ECOWAS: Passenger Car Tyre Market 2024

Passenger Car Tyre Market Size in ECOWAS

The ECOWAS passenger car tyre market rose markedly to $X in 2021, picking up by 10% against the previous year. The market value increased at an average annual rate of +1.0% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations in certain years. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Passenger Car Tyre Production in ECOWAS

In value terms, passenger car tyre production expanded remarkably to $X in 2021 estimated in export price. In general, production recorded a prominent expansion. The most prominent rate of growth was recorded in 2015 when the production volume increased by 61%. The level of production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Passenger Car Tyre Exports

Exports in ECOWAS

In 2021, shipments abroad of tyres for motor cars increased by 17% to X units, rising for the second consecutive year after two years of decline. In general, exports enjoyed a prominent increase. The pace of growth appeared the most rapid in 2017 when exports increased by 67% against the previous year. As a result, the exports attained the peak of X units. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, passenger car tyre exports soared to $X in 2021. Overall, exports recorded a resilient increase. The pace of growth appeared the most rapid in 2017 when exports increased by 81% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the near future.

Exports by Country

In 2021, Ghana (X units), distantly followed by Togo (X units), Senegal (X units), Guinea (X units), Sierra Leone (X units) and Mali (X units) represented the largest exporters of tyres for motor cars, together creating 92% of total exports. Nigeria (X units) took a minor share of total exports.

From 2012 to 2021, the biggest increases were recorded for Togo (with a CAGR of +45.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car tyre supplying countries in ECOWAS were Ghana ($X), Togo ($X) and Senegal ($X), with a combined 69% share of total exports.

In terms of the main exporting countries, Togo, with a CAGR of +46.6%, 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

In 2021, the export price in ECOWAS amounted to $X per unit, increasing by 12% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The level of export peaked at $X per unit in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+1.1%), while the other leaders experienced more modest paces of growth.

Passenger Car Tyre Imports

Imports in ECOWAS

In 2021, imports of tyres for motor cars in ECOWAS rose modestly to X units, growing by 2.8% against the year before. Over the period under review, imports, however, recorded a abrupt slump. The most prominent rate of growth was recorded in 2019 when imports increased by 22% against the previous year. Over the period under review, imports hit record highs at X units in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, passenger car tyre imports rose significantly to $X in 2021. In general, imports, however, faced a deep contraction. The most prominent rate of growth was recorded in 2019 when imports increased by 17%. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Ghana was the main importing country with an import of about X units, which finished at 36% of total imports. Cote d'Ivoire (X units) held a 19% share (based on physical terms) of total imports, which put it in second place, followed by Nigeria (10%), Guinea (6.9%), Senegal (5.8%), Burkina Faso (5.2%) and Mali (4.7%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Senegal (with a CAGR of +6.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car tyre importing markets in ECOWAS were Ghana ($X), Cote d'Ivoire ($X) and Nigeria ($X), with a combined 66% share of total imports. Senegal, Guinea, Burkina Faso and Mali lagged somewhat behind, together accounting for a further 21%.

Senegal, with a CAGR of +6.1%, saw 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 2021, the import price in ECOWAS amounted to $X per unit, picking up by 8.5% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. The pace of growth was the most pronounced in 2014 when the import price increased by 35% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Ghana ($X per unit) and Mali ($X per unit), while Guinea ($X per unit) and Burkina Faso ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+2.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform