ECOWAS: Loudspeaker Market 2024

Loudspeaker Market Size in ECOWAS

The ECOWAS loudspeaker market dropped to $X in 2023, waning by X% against the previous year. In general, consumption saw a moderate expansion. The level of consumption peaked at $X in 2019; however, from 2020 to 2023, consumption stood at a somewhat lower figure.

Loudspeaker Production in ECOWAS

In value terms, loudspeaker production declined to $X in 2023 estimated in export price. In general, production, however, posted mild growth. The growth pace was the most rapid in 2019 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2020 to 2023, production growth remained at a lower figure.

Loudspeaker Exports

Exports in ECOWAS

Loudspeaker exports shrank significantly to X units in 2023, reducing by X% compared with the previous year's figure. Overall, exports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2020 with an increase of X%. The volume of export peaked at X units in 2013; however, from 2014 to 2023, the exports failed to regain momentum.

In value terms, loudspeaker exports skyrocketed to $X in 2023. In general, exports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

Exports by Country

In 2023, Burkina Faso (X units) represented the major exporter of loudspeakers, comprising X% of total exports. Ghana (X units) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Togo (X%). Nigeria (X units) held a little share of total exports.

Burkina Faso was also the fastest-growing in terms of the loudspeakers exports, with a CAGR of X% from 2012 to 2023. At the same time, Ghana (X%) displayed positive paces of growth. By contrast, Nigeria (X%) and Togo (X%) illustrated a downward trend over the same period. While the share of Burkina Faso (X p.p.) and Ghana (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Togo (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Togo ($X), Ghana ($X) and Nigeria ($X) appeared to be the countries with the highest levels of exports in 2023, together accounting for X% of total exports.

Among the main exporting countries, Togo, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2023, surging by X% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. The level of export peaked at $X per unit in 2019; however, from 2020 to 2023, the export prices remained at a 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 Nigeria ($X per unit), while Burkina Faso ($X per unit) was amongst the lowest.

From 2012 to 2023, 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.

Loudspeaker Imports

Imports in ECOWAS

Loudspeaker imports soared to X units in 2023, growing by X% against the previous year's figure. Over the period under review, imports recorded a buoyant increase. The growth pace was the most rapid in 2018 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum in 2023 and are likely to see steady growth in the near future.

In value terms, loudspeaker imports surged to $X in 2023. In general, imports posted a strong expansion. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2023 and are likely to see steady growth in years to come.

Imports by Country

Ghana was the largest importer of loudspeakers in ECOWAS, with the volume of imports resulting at X units, which was near X% of total imports in 2023. Nigeria (X units) ranks second in terms of the total imports with a X% share, followed by Cote d'Ivoire (X%) and Sierra Leone (X%). Liberia (X units), Guinea (X units) and Senegal (X units) held a minor share of total imports.

Imports into Ghana increased at an average annual rate of X% from 2012 to 2023. At the same time, Sierra Leone (X%), Liberia (X%), Cote d'Ivoire (X%), Guinea (X%), Senegal (X%) and Nigeria (X%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. While the share of Cote d'Ivoire (X p.p.), Sierra Leone (X p.p.), Liberia (X p.p.) and Guinea (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Ghana (X p.p.) and Nigeria (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest loudspeaker importing markets in ECOWAS were Ghana ($X), Nigeria ($X) and Cote d'Ivoire ($X), together accounting for X% of total imports. Guinea, Liberia, Sierra Leone and Senegal lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Sierra Leone, with a CAGR of X%, recorded the highest growth rate of the value of imports, 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 2023, remaining constant against the previous year. Overall, the import price, however, recorded a mild descent. The pace of growth was the most pronounced in 2016 an increase of X% against the previous year. Over the period under review, import prices attained the maximum at $X per unit in 2013; however, from 2014 to 2023, import prices remained at a 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 ($X per unit), while Sierra Leone ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform