Western Africa: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in Western Africa

The West African electrical musical instrument market dropped slightly to $X in 2022, waning by X% against the previous year. The total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Electrical Musical Instrument Production in Western Africa

In value terms, electrical musical instrument production reduced modestly to $X in 2022 estimated in export price. Over the period under review, production enjoyed moderate growth. The most prominent rate of growth was recorded in 2019 with an increase of X%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Electrical Musical Instrument Exports

Exports in Western Africa

In 2022, overseas shipments of electrical musical or keyboard instruments decreased by X% to X units, falling for the fourth consecutive year after two years of growth. Overall, exports recorded a deep downturn. The growth pace was the most rapid in 2015 with an increase of X%. Over the period under review, the exports hit record highs at X units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, electrical musical instrument exports expanded slightly to $X in 2022. Over the period under review, exports saw a mild slump. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Ghana was the major exporting country with an export of around X units, which resulted at X% of total exports. It was distantly followed by Cote d'Ivoire (X units), Burkina Faso (X units), Niger (X units) and Mali (X units), together committing a X% share of total exports. The following exporters - Sierra Leone (X units) and Saint Helena, Ascension and Tristan da Cunha (X units) - together made up X% of total exports.

From 2012 to 2022, average annual rates of growth with regard to electrical musical instrument exports from Ghana stood at X%. At the same time, Burkina Faso (X%), Sierra Leone (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2022. Saint Helena, Ascension and Tristan da Cunha and Niger experienced a relatively flat trend pattern. By contrast, Mali (X%) illustrated a downward trend over the same period. While the share of Niger (X p.p.), Burkina Faso (X p.p.), Cote d'Ivoire (X p.p.), Sierra Leone (X p.p.) and Saint Helena, Ascension and Tristan da Cunha (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Mali (X p.p.) and Ghana (X p.p.) displayed negative dynamics.

In value terms, Niger ($X), Burkina Faso ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of exports in 2022, together accounting for X% of total exports. Mali, Ghana, Sierra Leone and Saint Helena, Ascension and Tristan da Cunha lagged somewhat behind, together accounting for a further X%.

In terms of the main exporting countries, Sierra Leone, with a CAGR of X%, recorded the highest growth rate of 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 Western Africa stood at $X per unit in 2022, rising by X% against the previous year. Export price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, electrical musical instrument export price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the export price increased by X%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mali ($X per unit), while Saint Helena, Ascension and Tristan da Cunha ($X per unit) was amongst the lowest.

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

Electrical Musical Instrument Imports

Imports in Western Africa

In 2022, supplies from abroad of electrical musical or keyboard instruments decreased by X% to X units, falling for the second year in a row after three years of growth. Overall, imports saw a drastic downturn. The pace of growth was the most pronounced in 2019 with an increase of X% against the previous year. The volume of import peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, electrical musical instrument imports dropped to $X in 2022. In general, imports saw a abrupt setback. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Ghana represented the key importer of electrical musical or keyboard instruments in Western Africa, with the volume of imports amounting to X units, which was approx. X% of total imports in 2022. Nigeria (X units) ranks second in terms of the total imports with an X% share, followed by Cote d'Ivoire (X%).

From 2012 to 2022, average annual rates of growth with regard to electrical musical instrument imports into Ghana stood at X%. At the same time, Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Nigeria (X%) illustrated a downward trend over the same period. While the share of Ghana (X p.p.) and Cote d'Ivoire (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Nigeria (X p.p.) displayed negative dynamics.

In value terms, Ghana ($X) constitutes the largest market for imported electrical musical or keyboard instruments in Western Africa, comprising X% of total imports. The second position in the ranking was held by Nigeria ($X), with an X% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Ghana was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

The import price in Western Africa stood at $X per unit in 2022, picking up by X% against the previous year. Import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the import price increased by X% against the previous year. Over the period under review, import prices attained the maximum at $X per unit in 2014; however, from 2015 to 2022, import prices remained at a 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 Cote d'Ivoire ($X per unit), while Ghana ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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