Ghana: Aircraft Tyre Market 2024

Aircraft Tyre Market Size in Ghana

After three years of growth, the Ghanian aircraft tyre market decreased by -10.5% to $X in 2021. The market value increased at an average annual rate of +2.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Aircraft tyre consumption peaked at $X in 2020, and then dropped in the following year.

Aircraft Tyre Production in Ghana

In value terms, aircraft tyre production dropped to $X in 2021 estimated in export price. Over the period under review, the total production indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +82.9% against 2017 indices. The growth pace was the most rapid in 2019 when the production volume increased by 38% against the previous year. Over the period under review, production attained the maximum level at $X in 2020, and then declined in the following year.

Aircraft Tyre Exports

Exports from Ghana

In 2021, overseas shipments of tyres for aircraft increased by 1.1% to X units, rising for the third consecutive year after five years of decline. In general, exports, however, showed a deep downturn. The pace of growth appeared the most rapid in 2019 when exports increased by 671%. Over the period under review, the exports reached the maximum at X units in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, aircraft tyre exports rose significantly to $X in 2021. Over the period under review, exports, however, recorded a abrupt shrinkage. The growth pace was the most rapid in 2019 with an increase of 661%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

South Africa (X units) was the main destination for aircraft tyre exports from Ghana, with a 65% share of total exports. Moreover, aircraft tyre exports to South Africa exceeded the volume sent to the second major destination, the United States (X units), fourfold. The third position in this ranking was taken by the United Arab Emirates (X units), with a 15% share.

From 2012 to 2021, the average annual growth rate of volume to South Africa amounted to +3.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+8.0% per year) and the United Arab Emirates (+12.1% per year).

In value terms, South Africa ($X) remains the key foreign market for tyres for aircraft exports from Ghana, comprising 96% of total exports. The second position in the ranking was taken by the United States ($X), with a 3.2% share of total exports. It was followed by the United Arab Emirates, with a 1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to South Africa totaled +17.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-10.4% per year) and the United Arab Emirates (-1.7% per year).

Export Prices by Country

The average aircraft tyre export price stood at $X per unit in 2021, rising by 4.8% against the previous year. Overall, the export price, however, recorded a slight setback. The most prominent rate of growth was recorded in 2018 when the average export price increased by 71%. As a result, the export price attained the peak level of $X per unit. From 2019 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was South Africa ($X per unit), while the average price for exports to the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Africa (+13.2%), while the prices for the other major destinations experienced a decline.

Aircraft Tyre Imports

Imports into Ghana

Aircraft tyre imports into Ghana shrank notably to X units in 2021, declining by -39.6% compared with the year before. Overall, imports, however, showed a resilient expansion. The most prominent rate of growth was recorded in 2015 with an increase of 170%. Imports peaked at X units in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, aircraft tyre imports shrank significantly to $X in 2021. Over the period under review, imports, however, saw significant growth. The most prominent rate of growth was recorded in 2015 when imports increased by 181%. Over the period under review, imports reached the peak figure at $X in 2020, and then dropped remarkably in the following year.

Imports by Country

The UK (X units), the United States (X units) and South Africa (X units) were the main suppliers of aircraft tyre imports to Ghana, together accounting for 63% of total imports. Italy, the United Arab Emirates, Spain and Nigeria lagged somewhat behind, together comprising a further 32%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +86.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), the United States ($X) and South Africa ($X) appeared to be the largest aircraft tyre suppliers to Ghana, with a combined 67% share of total imports.

The UK, with a CAGR of +88.2%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average aircraft tyre import price stood at $X per unit in 2021, picking up by 14% against the previous year. Overall, the import price enjoyed a buoyant increase. The pace of growth was the most pronounced in 2019 when the average import price increased by 67% against the previous year. The import price peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Spain ($X per unit), while the price for Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+28.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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