ECOWAS: Tyre Market 2025

Tyre Market Size in ECOWAS

The ECOWAS tyre market shrank to $X in 2022, reducing by X% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Tyre Production in ECOWAS

In value terms, tyre production shrank slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Tyre Exports

Exports in ECOWAS

In 2022, overseas shipments of tyres decreased by X% to X units, falling for the fifth year in a row after four years of growth. Overall, exports continue to indicate a precipitous shrinkage. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. The volume of export peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, tyre exports surged to $X in 2022. Over the period under review, exports saw a deep reduction. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Ghana (X units) was the key exporter of tyres, constituting X% of total exports. Senegal (X units) ranks second in terms of the total exports with a X% share, followed by Mali (X%), Burkina Faso (X%) and Togo (X%). The following exporters - Sierra Leone (X units) and Cote d'Ivoire (X units) - each reached an X% share of total exports.

Exports from Ghana increased at an average annual rate of X% from 2012 to 2022. At the same time, Togo (X%) and Mali (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. Senegal experienced a relatively flat trend pattern. By contrast, Burkina Faso (X%), Sierra Leone (X%) and Cote d'Ivoire (X%) illustrated a downward trend over the same period. Ghana (X p.p.), Senegal (X p.p.), Mali (X p.p.), Burkina Faso (X p.p.), Togo (X p.p.), Sierra Leone (X p.p.) and Cote d'Ivoire (X p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest tyre supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with a X% share of total exports. It was followed by Burkina Faso, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Senegal totaled X%. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Burkina Faso (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, picking up by X% against the previous year. Over the period under review, the export price continues to indicate a significant increase. The most prominent rate of growth was recorded in 2013 when the export price increased by X% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Senegal ($X per unit), while Ghana ($X per unit) was amongst the lowest.

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

Tyre Imports

Imports in ECOWAS

In 2022, tyre imports in ECOWAS declined sharply to X units, reducing by X% on 2021 figures. In general, imports recorded a mild curtailment. The most prominent rate of growth was recorded in 2019 when imports increased by X%. Over the period under review, imports attained the maximum at X units in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, tyre imports fell to $X in 2022. Overall, imports continue to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Ghana (X units) and Mali (X units) were the major importers of tyres in ECOWAS, together constituting X% of total imports. Nigeria (X units) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Guinea (X%) and Cote d'Ivoire (X%). Gambia (X units) and Burkina Faso (X units) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Mali (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Nigeria ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising X% of total imports. Guinea, Mali, Burkina Faso and Gambia lagged somewhat behind, together accounting for a further X%.

Gambia, with a CAGR of X%, 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, rising by X% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of X%. As a result, import price reached the peak level of $X per unit. From 2019 to 2022, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Burkina Faso ($X per unit), while Gambia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform