ECOWAS: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in ECOWAS

The ECOWAS truck and bus tyre market rose markedly to $X in 2022, picking up by 7.8% against the previous year. In general, consumption, however, saw a slight curtailment. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Production of Tyres For Buses Or Lorries in ECOWAS

In value terms, truck and bus tyre production dropped to $X in 2022 estimated in export price. The total production indicated a mild increase from 2012 to 2022: its value 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, production decreased by -1.8% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 47% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Exports of Tyres For Buses Or Lorries

Exports in ECOWAS

After four years of decline, shipments abroad of tyres for buses or lorries increased by 6.9% to X units in 2022. In general, exports, however, recorded a mild contraction. The pace of growth appeared the most rapid in 2017 with an increase of 181%. As a result, the exports reached the peak of X units. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, truck and bus tyre exports rose remarkably to $X in 2022. Over the period under review, exports, however, recorded a noticeable curtailment. The growth pace was the most rapid in 2017 when exports increased by 163%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Senegal represented the major exporter of tyres for buses or lorries in ECOWAS, with the volume of exports recording X units, which was approx. 68% of total exports in 2022. It was distantly followed by Mali (X units) and Nigeria (X units), together committing a 21% share of total exports. Sierra Leone (X units) and Guinea (X units) followed a long way behind the leaders.

Exports from Senegal increased at an average annual rate of +10.6% from 2012 to 2022. At the same time, Mali (+41.3%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +41.3% from 2012-2022. Nigeria and Guinea experienced a relatively flat trend pattern. By contrast, Sierra Leone (-27.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Senegal and Mali increased by +47 and +16 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest truck and bus tyre supplier in ECOWAS, comprising 68% of total exports. The second position in the ranking was taken by Mali ($X), with a 17% share of total exports. It was followed by Nigeria, with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Senegal totaled +9.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Mali (+39.9% per year) and Nigeria (+0.4% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, approximately reflecting the previous year. Overall, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the export price increased by 25%. The level of export peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Sierra Leone ($X per unit) and Nigeria ($X per unit), while Guinea ($X per unit) and Mali ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+1.8%), while the other leaders experienced mixed trends in the export price figures.

Imports of Tyres For Buses Or Lorries

Imports in ECOWAS

In 2022, approx. X units of tyres for buses or lorries were imported in ECOWAS; surging by 8.4% against 2021 figures. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 18% against the previous year. As a result, imports attained the peak of X units. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, truck and bus tyre imports rose sharply to $X in 2022. Over the period under review, imports, however, showed a noticeable decrease. The pace of growth was the most pronounced in 2014 with an increase of 17%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Ghana (X units) and Nigeria (X units) represented roughly 59% of total imports in 2022. Cote d'Ivoire (X units) held the next position in the ranking, followed by Guinea (X units) and Senegal (X units). All these countries together held approx. 27% share of total imports. Mali (X units) and Togo (X units) held a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Togo (with a CAGR of +16.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X) were the countries with the highest levels of imports in 2022, with a combined 73% share of total imports. Guinea, Senegal, Mali and Togo lagged somewhat behind, together comprising a further 18%.

Togo, with a CAGR of +14.6%, saw the highest growth rate of the value of imports, in terms of 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

The import price in ECOWAS stood at $X per unit in 2022, therefore, remained relatively stable against the previous year. In general, the import price, however, recorded a slight shrinkage. The growth pace was the most rapid in 2018 an increase of 20%. The level of import peaked at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Nigeria ($X per unit) and Togo ($X per unit), while Guinea ($X per unit) and Cote d'Ivoire ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (-0.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform