ECOWAS: Water-Skis And Surfboards Market 2024

Water-Skis And Surfboards Market Size in ECOWAS

The ECOWAS water-skis and surfboards market amounted to $X in 2022, approximately reflecting the previous year. The total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -0.9% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Water-Skis And Surfboards Production in ECOWAS

In value terms, water-skis and surfboards production reached $X in 2022 estimated in export price. The total production indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.3% 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 -0.3% against 2020 indices. The pace of growth was the most pronounced in 2016 with an increase of 23%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Water-Skis And Surfboards Exports

Exports in ECOWAS

In 2022, shipments abroad of water-skis, surfboards and sailboards increased by 8.2% to X units for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2014 with an increase of 133%. As a result, the exports attained the peak of X units. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, water-skis and surfboards exports reached $X in 2022. Overall, exports, however, saw a slight reduction. The growth pace was the most rapid in 2014 with an increase of 144% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Sierra Leone (X units) was the largest exporter of water-skis, surfboards and sailboards, generating 56% of total exports. Senegal (X units) took a 21% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (5.5%) and Togo (4.6%). Cabo Verde (X units), Ghana (X units) and Gambia (X units) held a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to water-skis and surfboards exports from Sierra Leone stood at +21.8%. At the same time, Ghana (+46.6%), Senegal (+17.1%) and Togo (+8.5%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +46.6% from 2012-2022. Gambia experienced a relatively flat trend pattern. By contrast, Cabo Verde (-16.8%) and Nigeria (-29.2%) illustrated a downward trend over the same period. Sierra Leone (+54 p.p.), Senegal (+20 p.p.), Togo (+4.1 p.p.), Ghana (+3.3 p.p.) and Gambia (+2.2 p.p.) significantly strengthened its position in terms of the total exports, while Cabo Verde and Nigeria saw its share reduced by -3% and -42.6% from 2012 to 2022, respectively.

In value terms, Sierra Leone ($X) remains the largest water-skis and surfboards supplier in ECOWAS, comprising 60% of total exports. The second position in the ranking was taken by Cabo Verde ($X), with a 6.2% share of total exports. It was followed by Senegal, with a 5.7% share.

From 2012 to 2022, the average annual growth rate of value in Sierra Leone totaled +23.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Cabo Verde (-6.2% per year) and Senegal (+16.4% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, growing by 4.1% against the previous year. Overall, the export price posted prominent growth. The most prominent rate of growth was recorded in 2020 an increase of 93% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cabo Verde ($X per unit), while Ghana ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cabo Verde (+12.8%), while the other leaders experienced more modest paces of growth.

Water-Skis And Surfboards Imports

Imports in ECOWAS

In 2022, approx. X units of water-skis, surfboards and sailboards were imported in ECOWAS; jumping by 102% against the previous year's figure. In general, imports showed a prominent expansion. The pace of growth was the most pronounced in 2019 with an increase of 252%. The volume of import peaked at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, water-skis and surfboards imports declined to $X in 2022. Over the period under review, imports showed modest growth. The most prominent rate of growth was recorded in 2019 with an increase of 93% against the previous year. Over the period under review, imports reached the maximum at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

Nigeria prevails in imports structure, recording X units, which was approx. 75% of total imports in 2022. It was distantly followed by Senegal (X units) and Ghana (X units), together comprising a 15% share of total imports. The following importers - Cote d'Ivoire (X units), Togo (X units) and Cabo Verde (X units) - together made up 7.1% of total imports.

Nigeria was also the fastest-growing in terms of the water-skis, surfboards and sailboards imports, with a CAGR of +24.8% from 2012 to 2022. At the same time, Senegal (+13.4%), Cote d'Ivoire (+6.2%) and Cabo Verde (+2.7%) displayed positive paces of growth. By contrast, Ghana (-1.3%) and Togo (-2.7%) illustrated a downward trend over the same period. Nigeria (+40 p.p.) significantly strengthened its position in terms of the total imports, while Senegal, Cabo Verde, Cote d'Ivoire, Togo and Ghana saw its share reduced by -2.1%, -4%, -4%, -10.6% and -18.7% from 2012 to 2022, respectively.

In value terms, the largest water-skis and surfboards importing markets in ECOWAS were Senegal ($X), Cote d'Ivoire ($X) and Togo ($X), with a combined 56% share of total imports.

Among the main importing countries, Senegal, with a CAGR of +9.6%, saw the highest rates of growth with regard to the value of imports, 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, which is down by -56% against the previous year. Over the period under review, the import price continues to indicate a abrupt decline. The most prominent rate of growth was recorded in 2021 when the import price increased by 170%. Over the period under review, import prices reached the peak figure at $X per unit in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cabo Verde ($X per unit), while Nigeria ($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 (+2.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform