ECOWAS: Truck Market 2023

Truck Market Size in ECOWAS

The ECOWAS truck market contracted modestly to $X in 2022, approximately mirroring the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. 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.

Truck Production in ECOWAS

In value terms, truck production contracted to $X in 2022 estimated in export price. The total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +10.2% against 2020 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 41% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Truck Exports

Exports in ECOWAS

In 2022, approx. X units of trucks were exported in ECOWAS; growing by 2.1% compared with 2021. Over the period under review, exports, however, saw a abrupt slump. The most prominent rate of growth was recorded in 2017 when exports increased by 65%. As a result, the exports attained the peak of X units. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, truck exports dropped to $X in 2022. In general, exports, however, showed a noticeable descent. The pace of growth appeared the most rapid in 2021 when exports increased by 36% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Senegal (X units), distantly followed by Niger (X units), Nigeria (X units), Togo (X units), Mali (X units) and Burkina Faso (X units) were the major exporters of trucks, together generating 84% of total exports. Cote d'Ivoire (X units) held a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +22.7%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Senegal ($X) remains the largest truck supplier in ECOWAS, comprising 30% of total exports. The second position in the ranking was taken by Mali ($X), with a 13% share of total exports. It was followed by Niger, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Senegal was relatively modest. In the other countries, the average annual rates were as follows: Mali (+2.0% per year) and Niger (+7.8% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, dropping by -4.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. The growth pace was the most rapid in 2018 an increase of 33%. Over the period under review, the export prices attained the peak figure at $X per unit in 2019; however, from 2020 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 Burkina Faso ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+10.6%), while the other leaders experienced more modest paces of growth.

Truck Imports

Imports in ECOWAS

For the fourth consecutive year, ECOWAS recorded growth in purchases abroad of trucks, which increased by 4.2% to X units in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 72% against the previous year. The volume of import peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, truck imports dropped modestly to $X in 2022. In general, imports, however, showed a perceptible decrease. The most prominent rate of growth was recorded in 2021 with an increase of 26% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Nigeria prevails in imports structure, recording X units, which was approx. 65% of total imports in 2022. Ghana (X units) ranks second in terms of the total imports with an 8% share, followed by Burkina Faso (6.2%) and Cote d'Ivoire (4.9%). The following importers - Senegal (X units), Guinea (X units), Mali (X units) and Niger (X units) - together made up 10% of total imports.

From 2012 to 2022, average annual rates of growth with regard to truck imports into Nigeria stood at +3.1%. At the same time, Mali (+10.5%), Guinea (+10.3%), Burkina Faso (+4.6%), Senegal (+1.5%) and Niger (+1.1%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +10.5% from 2012-2022. Cote d'Ivoire experienced a relatively flat trend pattern. By contrast, Ghana (-11.5%) illustrated a downward trend over the same period. While the share of Nigeria (+15 p.p.), Burkina Faso (+2 p.p.) and Guinea (+1.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (-20.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 66% of total imports. These countries were followed by Senegal, Guinea, Mali, Niger and Burkina Faso, which together accounted for a further 25%.

Guinea, with a CAGR of +9.9%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries 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, declining by -5.3% against the previous year. Overall, the import price saw a abrupt contraction. The growth pace was the most rapid in 2014 when the import price increased by 33% against the previous year. As a result, import price reached the peak level of $X per unit. From 2015 to 2022, the import prices remained at a 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 Mali ($X per unit), while Burkina Faso ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+4.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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