Western Africa: Inflatable Vessel Market 2024

Inflatable Vessel Market Size in Western Africa

In 2021, after five years of growth, there was significant decline in the West African inflatable vessel market, when its value decreased by -11.3% to $X. Overall, consumption, however, enjoyed a buoyant increase. Over the period under review, the market reached the peak level at $X in 2020, and then declined in the following year.

Inflatable Vessel Production in Western Africa

In value terms, inflatable vessel production declined to $X in 2021 estimated in export price. Over the period under review, production, however, saw a prominent increase. The growth pace was the most rapid in 2019 when the production volume increased by 53%. Over the period under review, production reached the peak level at $X in 2020, and then declined in the following year.

Inflatable Vessel Exports

Exports in Western Africa

After three years of growth, overseas shipments of inflatable vessels for pleasure or sports decreased by -33.3% to X units in 2021. Over the period under review, exports recorded a dramatic curtailment. The pace of growth was the most pronounced in 2018 with an increase of 43% against the previous year. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, inflatable vessel exports dropped markedly to $X in 2021. Overall, exports showed a dramatic setback. The growth pace was the most rapid in 2015 with an increase of 869% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire (X units) and Cabo Verde (X units) represented roughly 69% of total exports in 2021. It was distantly followed by Nigeria (X units), Senegal (X units) and Sierra Leone (X units), together committing a 31% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Cabo Verde (with a CAGR of +19.6%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Senegal ($X) emerged as the largest inflatable vessel supplier in Western Africa, comprising 56% of total exports. The second position in the ranking was held by Sierra Leone ($X), with a 27% share of total exports. It was followed by Nigeria, with a 9.1% share.

In Senegal, inflatable vessel exports shrank by an average annual rate of -28.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Sierra Leone (+27.5% per year) and Nigeria (-33.1% per year).

Export Prices by Country

The export price in Western Africa stood at $X per unit in 2021, growing by 21% against the previous year. In general, the export price enjoyed a significant expansion. The pace of growth appeared the most rapid in 2015 when the export price increased by 1,241%. The level of export peaked at $X per unit in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Senegal ($X per unit), while Cote d'Ivoire ($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 (+43.7%), while the other leaders experienced a decline in the export price figures.

Inflatable Vessel Imports

Imports in Western Africa

In 2021, overseas purchases of inflatable vessels for pleasure or sports decreased by -12.7% to X units, falling for the second consecutive year after two years of growth. Overall, imports showed a noticeable reduction. The pace of growth was the most pronounced in 2013 when imports increased by 3,680% against the previous year. As a result, imports attained the peak of X units. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, inflatable vessel imports expanded modestly to $X in 2021. In general, imports continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2018 with an increase of 451%. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

Nigeria represented the key importing country with an import of around X units, which amounted to 49% of total imports. Senegal (X units) ranks second in terms of the total imports with a 15% share, followed by Mauritania (8.8%), Cote d'Ivoire (6.1%) and Sierra Leone (5.9%). Saint Helena, Ascension and Tristan da Cunha (X units) and Cabo Verde (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to inflatable vessel imports into Nigeria stood at +19.1%. At the same time, Saint Helena, Ascension and Tristan da Cunha (+36.1%), Senegal (+29.6%) and Cabo Verde (+18.2%) displayed positive paces of growth. Moreover, Saint Helena, Ascension and Tristan da Cunha emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +36.1% from 2012-2021. By contrast, Cote d'Ivoire (-5.8%), Sierra Leone (-8.8%) and Mauritania (-10.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nigeria, Senegal, Saint Helena, Ascension and Tristan da Cunha and Cabo Verde increased by +40, +14, +3.7 and +1.8 percentage points, respectively.

In value terms, the largest inflatable vessel importing markets in Western Africa were Senegal ($X), Sierra Leone ($X) and Saint Helena, Ascension and Tristan da Cunha ($X), together comprising 57% of total imports.

Saint Helena, Ascension and Tristan da Cunha, with a CAGR of +36.1%, recorded the highest rates of growth with regard to 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 2021, the import price in Western Africa amounted to $X per unit, surging by 19% against the previous year. Overall, the import price, however, showed a noticeable decline. The pace of growth appeared the most rapid in 2014 an increase of 633% against the previous year. The level of import peaked at $X per unit in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Saint Helena, Ascension and Tristan da Cunha ($X per unit), while Cote d'Ivoire ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sierra Leone (+12.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :