Western Africa: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in Western Africa

The West African truck and bus tyre market rose significantly to $X in 2022, picking up by 7.5% against the previous year. In general, consumption, however, saw a mild contraction. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Production of Tyres For Buses Or Lorries in Western Africa

In value terms, truck and bus tyre production reduced slightly to $X in 2022 estimated in export price. The total production indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.8% against 2019 indices. The growth pace was the most rapid in 2013 when the production volume increased by 47%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Exports of Tyres For Buses Or Lorries

Exports in Western Africa

In 2022, after four years of decline, there was significant growth in shipments abroad of tyres for buses or lorries, when their volume increased by 5.7% to X units. Overall, exports, however, saw a pronounced slump. The growth pace was the most rapid in 2017 when exports increased by 175% against the previous year. As a result, the exports reached the peak of X units. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, truck and bus tyre exports expanded slightly to $X in 2022. In general, exports, however, recorded a perceptible reduction. The most prominent rate of growth was recorded in 2017 with an increase of 154% against the previous year. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Senegal represented the major exporter of tyres for buses or lorries in Western Africa, with the volume of exports amounting to X units, which was near 67% of total exports in 2022. Mali (X units) held a 17% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (4.6%). Sierra Leone (X units), Mauritania (X units) and Guinea (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to truck and bus tyre exports from Senegal stood at +10.6%. At the same time, Mali (+41.3%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +41.3% from 2012-2022. Nigeria and Guinea experienced a relatively flat trend pattern. By contrast, Mauritania (-10.7%) and Sierra Leone (-27.9%) illustrated a downward trend over the same period. Senegal (+47 p.p.) and Mali (+16 p.p.) significantly strengthened its position in terms of the total exports, while Mauritania and Sierra Leone saw its share reduced by -2.5% and -55.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest truck and bus tyre supplier in Western Africa, comprising 67% of total exports. The second position in the ranking was taken by Mali ($X), with a 16% share of total exports. It was followed by Nigeria, with a 5% share.

In Senegal, truck and bus tyre exports increased at an average annual rate of +9.7% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Mali (+39.9% per year) and Nigeria (+0.4% per year).

Export Prices by Country

The export price in Western Africa stood at $X per unit in 2022, falling by -1.7% against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the export price increased by 26%. The level of export peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Sierra Leone ($X per unit) and Mauritania ($X per unit), while Guinea ($X per unit) and Mali ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+1.8%), while the other leaders experienced more modest paces of growth.

Imports of Tyres For Buses Or Lorries

Imports in Western Africa

In 2022, imports of tyres for buses or lorries in Western Africa expanded notably to X units, rising by 8.1% on 2021 figures. In general, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when imports increased by 18%. As a result, imports attained the peak of X units. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, truck and bus tyre imports expanded remarkably to $X in 2022. Over the period under review, imports, however, showed a perceptible curtailment. The pace of growth was the most pronounced in 2014 when imports increased by 17%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Ghana (X units) and Nigeria (X units) were the major importers of tyres for buses or lorries in Western Africa, together achieving 59% of total imports. Cote d'Ivoire (X units) held the next position in the ranking, followed by Guinea (X units) and Senegal (X units). All these countries together took approx. 26% share of total imports. Mali (X units) and Togo (X units) took a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of +16.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X) constituted the countries with the highest levels of imports in 2022, with a combined 72% share of total imports. Guinea, Senegal, Mali and Togo lagged somewhat behind, together comprising a further 18%.

Togo, with a CAGR of +14.6%, saw 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

The import price in Western Africa stood at $X per unit in 2022, approximately equating the previous year. Over the period under review, the import price, however, showed a mild decline. The most prominent rate of growth was recorded in 2018 an increase of 20%. The level of import peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Nigeria ($X per unit) and Togo ($X per unit), while Guinea ($X per unit) and Cote d'Ivoire ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (-0.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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