Western Africa: Road Wheel Market 2024

Road Wheel Market Size in Western Africa

The West African road wheel market contracted slightly to $X in 2022, waning by -3.7% against the previous year. Overall, consumption, however, continues to indicate a abrupt slump. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Road Wheel Production in Western Africa

In value terms, road wheel production declined to $X in 2022 estimated in export price. In general, production saw a perceptible slump. The pace of growth appeared the most rapid in 2017 with an increase of 44%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Road Wheel Exports

Exports in Western Africa

In 2022, exports of road wheels in Western Africa surged to X tons, increasing by 50% against 2021 figures. In general, exports, however, recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2017 with an increase of 52% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, road wheel exports skyrocketed to $X in 2022. Overall, exports, however, continue to indicate a abrupt setback. The growth pace was the most rapid in 2017 when exports increased by 70% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria prevails in exports structure, resulting at X tons, which was approx. 79% of total exports in 2022. It was distantly followed by Benin (X tons) and Togo (X tons), together committing a 9.8% share of total exports. Ghana (X tons) and Guinea (X tons) followed a long way behind the leaders.

Exports from Nigeria increased at an average annual rate of +2.5% from 2012 to 2022. At the same time, Guinea (+47.8%) and Togo (+26.9%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +47.8% from 2012-2022. Ghana experienced a relatively flat trend pattern. By contrast, Benin (-4.3%) illustrated a downward trend over the same period. Nigeria (+63 p.p.), Togo (+4.8 p.p.), Benin (+3 p.p.), Ghana (+2.4 p.p.) and Guinea (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest road wheel supplier in Western Africa, comprising 69% of total exports. The second position in the ranking was held by Guinea ($X), with a 4.3% share of total exports. It was followed by Togo, with a 4.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria totaled +2.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Guinea (+49.6% per year) and Togo (+14.2% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, shrinking by -18.9% against the previous year. In general, the export price recorded a abrupt slump. The most prominent rate of growth was recorded in 2014 when the export price increased by 43% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a 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 Guinea ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+1.2%), while the other leaders experienced mixed trends in the export price figures.

Road Wheel Imports

Imports in Western Africa

In 2022, approx. X tons of road wheels were imported in Western Africa; rising by 7.7% against the previous year's figure. In general, imports, however, continue to indicate a abrupt decline. The pace of growth appeared the most rapid in 2018 with an increase of 95% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, road wheel imports fell to $X in 2022. Over the period under review, imports, however, showed a abrupt curtailment. The pace of growth appeared the most rapid in 2018 when imports increased by 86% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Ghana (X tons) and Nigeria (X tons) were the key importers of road wheels in Western Africa, together generating 53% of total imports. Burkina Faso (X tons) took the next position in the ranking, followed by Cote d'Ivoire (X tons), Guinea (X tons), Senegal (X tons) and Mauritania (X tons). All these countries together held near 38% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Guinea (with a CAGR of +18.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest road wheel importing markets in Western Africa were Ghana ($X), Nigeria ($X) and Burkina Faso ($X), together comprising 64% of total imports.

Among the main importing countries, Burkina Faso, with a CAGR of +21.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, reducing by -7.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The pace of growth appeared the most rapid in 2021 when the import price increased by 22%. The level of import peaked at $X per ton in 2015; however, from 2016 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 Senegal ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+7.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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