ECOWAS: Motor Vehicle Engine Market 2024

Motor Vehicle Engine Market Size in ECOWAS

The ECOWAS motor vehicle engine market dropped slightly to $X in 2022, reducing by X% against the previous year. In general, consumption recorded a noticeable shrinkage. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Motor Vehicle Engine Production in ECOWAS

In value terms, motor vehicle engine production contracted to $X in 2022 estimated in export price. Overall, production recorded a abrupt contraction. The most prominent rate of growth was recorded in 2021 with an increase of X%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Motor Vehicle Engine Exports

Exports in ECOWAS

In 2022, motor vehicle engine exports in ECOWAS shrank notably to X units, waning by X% on the year before. Over the period under review, exports, however, showed resilient growth. The most prominent rate of growth was recorded in 2018 when exports increased by X%. As a result, the exports reached the peak of X units. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, motor vehicle engine exports rose markedly to $X in 2022. In general, exports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2018 when exports increased by X%. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Ghana dominates exports structure, recording X units, which was near X% of total exports in 2022. The following exporters - Cote d'Ivoire (X units), Senegal (X units) and Gambia (X units) - together made up X% of total exports.

Exports from Ghana increased at an average annual rate of X% from 2012 to 2022. At the same time, Gambia (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Gambia emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Cote d'Ivoire (X%) illustrated a downward trend over the same period. While the share of Ghana (X p.p.) and Cote d'Ivoire (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Senegal (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest motor vehicle engine supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total exports. It was followed by Gambia, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Ghana amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (X% per year) and Gambia (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, with an increase of X% against the previous year. In general, the export price, however, continues to indicate a slight slump. The most prominent rate of growth was recorded in 2019 when the export price increased by X%. The level of export peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

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 Cote d'Ivoire ($X per unit), while Senegal ($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 mixed trends in the export price figures.

Motor Vehicle Engine Imports

Imports in ECOWAS

In 2022, overseas purchases of motor vehicle engines (spark-ignition) decreased by X% to X units for the first time since 2018, thus ending a three-year rising trend. In general, imports, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. As a result, imports attained the peak of X units. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, motor vehicle engine imports reduced sharply to $X in 2022. Over the period under review, imports continue to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2016 with an increase of X%. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Ghana was the major importer of motor vehicle engines (spark-ignition) in ECOWAS, with the volume of imports reaching X units, which was approx. X% of total imports in 2022. Nigeria (X units) took the second position in the ranking, followed by Mali (X units), Burkina Faso (X units) and Senegal (X units). All these countries together held near X% share of total imports. The following importers - Guinea (X units) and Cote d'Ivoire (X units) - each amounted to a X% share of total imports.

Ghana was also the fastest-growing in terms of the motor vehicle engines (spark-ignition) imports, with a CAGR of X% from 2012 to 2022. At the same time, Senegal (X%), Burkina Faso (X%), Mali (X%), Cote d'Ivoire (X%), Guinea (X%) and Nigeria (X%) displayed positive paces of growth. From 2012 to 2022, the share of Ghana, Burkina Faso and Senegal 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, Ghana ($X) constitutes the largest market for imported motor vehicle engines (spark-ignition) in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Mali ($X), with a X% share of total imports. It was followed by Cote d'Ivoire, with a X% share.

In Ghana, motor vehicle engine imports 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: Mali (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 2022, shrinking by X% against the previous year. Overall, the import price showed a abrupt shrinkage. The growth pace was the most rapid in 2017 an increase of X% against the previous year. The level of import peaked at $X per unit in 2012; however, from 2013 to 2022, 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 ($X per unit), while Burkina Faso ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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