ECOWAS: Bicycle Market 2024

Bicycle Market Size in ECOWAS

The ECOWAS bicycle market plummeted to $X in 2021, waning by -17.5% against the previous year. The total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +7.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +20.8% against 2019 indices. The level of consumption peaked at $X in 2020, and then declined sharply in the following year.

Bicycle Production in ECOWAS

In value terms, bicycle production dropped remarkably to $X in 2021 estimated in export price. Overall, production, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of 189% against the previous year. Over the period under review, production reached the maximum level at $X in 2020, and then fell markedly in the following year.

Bicycle Exports

Exports in ECOWAS

After two years of decline, overseas shipments of bicycles and other cycles increased by 213% to X units in 2021. Overall, exports enjoyed a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, bicycle exports skyrocketed to $X in 2021. Over the period under review, exports continue to indicate strong growth. The pace of growth appeared the most rapid in 2017 when exports increased by 86%. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Burkina Faso was the key exporter of bicycles and other cycles in ECOWAS, with the volume of exports accounting for X units, which was approx. 77% of total exports in 2021. It was distantly followed by Ghana (X units), making up a 16% share of total exports. Liberia (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to bicycle exports from Burkina Faso stood at +71.0%. At the same time, Liberia (+72.9%) and Ghana (+55.8%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +72.9% from 2012-2021. From 2012 to 2021, the share of Burkina Faso, Ghana and Liberia increased by +66, +11 and +2.7 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest bicycle supplier in ECOWAS, comprising 63% of total exports. The second position in the ranking was taken by Burkina Faso ($X), with a 2.4% share of total exports.

In Ghana, bicycle exports increased at an average annual rate of +48.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Burkina Faso (+35.9% per year) and Liberia (+71.0% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per unit, declining by -61.6% against the previous year. Over the period under review, the export price continues to indicate a sharp slump. The pace of growth was the most pronounced in 2017 when the export price increased by 133% against the previous year. The level of export peaked at $X per unit in 2012; however, from 2013 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 Ghana ($X per unit), while Burkina Faso ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Liberia (-1.8%), while the other leaders experienced a decline in the export price figures.

Bicycle Imports

Imports in ECOWAS

In 2021, supplies from abroad of bicycles and other cycles increased by 2.1% to X units, rising for the third consecutive year after three years of decline. In general, imports posted a resilient increase. The most prominent rate of growth was recorded in 2015 when imports increased by 215% against the previous year. As a result, imports reached the peak of X units. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, bicycle imports fell rapidly to $X in 2021. Over the period under review, imports enjoyed buoyant growth. The pace of growth appeared the most rapid in 2015 when imports increased by 195% against the previous year. Over the period under review, imports attained the peak figure at $X in 2020, and then fell remarkably in the following year.

Imports by Country

Ghana was the largest importer of bicycles and other cycles in ECOWAS, with the volume of imports finishing at X units, which was near 54% of total imports in 2021. Nigeria (X units) ranks second in terms of the total imports with a 21% share, followed by Cote d'Ivoire (9.3%) and Senegal (4.5%). The following importers - Mali (X units), Togo (X units) and Guinea (X units) - together made up 7.5% of total imports.

Imports into Ghana increased at an average annual rate of +7.2% from 2012 to 2021. At the same time, Togo (+46.0%), Mali (+21.3%), Cote d'Ivoire (+18.6%), Senegal (+18.1%) and Guinea (+9.5%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +46.0% from 2012-2021. By contrast, Nigeria (-12.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nigeria, Cote d'Ivoire, Togo, Senegal and Mali increased by +21, +3.5, +2.4, +1.6 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Nigeria ($X) and Cote d'Ivoire ($X) were the countries with the highest levels of imports in 2021, together comprising 81% of total imports.

Cote d'Ivoire, with a CAGR of +24.8%, recorded the highest growth rate of the value of imports, among 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 ECOWAS stood at $X per unit in 2021, with a decrease of -17.7% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 22% against the previous year. The level of import peaked at $X per unit in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per unit), while Togo ($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 (+16.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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