ECOWAS: Internal Combustion Engines Market 2024

Internal Combustion Engines Market Size in ECOWAS

In 2022, after two years of growth, there was decline in the ECOWAS internal combustion engines market, when its value decreased by X% to $X. Overall, consumption, however, recorded a perceptible reduction. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Internal Combustion Engines Production in ECOWAS

In value terms, internal combustion engines production stood at $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a abrupt curtailment. The growth pace was the most rapid in 2017 when the production volume increased by X%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Internal Combustion Engines Exports

Exports in ECOWAS

After two years of growth, overseas shipments of motor vehicles compression-ignition internal combustion piston engines decreased by X% to X units in 2022. Overall, exports, however, recorded resilient growth. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at X units in 2021, and then dropped markedly in the following year.

In value terms, internal combustion engines exports declined remarkably to $X in 2022. In general, exports, however, showed strong growth. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. The level of export peaked at $X in 2021, and then declined dramatically in the following year.

Exports by Country

In 2022, Nigeria (X units) represented the main exporter of motor vehicles compression-ignition internal combustion piston engines, generating X% of total exports. Cote d'Ivoire (X units) took an X% share (based on physical terms) of total exports, which put it in second place, followed by Burkina Faso (X%) and Ghana (X%). Liberia (X units) and Mali (X units) held a relatively small share of total exports.

Nigeria was also the fastest-growing in terms of the motor vehicles compression-ignition internal combustion piston engines exports, with a CAGR of X% from 2012 to 2022. At the same time, Burkina Faso (X%), Cote d'Ivoire (X%) and Liberia (X%) displayed positive paces of growth. By contrast, Mali (X%) and Ghana (X%) illustrated a downward trend over the same period. Nigeria (X p.p.), Cote d'Ivoire (X p.p.) and Burkina Faso (X p.p.) significantly strengthened its position in terms of the total exports, while Mali and Ghana saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest internal combustion engines supplying countries in ECOWAS were Cote d'Ivoire ($X), Ghana ($X) and Nigeria ($X), together comprising X% of total exports. Burkina Faso, Mali and Liberia lagged somewhat behind, together accounting for a further X%.

Among the main exporting countries, Burkina Faso, 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

In 2022, the export price in ECOWAS amounted to $X per unit, rising by X% against the previous year. Overall, the export price, however, recorded a noticeable decrease. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, the export prices reached the maximum at $X per unit in 2015; however, from 2016 to 2022, the export prices stood at a somewhat 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 Ghana ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

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

Internal Combustion Engines Imports

Imports in ECOWAS

In 2022, the amount of motor vehicles compression-ignition internal combustion piston engines imported in ECOWAS expanded modestly to X units, surging by X% on the previous year's figure. Over the period under review, imports saw buoyant growth. The growth pace was the most rapid in 2014 with an increase of X%. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, internal combustion engines imports reduced to $X in 2022. Total imports indicated a slight increase from 2012 to 2022: its value 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. Based on 2022 figures, imports increased by X% against 2019 indices. The growth pace was the most rapid in 2020 when imports increased by X%. Over the period under review, imports reached the peak figure at $X in 2021, and then dropped in the following year.

Imports by Country

Senegal was the key importer of motor vehicles compression-ignition internal combustion piston engines in ECOWAS, with the volume of imports amounting to X units, which was near X% of total imports in 2022. It was distantly followed by Ghana (X units), comprising a X% share of total imports. Guinea (X units), Cote d'Ivoire (X units) and Burkina Faso (X units) followed a long way behind the leaders.

Imports into Senegal increased at an average annual rate of X% from 2012 to 2022. At the same time, Ghana (X%), Guinea (X%), Cote d'Ivoire (X%) and Burkina Faso (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. Senegal (X p.p.) and Ghana (X p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire and Burkina Faso saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest internal combustion engines importing markets in ECOWAS were Ghana ($X), Senegal ($X) and Guinea ($X), together accounting for X% of total imports.

Among the main importing countries, Guinea, with a CAGR of X%, saw 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 2022, with a decrease of X% against the previous year. In general, the import price continues to indicate a abrupt decline. The most prominent rate of growth was recorded in 2020 when the import price increased by X%. The level of import peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Burkina Faso ($X per unit), while Senegal ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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