Western Africa: Market for Nickel-Cadmium, Nickel Metal Hydride, Lithium-Ion, Lithium Polymer And Nickel-Iron Accumulators 2024

Market Size for Nickel-Cadmium, Nickel Metal Hydride, Lithium-Ion, Lithium Polymer And Nickel-Iron Accumulators in Western Africa

The West African nickel and lithium accumulators market expanded significantly to $X in 2022, growing by 5.9% against the previous year. In general, consumption enjoyed a buoyant expansion. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Nickel-Cadmium, Nickel Metal Hydride, Lithium-Ion, Lithium Polymer And Nickel-Iron Accumulators in Western Africa

In value terms, nickel and lithium accumulators production reached $X in 2022 estimated in export price. In general, production showed buoyant growth. The pace of growth appeared the most rapid in 2016 with an increase of 58% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Nickel-Cadmium, Nickel Metal Hydride, Lithium-Ion, Lithium Polymer And Nickel-Iron Accumulators

Exports in Western Africa

For the third consecutive year, Western Africa recorded growth in overseas shipments of nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators, which increased by 44% to X units in 2022. Overall, exports posted a strong expansion. The pace of growth was the most pronounced in 2021 when exports increased by 155%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, nickel and lithium accumulators exports skyrocketed to $X in 2022. In general, exports recorded significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 170% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

Togo represented the key exporter of nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators in Western Africa, with the volume of exports finishing at X units, which was approx. 58% of total exports in 2022. Cote d'Ivoire (X units) held a 15% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (10%) and Benin (6.7%). The following exporters - Senegal (X units) and Sierra Leone (X units) - together made up 6.7% of total exports.

From 2012 to 2022, average annual rates of growth with regard to nickel and lithium accumulators exports from Togo stood at +13.9%. At the same time, Benin (+56.5%), Cote d'Ivoire (+28.9%), Senegal (+19.9%), Nigeria (+5.9%) and Sierra Leone (+4.6%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +56.5% from 2012-2022. From 2012 to 2022, the share of Togo, Cote d'Ivoire and Benin increased by +58, +8.4 and +6.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Togo ($X) remains the largest nickel and lithium accumulators supplier in Western Africa, comprising 59% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 15% share of total exports. It was followed by Senegal, with a 5.1% share.

In Togo, nickel and lithium accumulators exports expanded at an average annual rate of +29.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+34.8% per year) and Senegal (+30.2% per year).

Export Prices by Country

The export price in Western Africa stood at $X per unit in 2022, surging by 24% against the previous year. Export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +7.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, nickel and lithium accumulators export price increased by +50.6% against 2019 indices. The pace of growth appeared the most rapid in 2013 when the export price increased by 88% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+13.9%), while the other leaders experienced more modest paces of growth.

Imports of Nickel-Cadmium, Nickel Metal Hydride, Lithium-Ion, Lithium Polymer And Nickel-Iron Accumulators

Imports in Western Africa

In 2022, nickel and lithium accumulators imports in Western Africa soared to X units, jumping by 232% against the previous year. Overall, imports saw a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, nickel and lithium accumulators imports skyrocketed to $X in 2022. Over the period under review, imports showed strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria represented the largest importing country with an import of around X units, which finished at 70% of total imports. Ghana (X units) took the second position in the ranking, followed by Senegal (X units) and Cote d'Ivoire (X units). All these countries together took near 24% share of total imports. Sierra Leone (X units) and Burkina Faso (X units) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of +24.3% from 2012 to 2022. At the same time, Sierra Leone (+57.5%), Cote d'Ivoire (+37.9%), Ghana (+31.2%), Senegal (+29.3%) and Burkina Faso (+6.0%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +57.5% from 2012-2022. From 2012 to 2022, the share of Ghana, Cote d'Ivoire, Sierra Leone and Senegal increased by +4.7, +3.5, +2.4 and +1.7 percentage points, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators in Western Africa, comprising 60% of total imports. The second position in the ranking was taken by Ghana ($X), with a 9.6% share of total imports. It was followed by Cote d'Ivoire, with a 7.2% share.

In Nigeria, nickel and lithium accumulators imports increased at an average annual rate of +18.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (+23.9% per year) and Cote d'Ivoire (+38.4% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per unit, shrinking by -42.7% against the previous year. In general, the import price continues to indicate a pronounced shrinkage. The growth pace was the most rapid in 2015 when the import price increased by 81% against the previous year. Over the period under review, import prices reached the maximum at $X per unit in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+0.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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