ECOWAS: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in ECOWAS

In 2023, the ECOWAS electrical musical instrument market increased by X% to $X, rising for the second year in a row after two years of decline. The total consumption indicated a measured expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2021 indices. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2023, consumption stood at a somewhat lower figure.

Electrical Musical Instrument Production in ECOWAS

In value terms, electrical musical instrument production stood at $X in 2023 estimated in export price. The total production indicated a perceptible increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2020 indices. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2023, production failed to regain momentum.

Electrical Musical Instrument Exports

Exports in ECOWAS

After two years of growth, shipments abroad of electrical musical or keyboard instruments decreased by X% to X units in 2023. In general, exports continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

In value terms, electrical musical instrument exports reduced sharply to $X in 2023. Over the period under review, exports recorded a deep reduction. The growth pace was the most rapid in 2017 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

In 2023, Mali (X units), Nigeria (X units), Ghana (X units) and Burkina Faso (X units) represented the key exporter of electrical musical or keyboard instruments in ECOWAS, making up X% of total export. It was distantly followed by Guinea (X units), mixing up a X% share of total exports. The following exporters - Cabo Verde (X units) and Cote d'Ivoire (X units) - each amounted to a X% share of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Burkina Faso (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest electrical musical instrument supplying countries in ECOWAS were Burkina Faso ($X), Nigeria ($X) and Mali ($X), with a combined X% share of total exports.

In terms of the main exporting countries, Burkina Faso, with a CAGR of X%, 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 ECOWAS stood at $X per unit in 2023, declining by X% against the previous year. In general, the export price, however, recorded noticeable growth. The growth pace was the most rapid in 2014 an increase of X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per unit in 2019; however, from 2020 to 2023, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Cabo Verde ($X per unit), while Ghana ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Cabo Verde (X%), while the other leaders experienced more modest paces of growth.

Electrical Musical Instrument Imports

Imports in ECOWAS

In 2023, purchases abroad of electrical musical or keyboard instruments increased by X% to X units, rising for the sixth year in a row after three years of decline. Over the period under review, imports enjoyed a perceptible expansion. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. The volume of import peaked in 2023 and is expected to retain growth in the immediate term.

In value terms, electrical musical instrument imports expanded significantly to $X in 2023. Overall, imports, however, recorded a perceptible reduction. The most prominent rate of growth was recorded in 2019 with an increase of X%. The level of import peaked at $X in 2012; however, from 2013 to 2023, imports failed to regain momentum.

Imports by Country

Ghana was the major importing country with an import of about X units, which resulted at X% of total imports. Togo (X units) took the second position in the ranking, followed by Nigeria (X units). All these countries together took approx. X% share of total imports. Cote d'Ivoire (X units) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to electrical musical instrument imports into Ghana stood at X%. At the same time, Cote d'Ivoire (X%) and Togo (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Nigeria (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Ghana and Togo increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported electrical musical or keyboard instruments in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Nigeria ($X), with a X% share of total imports. It was followed by Cote d'Ivoire, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Ghana was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2023, shrinking by X% against the previous year. Overall, the import price saw a abrupt setback. The pace of growth appeared the most rapid in 2016 an increase of X%. As a result, import price attained the peak level of $X per unit. From 2017 to 2023, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Nigeria ($X per unit), while Togo ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform