Western Africa: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in Western Africa

The West African refrigerator compressor market reduced to $X in 2022, with a decrease of -6% against the previous year. In general, consumption, however, saw buoyant growth. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Refrigerator Compressor Production in Western Africa

In value terms, refrigerator compressor production fell to $X in 2022 estimated in export price. Over the period under review, production saw buoyant growth. The growth pace was the most rapid in 2018 when the production volume increased by 108%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Refrigerator Compressor Exports

Exports in Western Africa

In 2022, overseas shipments of compressors for refrigeration equipment were finally on the rise to reach X units after two years of decline. Overall, exports posted measured growth. The most prominent rate of growth was recorded in 2014 when exports increased by 399%. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refrigerator compressor exports expanded notably to $X in 2022. In general, exports, however, showed a slight setback. The pace of growth appeared the most rapid in 2014 when exports increased by 123%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Sierra Leone was the main exporter of compressors for refrigeration equipment in Western Africa, with the volume of exports accounting for X units, which was approx. 64% of total exports in 2022. Mali (X units) ranks second in terms of the total exports with a 13% share, followed by Ghana (7.8%). The following exporters - Niger (X units), Gambia (X units) and Nigeria (X units) - together made up 9.7% of total exports.

Exports from Sierra Leone increased at an average annual rate of +7.1% from 2012 to 2022. At the same time, Niger (+42.3%), Mali (+13.4%) and Ghana (+9.9%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +42.3% from 2012-2022. By contrast, Nigeria (-7.9%) and Gambia (-38.0%) illustrated a downward trend over the same period. While the share of Sierra Leone (+25 p.p.), Mali (+8.3 p.p.), Ghana (+4.1 p.p.), Niger (+4.1 p.p.) and Gambia (+3.3 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Nigeria (-3.9 p.p.) displayed negative dynamics.

In value terms, Mali ($X) remains the largest refrigerator compressor supplier in Western Africa, comprising 43% of total exports. The second position in the ranking was held by Sierra Leone ($X), with a 20% share of total exports. It was followed by Ghana, with an 11% share.

In Mali, refrigerator compressor exports expanded at an average annual rate of +25.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Sierra Leone (+1.4% per year) and Ghana (+7.0% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per unit, waning by -36.8% against the previous year. Over the period under review, the export price showed a noticeable downturn. The most prominent rate of growth was recorded in 2017 an increase of 144%. Over the period under review, the export prices attained the maximum at $X per unit in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

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 Mali ($X per unit), while Sierra Leone ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Gambia (+25.8%), while the other leaders experienced more modest paces of growth.

Refrigerator Compressor Imports

Imports in Western Africa

Refrigerator compressor imports fell markedly to X units in 2022, with a decrease of -22.1% on the previous year's figure. Over the period under review, imports, however, showed a moderate expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 69%. As a result, imports attained the peak of X units. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, refrigerator compressor imports fell to $X in 2022. In general, imports, however, showed a mild increase. The pace of growth was the most pronounced in 2014 when imports increased by 78%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria dominates imports structure, reaching X units, which was near 71% of total imports in 2022. It was distantly followed by Ghana (X units), mixing up a 9.2% share of total imports. The following importers - Guinea (X units), Senegal (X units), Cote d'Ivoire (X units), Mauritania (X units) and Mali (X units) - together made up 15% of total imports.

Imports into Nigeria increased at an average annual rate of +6.7% from 2012 to 2022. At the same time, Mauritania (+20.5%), Guinea (+2.7%) and Senegal (+1.3%) displayed positive paces of growth. Moreover, Mauritania emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +20.5% from 2012-2022. By contrast, Mali (-2.9%), Ghana (-4.3%) and Cote d'Ivoire (-14.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria and Mauritania increased by +24 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported compressors for refrigeration equipment in Western Africa, comprising 62% of total imports. The second position in the ranking was held by Ghana ($X), with a 9.9% share of total imports. It was followed by Cote d'Ivoire, with a 9.6% share.

In Nigeria, refrigerator compressor imports increased at an average annual rate of +3.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (-7.5% per year) and Cote d'Ivoire (-1.6% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per unit, rising by 12% against the previous year. Overall, the import price, however, saw a slight setback. The pace of growth appeared the most rapid in 2016 an increase of 24% against the previous year. The level of import peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per unit), while Mauritania ($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 (+15.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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