ECOWAS: Aircraft Tyre Market 2024

Aircraft Tyre Market Size in ECOWAS

The ECOWAS aircraft tyre market declined to $X in 2021, with a decrease of -9.3% against the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then reduced in the following year.

Aircraft Tyre Production in ECOWAS

In value terms, aircraft tyre production contracted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 when the production volume increased by 28% against the previous year. As a result, production reached the peak level of $X, and then reduced in the following year.

Aircraft Tyre Exports

Exports in ECOWAS

In 2021, shipments abroad of tyres for aircraft increased by 182% to X units, rising for the third consecutive year after two years of decline. In general, exports continue to indicate a moderate expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, aircraft tyre exports soared to $X in 2021. Over the period under review, exports enjoyed a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Togo (X units) represented the main exporter of tyres for aircraft, comprising 74% of total exports. It was distantly followed by Ghana (X units), committing a 22% share of total exports.

Togo was also the fastest-growing in terms of the tyres for aircraft exports, with a CAGR of +89.1% from 2012 to 2021. Ghana (-5.3%) illustrated a downward trend over the same period. Togo (+74 p.p.) significantly strengthened its position in terms of the total exports, while Ghana saw its share reduced by -22.5% from 2012 to 2021, respectively.

In value terms, Togo ($X) emerged as the largest aircraft tyre supplier in ECOWAS, comprising 87% of total exports. The second position in the ranking was taken by Ghana ($X), with a 10% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Togo stood at +103.9%.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per unit, surging by 69% against the previous year. Overall, the export price enjoyed a resilient increase. The growth pace was the most rapid in 2018 when the export price increased by 235%. As a result, the export price attained the peak level of $X per unit. From 2019 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Togo ($X per unit), while Ghana stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+7.8%).

Aircraft Tyre Imports

Imports in ECOWAS

In 2021, purchases abroad of tyres for aircraft was finally on the rise to reach X units after four years of decline. In general, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when imports increased by 124% against the previous year. As a result, imports reached the peak of X units. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, aircraft tyre imports skyrocketed to $X in 2021. Over the period under review, imports enjoyed modest growth. The growth pace was the most rapid in 2016 when imports increased by 146%. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Nigeria dominates imports structure, finishing at X units, which was approx. 73% of total imports in 2021. Sierra Leone (X units) ranks second in terms of the total imports with a 7.1% share, followed by Ghana (5.1%). Senegal (X units), Niger (X units), Mali (X units) and Cabo Verde (X units) took a minor share of total imports.

Imports into Nigeria increased at an average annual rate of +1.0% from 2012 to 2021. At the same time, Senegal (+32.7%), Mali (+21.1%), Niger (+20.6%), Ghana (+11.7%) and Sierra Leone (+3.5%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +32.7% from 2012-2021. By contrast, Cabo Verde (-18.9%) illustrated a downward trend over the same period. While the share of Nigeria (+9 p.p.), Senegal (+3.6 p.p.), Ghana (+3.3 p.p.), Niger (+2.7 p.p.) and Sierra Leone (+2.1 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Cabo Verde (-8.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported tyres for aircraft in ECOWAS, comprising 69% of total imports. The second position in the ranking was held by Ghana ($X), with a 10% share of total imports. It was followed by Niger, with an 8% share.

In Nigeria, aircraft tyre imports expanded at an average annual rate of +1.1% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+23.9% per year) and Niger (+37.4% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2021, with a decrease of -6.7% against the previous year. Over the last nine years, it increased at an average annual rate of +1.9%. The pace of growth appeared the most rapid in 2014 when the import price increased by 23% against the previous year. Over the period under review, import prices hit record highs at $X per unit in 2020, and then contracted in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Niger ($X per unit), while Sierra Leone ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (+13.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform