ECOWAS: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in ECOWAS

The ECOWAS refrigerator compressor market stood at $X in 2022, remaining constant against the previous year. Over the period under review, consumption recorded a temperate increase. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Refrigerator Compressor Production in ECOWAS

In value terms, refrigerator compressor production stood at $X in 2022 estimated in export price. Over the period under review, production showed prominent growth. The most prominent rate of growth was recorded in 2018 with an increase of X%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Refrigerator Compressor Exports

Exports in ECOWAS

In 2022, refrigerator compressor exports in ECOWAS surged to X units, jumping by X% compared with the previous year. Over the period under review, exports, however, showed a perceptible decrease. The most prominent rate of growth was recorded in 2014 when exports increased by X%. Over the period under review, the exports reached the maximum at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, refrigerator compressor exports soared to $X in 2022. Overall, exports, however, saw a deep downturn. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Sierra Leone (X units) was the main exporter of compressors for refrigeration equipment, creating X% of total exports. Cote d'Ivoire (X units) ranks second in terms of the total exports with a X% share, followed by Senegal (X%). Togo (X units), Niger (X units) and Mali (X units) held a little share of total exports.

Exports from Sierra Leone increased at an average annual rate of X% from 2012 to 2022. At the same time, Niger (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. Senegal experienced a relatively flat trend pattern. By contrast, Mali (X%) and Togo (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Sierra Leone, Cote d'Ivoire and Niger increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest refrigerator compressor supplying countries in ECOWAS were Cote d'Ivoire ($X), Sierra Leone ($X) and Senegal ($X), with a combined X% share of total exports. Mali, Togo and Niger lagged somewhat behind, together accounting for a further X%.

Among the main exporting countries, Niger, with a CAGR of X%, recorded the highest rates of growth with regard to 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 ECOWAS stood at $X per unit in 2022, declining by X% against the previous year. Overall, the export price continues to indicate a deep setback. The most prominent rate of growth was recorded in 2018 when the export price increased by X%. As a result, the export price reached the peak level of $X per unit. From 2019 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 Mali ($X per unit), while Sierra Leone ($X per unit) was amongst the lowest.

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

Refrigerator Compressor Imports

Imports in ECOWAS

In 2022, approx. X units of compressors for refrigeration equipment were imported in ECOWAS; reducing by X% against the previous year. In general, imports, however, recorded a slight increase. The pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. As a result, imports attained the peak of X units. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, refrigerator compressor imports declined slightly to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria dominates imports structure, finishing at X units, which was near X% of total imports in 2022. Ghana (X units) ranks second in terms of the total imports with a X% share, followed by Senegal (X%) and Cabo Verde (X%). The following importers - Guinea (X units), Mali (X units) and Cote d'Ivoire (X units) - together made up X% of total imports.

From 2012 to 2022, average annual rates of growth with regard to refrigerator compressor imports into Nigeria stood at X%. At the same time, Cabo Verde (X%) and Guinea (X%) displayed positive paces of growth. Moreover, Cabo Verde emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Mali (X%), Senegal (X%), Ghana (X%) and Cote d'Ivoire (X%) illustrated a downward trend over the same period. Nigeria (X p.p.) and Cabo Verde (X p.p.) significantly strengthened its position in terms of the total imports, while Senegal, Ghana and Cote d'Ivoire saw its share reduced by X%, X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported compressors for refrigeration equipment in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Senegal ($X), with an X% share of total imports. It was followed by Ghana, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria stood at X%. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (X% per year) and Ghana (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, approximately equating the previous year. Overall, the import price, however, showed a mild slump. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. Over the period under review, import prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per unit), while Cabo Verde ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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