ECOWAS: Passenger Car Tyre Market 2024

Passenger Car Tyre Market Size in ECOWAS

The ECOWAS passenger car tyre market fell slightly to $X in 2022, declining by X% against the previous year. The total consumption indicated a measured expansion 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, consumption increased by X% against 2020 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Passenger Car Tyre Production in ECOWAS

In value terms, passenger car tyre production declined slightly to $X in 2022 estimated in export price. The total production indicated a temperate 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, production decreased by X% against 2019 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Passenger Car Tyre Exports

Exports in ECOWAS

For the third year in a row, ECOWAS recorded decline in shipments abroad of tyres for motor cars, which decreased by X% to X units in 2022. Over the period under review, exports saw a slight shrinkage. The pace of growth appeared the most rapid in 2016 when exports increased by X%. Over the period under review, the exports reached the maximum at X units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, passenger car tyre exports contracted remarkably to $X in 2022. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by X%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Sierra Leone (X units), Senegal (X units) and Ghana (X units) was the largest exporter of tyres for motor cars in ECOWAS, committing X% of total export. Gambia (X units) took the next position in the ranking, followed by Guinea (X units) and Mali (X units). All these countries together held approx. X% share of total exports. Cote d'Ivoire (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Sierra Leone (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car tyre supplying countries in ECOWAS were Sierra Leone ($X), Senegal ($X) and Gambia ($X), with a combined X% share of total exports. Ghana, Guinea, Mali and Cote d'Ivoire lagged somewhat behind, together comprising a further X%.

Among the main exporting countries, Guinea, 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 more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, falling by X% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the export price increased by X% against the previous year. The level of export peaked at $X per unit in 2021, and then contracted in the following year.

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

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

Passenger Car Tyre Imports

Imports in ECOWAS

In 2022, passenger car tyre imports in ECOWAS reduced to X units, dropping by X% on the year before. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. The volume of import peaked at X units in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, passenger car tyre imports contracted modestly to $X in 2022. Over the period under review, imports saw a mild contraction. The pace of growth was the most pronounced in 2014 with an increase of X%. Over the period under review, imports attained the maximum at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Ghana (X units), distantly followed by Cote d'Ivoire (X units), Nigeria (X units), Guinea (X units) and Senegal (X units) represented the main importers of tyres for motor cars, together achieving X% of total imports. Mali (X units), Cabo Verde (X units), Burkina Faso (X units), Sierra Leone (X units), Niger (X units), Liberia (X units) and Togo (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Cabo Verde (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Cote d'Ivoire ($X) and Nigeria ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for X% of total imports. Senegal, Guinea, Mali, Burkina Faso, Cabo Verde, Sierra Leone, Niger, Togo and Liberia lagged somewhat behind, together accounting for a further X%.

Senegal, with a CAGR of X%, recorded the highest growth rate of 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

In 2022, the import price in ECOWAS amounted to $X per unit, increasing by X% against the previous year. Over the period under review, the import price, however, showed a mild descent. The level of import peaked at $X per unit in 2013; however, from 2014 to 2022, 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 Senegal ($X per unit), while Guinea ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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