ECOWAS: Petroleum-Engine Cargo Trucks Market 2024

Petroleum-Engine Cargo Trucks Market Size in ECOWAS

In 2022, the ECOWAS petroleum-engine cargo trucks market was finally on the rise to reach $X after two years of decline. Overall, consumption, however, continues to indicate a slight setback. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Petroleum-Engine Cargo Trucks Production in ECOWAS

In value terms, petroleum-engine cargo trucks production rose remarkably to $X in 2022 estimated in export price. Over the period under review, production recorded a temperate increase. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Petroleum-Engine Cargo Trucks Exports

Exports in ECOWAS

In 2022, approx. X units of goods vehicles, with spark-ignition internal combustion piston engine were exported in ECOWAS; shrinking by X% against the previous year. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X%. As a result, the exports reached the peak of X units. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, petroleum-engine cargo trucks exports rose slightly to $X in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Mali represented the major exporter of goods vehicles, with spark-ignition internal combustion piston engine in ECOWAS, with the volume of exports resulting at X units, which was near X% of total exports in 2022. It was distantly followed by Togo (X units), Guinea (X units), Liberia (X units), Cote d'Ivoire (X units), Ghana (X units) and Niger (X units), together achieving a X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to petroleum-engine cargo trucks exports from Mali stood at X%. At the same time, Liberia (X%), Guinea (X%) and Togo (X%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Ghana (X%), Cote d'Ivoire (X%) and Niger (X%) illustrated a downward trend over the same period. Mali (X p.p.), Togo (X p.p.), Guinea (X p.p.) and Liberia (X p.p.) significantly strengthened its position in terms of the total exports, while Ghana, Cote d'Ivoire and Niger saw its share reduced by X%, X% and X% from 2012 to 2022, respectively.

In value terms, Mali ($X) remains the largest petroleum-engine cargo trucks supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Togo ($X), with a X% share of total exports. It was followed by Cote d'Ivoire, with a X% share.

In Mali, petroleum-engine cargo trucks exports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Togo (X% per year) and Cote d'Ivoire (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, with an increase of X% against the previous year. Export price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the export price increased by X%. The level of export peaked at $X per unit in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (X%), while the other leaders experienced mixed trends in the export price figures.

Petroleum-Engine Cargo Trucks Imports

Imports in ECOWAS

In 2022, overseas purchases of goods vehicles, with spark-ignition internal combustion piston engine were finally on the rise to reach X units after two years of decline. In general, imports recorded a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, petroleum-engine cargo trucks imports skyrocketed to $X in 2022. Overall, imports, however, showed a noticeable curtailment. The pace of growth appeared the most rapid in 2019 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Nigeria (X units) and Burkina Faso (X units) prevails in imports structure, together making up X% of total imports. Cote d'Ivoire (X units) held the next position in the ranking, followed by Togo (X units). All these countries together held near X% share of total imports. Ghana (X units) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported goods vehicles, with spark-ignition internal combustion piston engine in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total imports. It was followed by Togo, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to X%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (X% per year) and Togo (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, falling by X% against the previous year. Over the period under review, the import price continues to indicate a deep downturn. The pace of growth was the most pronounced in 2020 an increase of X% against the previous year. Over the period under review, import prices reached the peak figure at $X per unit in 2014; however, from 2015 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 Ghana ($X per unit), while Burkina Faso ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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