ECOWAS: Market for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles 2024

Market Size for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in ECOWAS

The ECOWAS market for tyres for agriculture, forestry, construction, industry and other off the road vehicles shrank rapidly to $X in 2022, which is down by -45.1% against the previous year. Overall, consumption saw a pronounced decrease. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in ECOWAS

In value terms, production of tyres for agriculture, forestry, construction, industry and other off the road vehicles reduced to $X in 2022 estimated in export price. The total production indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +8.0% against 2020 indices. The growth pace was the most rapid in 2016 with an increase of 70% against the previous year. Over the period under review, production of tyres for agriculture, forestry, construction, industry and other off road vehicles attained the maximum level at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Exports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Exports in ECOWAS

Exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles reduced sharply to X units in 2022, shrinking by -16.1% against 2021 figures. Over the period under review, exports showed a pronounced reduction. The most prominent rate of growth was recorded in 2014 when exports increased by 83% against the previous year. The volume of export peaked at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles reduced remarkably to $X in 2022. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 59% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Mali (X units) represented the main exporter of tyres for agriculture, forestry, construction, industry and other off the road vehicles, constituting 47% of total exports. Ghana (X units) took a 26% share (based on physical terms) of total exports, which put it in second place, followed by Sierra Leone (12%) and Senegal (5.7%). The following exporters - Cote d'Ivoire (X units), Benin (X units) and Niger (X units) - each amounted to a 6.8% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Niger (with a CAGR of +17.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Mali ($X) remains the largest agricultural, construction and industrial machinery tyre supplier in ECOWAS, comprising 78% of total exports. The second position in the ranking was held by Ghana ($X), with a 9.9% share of total exports. It was followed by Senegal, with a 5.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mali amounted to +23.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (-6.6% per year) and Senegal (-21.2% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, dropping by -11.8% against the previous year. In general, the export price, however, enjoyed a moderate expansion. The most prominent rate of growth was recorded in 2017 an increase of 65%. The level of export peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mali ($X per unit), while Niger ($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 (+11.2%), while the other leaders experienced mixed trends in the export price figures.

Imports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Imports in ECOWAS

Imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles dropped dramatically to X units in 2022, shrinking by -80.7% on 2021. Over the period under review, imports continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2021 with an increase of 194% against the previous year. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles attained the maximum at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles shrank sharply to $X in 2022. Overall, imports showed a slight contraction. The growth pace was the most rapid in 2021 with an increase of 57% against the previous year. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles attained the maximum at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Nigeria (X units) was the largest importer of tyres for agriculture, forestry, construction, industry and other off the road vehicles, comprising 32% of total imports. Ghana (X units) held a 15% share (based on physical terms) of total imports, which put it in second place, followed by Niger (10%), Senegal (10%), Cote d'Ivoire (8.7%) and Benin (7.4%). The following importers - Liberia (X units), Mali (X units) and Guinea (X units) - each reached a 9% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to agricultural, construction and industrial machinery tyre imports into Nigeria stood at -8.0%. At the same time, Benin (+22.1%) and Niger (+5.8%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +22.1% from 2012-2022. By contrast, Guinea (-3.8%), Liberia (-8.0%), Ghana (-8.3%), Cote d'Ivoire (-10.3%), Senegal (-11.6%) and Mali (-12.5%) illustrated a downward trend over the same period. While the share of Niger (+8.2 p.p.), Nigeria (+7.9 p.p.), Benin (+7.1 p.p.) and Ghana (+3.5 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Nigeria ($X) and Mali ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 59% share of total imports. Senegal, Cote d'Ivoire, Guinea, Liberia, Niger and Benin lagged somewhat behind, together comprising a further 30%.

Benin, with a CAGR of +10.7%, recorded the highest rates of growth with regard to 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 2022, the import price in ECOWAS amounted to $X per unit, rising by 177% against the previous year. Overall, the import price posted prominent growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+19.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform