ECOWAS: Market for Cycles with Auxiliary Motors and Side Cars 2024

Market Size for Cycles with Auxiliary Motors and Side Cars in ECOWAS

In 2021, the ECOWAS market for cycles with auxiliary motors and side cars decreased by -9.5% to $X, falling for the third consecutive year after three years of growth. Over the period under review, consumption, however, enjoyed a significant expansion. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Production of Cycles with Auxiliary Motors and Side Cars in ECOWAS

In value terms, production of cycles with auxiliary motors and side cars contracted to $X in 2021 estimated in export price. Overall, production, however, showed a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 150% against the previous year. The level of production peaked at $X in 2020, and then shrank in the following year.

Exports of Cycles with Auxiliary Motors and Side Cars

Exports in ECOWAS

In 2021, approx. X units of cycles with auxiliary motors and side cars were exported in ECOWAS; falling by -69.7% on 2020. In general, exports showed a sharp setback. The growth pace was the most rapid in 2015 when exports increased by 167% against the previous year. Over the period under review, the exports of reached the peak figure at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of cycles with auxiliary motors and side cars declined remarkably to $X in 2021. Overall, exports continue to indicate a sharp slump. The most prominent rate of growth was recorded in 2015 with an increase of 212%. Over the period under review, the exports of reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Guinea (X units), Gambia (X units) and Togo (X units) represented roughly 66% of total exports in 2021. Mali (X units) ranks next in terms of the total exports with an 11% share, followed by Nigeria (9.5%) and Cote d'Ivoire (5.2%). Ghana (X units) and Senegal (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Guinea (with a CAGR of +44.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest cycle with auxiliary motor and side car supplying countries in ECOWAS were Gambia ($X), Nigeria ($X) and Mali ($X), together accounting for 56% of total exports. Ghana, Guinea, Togo, Cote d'Ivoire and Senegal lagged somewhat behind, together accounting for a further 40%.

Guinea, with a CAGR of +93.8%, recorded the highest growth rate of the value of exports, in terms of 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, picking up by 71% against the previous year. Over the period under review, the export price, however, showed a abrupt curtailment. The most prominent rate of growth was recorded in 2018 when the export price increased by 90%. The level of export peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+42.2%), while the other leaders experienced more modest paces of growth.

Imports of Cycles with Auxiliary Motors and Side Cars

Imports in ECOWAS

In 2021, overseas purchases of cycles with auxiliary motors and side cars decreased by -3.4% to X units, falling for the third year in a row after three years of growth. In general, imports, however, saw a prominent increase. The most prominent rate of growth was recorded in 2014 when imports increased by 576% against the previous year. As a result, imports reached the peak of X units. From 2015 to 2021, the growth of imports of failed to regain momentum.

In value terms, imports of cycles with auxiliary motors and side cars surged to $X in 2021. Overall, imports, however, recorded a prominent expansion. The pace of growth appeared the most rapid in 2016 when imports increased by 79%. The level of import peaked in 2021 and is likely to see gradual growth in the near future.

Imports by Country

Nigeria represented the key importing country with an import of around X units, which accounted for 57% of total imports. It was distantly followed by Senegal (X units), mixing up a 33% share of total imports. The following importers - Ghana (X units), Guinea (X units) and Cote d'Ivoire (X units) - together made up 8.2% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Nigeria (with a CAGR of +62.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported cycles with auxiliary motors and side cars in ECOWAS, comprising 72% of total imports. The second position in the ranking was taken by Senegal ($X), with a 20% share of total imports. It was followed by Ghana, with a 2.2% share.

In Nigeria, imports of cycles with auxiliary motors and side cars expanded at an average annual rate of +56.8% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (+5.8% per year) and Ghana (+31.1% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2021, jumping by 67% against the previous year. Overall, the import price continues to indicate strong growth. The pace of growth was the most pronounced in 2015 an increase of 360% against the previous year. Over the period under review, import prices hit record highs in 2021 and is likely to continue growth in the immediate term.

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 Nigeria ($X per unit), while Guinea ($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 (+7.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform