Western Africa: Sailboat Market 2024

Sailboat Market Size in Western Africa

In 2021, after two years of growth, there was significant decline in the West African sailboat market, when its value decreased by -5.9% to $X. Over the period under review, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a somewhat lower figure.

Sailboat Production in Western Africa

In value terms, sailboat production dropped to $X in 2021 estimated in export price. The total production indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +5.0% against 2017 indices. The growth pace was the most rapid in 2015 with an increase of 84%. Over the period under review, production attained the maximum level at $X in 2020, and then fell in the following year.

Sailboat Exports

Exports in Western Africa

In 2021, overseas shipments of sailboats for pleasure or sports, with or without auxiliary motor increased by 50% to X units, rising for the third consecutive year after two years of decline. Over the period under review, exports posted a notable expansion. The pace of growth was the most pronounced in 2016 when exports increased by 1,500%. As a result, the exports reached the peak of X units. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, sailboat exports skyrocketed to $X in 2021. In general, exports posted a moderate expansion. The pace of growth was the most pronounced in 2017 when exports increased by 146% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Sierra Leone was the largest exporting country with an export of around X units, which recorded 67% of total exports. It was distantly followed by Cabo Verde (X units), generating a 33% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Sierra Leone (with a CAGR of +8.0%).

In value terms, Cabo Verde ($X) and Sierra Leone ($X) constituted the countries with the highest levels of exports in 2021.

In terms of the main exporting countries, Cabo Verde, with a CAGR of +46.1%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

The export price in Western Africa stood at $X per unit in 2021, growing by 56% against the previous year. Over the period under review, the export price, however, saw a mild curtailment. The most prominent rate of growth was recorded in 2017 an increase of 215%. Over the period under review, the export prices reached the maximum at $X per unit in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

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 Cabo Verde ($X per unit), while Sierra Leone stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sierra Leone (-13.5%).

Sailboat Imports

Imports in Western Africa

In 2021, the amount of sailboats for pleasure or sports, with or without auxiliary motor imported in Western Africa soared to X units, jumping by 59% compared with the previous year. Over the period under review, imports, however, recorded a abrupt downturn. The most prominent rate of growth was recorded in 2019 with an increase of 197% against the previous year. Over the period under review, imports reached the peak figure at X units in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, sailboat imports skyrocketed to $X in 2021. Overall, imports recorded tangible growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria was the key importer of sailboats for pleasure or sports, with or without auxiliary motor in Western Africa, with the volume of imports recording X units, which was near 43% of total imports in 2021. Cabo Verde (X units) ranks second in terms of the total imports with an 18% share, followed by Ghana (18%), Liberia (8%) and Cote d'Ivoire (5.7%). Senegal (X units) and Mali (X units) held a relatively small share of total imports.

Imports into Nigeria decreased at an average annual rate of -18.4% from 2012 to 2021. At the same time, Senegal (+24.1%), Cote d'Ivoire (+10.7%) and Cabo Verde (+5.6%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +24.1% from 2012-2021. By contrast, Ghana (-2.2%), Liberia (-14.6%) and Mali (-15.4%) illustrated a downward trend over the same period. Cabo Verde (+15 p.p.), Ghana (+12 p.p.), Cote d'Ivoire (+5.1 p.p.) and Senegal (+3.8 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -33.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cabo Verde ($X) constitutes the largest market for imported sailboats for pleasure or sports, with or without auxiliary motor in Western Africa, comprising 60% of total imports. The second position in the ranking was taken by Liberia ($X), with a 17% share of total imports. It was followed by Nigeria, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Cabo Verde amounted to +30.1%. The remaining importing countries recorded the following average annual rates of imports growth: Liberia (-7.6% per year) and Nigeria (+15.8% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per unit, picking up by 87% against the previous year. Overall, the import price saw significant growth. The pace of growth appeared the most rapid in 2017 an increase of 950% against the previous year. The level of import peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Cabo Verde ($X per unit), while Mali ($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 (+41.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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