of decline. Overall, exports recorded modest growth. The growth pace was the most rapid in 2018 with an increase of 72%. Over the period under review, the exports reached the peak figure at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, vehicle seat exports rose rapidly to $X in 2022. In general, exports showed a notable expansion. The growth pace was the most rapid in 2018 with an increase of 130%. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Nigeria (X units), Mali (X units) and Burkina Faso (X units) represented roughly 71% of total exports in 2022. It was distantly followed by Liberia (X units), Ghana (X units), Guinea (X units) and Cote d'Ivoire (X units), together constituting a 23% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Burkina Faso (with a CAGR of +35.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest vehicle seat supplying countries in ECOWAS were Mali ($X), Nigeria ($X) and Burkina Faso ($X), together accounting for 69% of total exports.

Among the main exporting countries, Burkina Faso, with a CAGR of +30.0%, recorded the highest growth rate of the value of exports, 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, declining by -20.4% against the previous year. Export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vehicle seat export price increased by +18.9% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of 49%. As a result, the export price reached the peak level of $X per unit, and then fell sharply in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Liberia (+4.2%), while the other leaders experienced more modest paces of growth.

Vehicle Seat Imports

Imports in ECOWAS

In 2022, approx. X units of seats for motor vehicles were imported in ECOWAS; picking up by 19% compared with the previous year. Overall, imports saw a remarkable increase. The growth pace was the most rapid in 2020 with an increase of 89% against the previous year. As a result, imports attained the peak of X units. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, vehicle seat imports expanded notably to $X in 2022. Over the period under review, imports enjoyed strong growth. The pace of growth appeared the most rapid in 2020 with an increase of 79%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Ghana was the largest importer of seats for motor vehicles in ECOWAS, with the volume of imports recording X units, which was approx. 39% of total imports in 2022. It was distantly followed by Guinea (X units), Burkina Faso (X units), Nigeria (X units), Cote d'Ivoire (X units) and Benin (X units), together constituting a 53% share of total imports. Mali (X units) followed a long way behind the leaders.

Imports into Ghana increased at an average annual rate of +1.3% from 2012 to 2022. At the same time, Benin (+42.0%), Guinea (+27.2%), Burkina Faso (+14.3%), Mali (+13.8%), Cote d'Ivoire (+10.4%) and Nigeria (+10.3%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +42.0% from 2012-2022. While the share of Guinea (+14 p.p.), Burkina Faso (+7.2 p.p.), Benin (+4.8 p.p.), Nigeria (+3 p.p.) and Cote d'Ivoire (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (-26.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest vehicle seat importing markets in ECOWAS were Ghana ($X), Burkina Faso ($X) and Guinea ($X), together comprising 78% of total imports. Cote d'Ivoire, Nigeria, Mali and Benin lagged somewhat behind, together comprising a further 16%.

In terms of the main importing countries, Benin, with a CAGR of +48.3%, saw 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

The import price in ECOWAS stood at $X per unit in 2022, waning by -3.9% against the previous year. Import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vehicle seat import price increased by +22.5% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 27%. As a result, import price attained the peak level of $X per unit, and then contracted slightly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Burkina Faso ($X per unit), while Benin ($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 (+8.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform