ECOWAS: Market for Wiring sets used in vehicles, aircraft or ships 2024

Market Size for Wiring sets used in vehicles, aircraft or ships in ECOWAS

The ECOWAS market for wiring sets used in vehicles, aircraft or ships amounted to $X in 2022, surging by 4% against the previous year. Overall, consumption enjoyed buoyant growth. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Wiring sets used in vehicles, aircraft or ships in ECOWAS

In value terms, production of wiring sets used in vehicles, aircraft or ships totaled $X in 2022 estimated in export price. In general, production recorded prominent growth. The pace of growth appeared the most rapid in 2014 when the production volume increased by 46%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Wiring sets used in vehicles, aircraft or ships

Exports in ECOWAS

In 2022, exports of wiring sets used in vehicles, aircraft or ships in ECOWAS reduced notably to X tons, waning by -19.9% compared with the previous year's figure. Over the period under review, exports saw a perceptible setback. The pace of growth was the most pronounced in 2015 with an increase of 300%. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, exports of wiring sets used in vehicles, aircraft or ships declined markedly to $X in 2022. Overall, exports, however, posted a temperate increase. The pace of growth appeared the most rapid in 2021 with an increase of 135%. As a result, the exports reached the peak of $X, and then declined sharply in the following year.

Exports by Country

The shipments of the three major exporters of wiring sets used in vehicles, aircraft or ships, namely Niger, Nigeria and Ghana, represented more than two-thirds of total export. It was distantly followed by Mali (X kg), Guinea (X kg) and Cote d'Ivoire (X kg), together committing a 22% share of total exports. Sierra Leone (X kg) took a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Niger (with a CAGR of +46.5%), while the other leaders experienced more modest paces of growth.

In value terms, Niger ($X), Nigeria ($X) and Sierra Leone ($X) were the countries with the highest levels of exports in 2022, with a combined 67% share of total exports.

Among the main exporting countries, Niger, with a CAGR of +44.4%, saw the highest rates of growth with regard to 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

The export price in ECOWAS stood at $X per ton in 2022, falling by -11.6% against the previous year. In general, the export price, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2014 when the export price increased by 137%. The level of export peaked at $X per ton in 2021, and then declined in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sierra Leone ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+22.9%), while the other leaders experienced more modest paces of growth.

Imports of Wiring sets used in vehicles, aircraft or ships

Imports in ECOWAS

Imports of wiring sets used in vehicles, aircraft or ships contracted to X tons in 2022, dropping by -13.8% against the previous year's figure. In general, imports, however, enjoyed a slight expansion. The pace of growth appeared the most rapid in 2019 with an increase of 139%. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports of remained at a somewhat lower figure.

In value terms, imports of wiring sets used in vehicles, aircraft or ships skyrocketed to $X in 2022. Overall, imports, however, saw modest growth. The pace of growth was the most pronounced in 2019 when imports increased by 272% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports of failed to regain momentum.

Imports by Country

In 2022, Nigeria (X tons) represented the major importer of wiring sets used in vehicles, aircraft or ships, creating 53% of total imports. It was distantly followed by Ghana (X tons), Cote d'Ivoire (X tons) and Togo (X tons), together creating a 33% share of total imports. Burkina Faso (X tons), Guinea (X tons) and Senegal (X tons) took a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to wiring sets used in vehicles, aircraft or ships imports into Nigeria stood at +4.3%. At the same time, Togo (+67.3%) and Ghana (+4.3%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +67.3% from 2012-2022. By contrast, Senegal (-2.8%), Guinea (-7.1%), Cote d'Ivoire (-8.5%) and Burkina Faso (-10.2%) illustrated a downward trend over the same period. Nigeria (+12 p.p.), Ghana (+5.2 p.p.) and Togo (+4.8 p.p.) significantly strengthened its position in terms of the total imports, while Guinea, Burkina Faso and Cote d'Ivoire saw its share reduced by -4%, -7.3% and -10.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 63% share of total imports. Senegal, Togo, Guinea and Burkina Faso lagged somewhat behind, together comprising a further 27%.

In terms of the main importing countries, Togo, with a CAGR of +49.6%, recorded 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

In 2022, the import price in ECOWAS amounted to $X per ton, rising by 36% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the import price increased by 56%. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

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 Senegal ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+12.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform