Western Africa: Thermostat Market 2024

Thermostat Market Size in Western Africa

The West African thermostat market dropped modestly to $X in 2021, leveling off at the previous year. The market value increased at an average annual rate of +3.0% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations in certain years. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Thermostat Production in Western Africa

In value terms, thermostat production expanded slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.6% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 with an increase of 22%. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a lower figure.

Thermostat Exports

Exports in Western Africa

In 2021, exports of thermostats in Western Africa dropped modestly to X units, declining by -4.2% compared with 2020 figures. In general, exports, however, continue to indicate prominent growth. The most prominent rate of growth was recorded in 2017 with an increase of 2,235%. As a result, the exports reached the peak of X units. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, thermostat exports shrank to $X in 2021. Overall, exports, however, enjoyed buoyant growth. The pace of growth appeared the most rapid in 2015 when exports increased by 236%. Over the period under review, the exports reached the maximum at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Sierra Leone represented the major exporter of thermostats in Western Africa, with the volume of exports accounting for X units, which was approx. 66% of total exports in 2021. It was distantly followed by Cote d'Ivoire (X units) and Nigeria (X units), together mixing up a 34% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to thermostat exports from Sierra Leone stood at +19.0%. At the same time, Nigeria (+49.0%) and Cote d'Ivoire (+14.0%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +49.0% from 2012-2021. Nigeria (+14 p.p.) and Sierra Leone (+2.8 p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire saw its share reduced by -7.5% from 2012 to 2021, respectively.

In value terms, the largest thermostat supplying countries in Western Africa were Nigeria ($X), Sierra Leone ($X) and Cote d'Ivoire ($X), with a combined 94% share of total exports.

In terms of the main exporting countries, Nigeria, with a CAGR of +39.5%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Western Africa stood at $X per unit in 2021, reducing by -4% against the previous year. In general, the export price showed a abrupt setback. The pace of growth appeared the most rapid in 2018 an increase of 5,088%. The level of export peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per unit), while Sierra Leone ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-3.6%), while the other leaders experienced a decline in the export price figures.

Thermostat Imports

Imports in Western Africa

After three years of growth, purchases abroad of thermostats decreased by -2.5% to X units in 2021. Over the period under review, imports, however, recorded a perceptible increase. The pace of growth appeared the most rapid in 2020 when imports increased by 214%. The volume of import peaked at X units in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, thermostat imports surged to $X in 2021. Overall, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 93%. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Nigeria represented the main importing country with an import of around X units, which amounted to 68% of total imports. Ghana (X units) took a 12% share (based on physical terms) of total imports, which put it in second place, followed by Burkina Faso (11%). Senegal (X units) followed a long way behind the leaders.

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of thermostats. At the same time, Burkina Faso (+30.6%), Senegal (+30.5%) and Ghana (+9.0%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +30.6% from 2012-2021. From 2012 to 2021, the share of Burkina Faso, Ghana and Senegal increased by +9.6, +5.4 and +3.5 percentage points, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported thermostats in Western Africa, comprising 62% of total imports. The second position in the ranking was taken by Ghana ($X), with a 13% share of total imports. It was followed by Burkina Faso, with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria stood at -3.8%. In the other countries, the average annual rates were as follows: Ghana (+4.6% per year) and Burkina Faso (+31.4% per year).

Import Prices by Country

The import price in Western Africa stood at $X per unit in 2021, increasing by 18% against the previous year. Overall, the import price, however, recorded a perceptible descent. The pace of growth appeared the most rapid in 2016 an increase of 87% against the previous year. Over the period under review, import prices reached the maximum at $X per unit in 2018; however, from 2019 to 2021, 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 ($X per unit), while Burkina Faso ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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