Western Africa: Market for Equipment For Internal Combustion Engines 2024

Market Size for Equipment For Internal Combustion Engines in Western Africa

The West African internal combustion engine equipment market declined slightly to $X in 2022, dropping by -4.1% against the previous year. Over the period under review, consumption, however, saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Production of Equipment For Internal Combustion Engines in Western Africa

In value terms, internal combustion engine equipment production declined slightly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 21%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Exports of Equipment For Internal Combustion Engines

Exports in Western Africa

In 2022, overseas shipments of equipment for internal combustion engines decreased by -4.1% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, showed a remarkable increase. The pace of growth was the most pronounced in 2016 with an increase of 59%. The volume of export peaked at X units in 2021, and then reduced in the following year.

In value terms, internal combustion engine equipment exports amounted to $X in 2022. Total exports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +9.5% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of 45% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Burkina Faso (X units) represented the main exporter of equipment for internal combustion engines, making up 61% of total exports. Nigeria (X units) ranks second in terms of the total exports with an 11% share, followed by Sierra Leone (10%) and Ghana (10%). Mali (X units) held a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to internal combustion engine equipment exports from Burkina Faso stood at +16.3%. At the same time, Nigeria (+18.2%), Sierra Leone (+8.8%) and Mali (+1.1%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +18.2% from 2012-2022. Ghana experienced a relatively flat trend pattern. Burkina Faso (+29 p.p.) and Nigeria (+6 p.p.) significantly strengthened its position in terms of the total exports, while Mali and Ghana saw its share reduced by -4.4% and -14.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Burkina Faso ($X) remains the largest internal combustion engine equipment supplier in Western Africa, comprising 43% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with a 16% share of total exports. It was followed by Ghana, with a 15% share.

In Burkina Faso, internal combustion engine equipment exports increased at an average annual rate of +11.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Sierra Leone (-3.1% per year) and Ghana (+1.4% per year).

Export Prices by Country

The export price in Western Africa stood at $X per unit in 2022, increasing by 7.4% against the previous year. Overall, the export price, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2015 an increase of 25% against the previous year. Over the period under review, the export prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+1.3%), while the other leaders experienced a decline in the export price figures.

Imports of Equipment For Internal Combustion Engines

Imports in Western Africa

In 2022, the amount of equipment for internal combustion engines imported in Western Africa was estimated at X units, standing approx. at the previous year. Overall, imports continue to indicate a slight expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 239%. As a result, imports attained the peak of X units. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, internal combustion engine equipment imports expanded to $X in 2022. Over the period under review, imports, however, showed a abrupt decrease. The growth pace was the most rapid in 2020 with an increase of 122% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Ghana represented the main importing country with an import of about X units, which amounted to 63% of total imports. Cote d'Ivoire (X units) took a 10% share (based on physical terms) of total imports, which put it in second place, followed by Guinea (6.5%) and Benin (5.7%). Mali (X units), Senegal (X units) and Nigeria (X units) held a relatively small share of total imports.

Imports into Ghana increased at an average annual rate of +14.5% from 2012 to 2022. At the same time, Benin (+33.4%), Mali (+30.5%), Guinea (+30.1%) and Cote d'Ivoire (+14.7%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +33.4% from 2012-2022. By contrast, Senegal (-19.7%) and Nigeria (-21.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ghana, Cote d'Ivoire, Guinea, Benin and Mali increased by +45, +7.2, +6, +5.3 and +3.4 percentage points, respectively.

In value terms, Ghana ($X), Cote d'Ivoire ($X) and Mali ($X) were the countries with the highest levels of imports in 2022, together accounting for 78% of total imports.

Mali, with a CAGR of +23.1%, saw the highest growth rate of the value of imports, in terms of the main importing countries 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 Western Africa amounted to $X per unit, flattening at the previous year. Overall, the import price, however, saw a deep contraction. The pace of growth appeared the most rapid in 2016 an increase of 25% against the previous year. Over the period under review, import prices hit record highs at $X per unit in 2012; however, from 2013 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 Cote d'Ivoire ($X per unit), while Benin ($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 (+10.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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