ECOWAS: Tyre Market 2024

Tyre Market Size in ECOWAS

The ECOWAS tyre market contracted to $X in 2022, dropping by X% against the previous year. In general, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Tyre Production in ECOWAS

In value terms, tyre production reduced modestly to $X in 2022 estimated in export price. The total production indicated a perceptible 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, production decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Tyre Exports

Exports in ECOWAS

In 2022, the amount of tyres exported in ECOWAS plummeted to X units, reducing by X% against 2021 figures. Overall, exports continue to indicate a sharp descent. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, tyre exports surged to $X in 2022. Over the period under review, exports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2017 with an increase of X%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Ghana was the largest exporter of tyres in ECOWAS, with the volume of exports resulting at X units, which was approx. X% of total exports in 2022. Senegal (X units) held the second position in the ranking, followed by Mali (X units) and Togo (X units). All these countries together took near X% share of total exports. The following exporters - Burkina Faso (X units), Sierra Leone (X units) and Cote d'Ivoire (X units) - each resulted at a X% share of total exports.

Ghana was also the fastest-growing in terms of the tyres exports, with a CAGR of X% from 2012 to 2022. At the same time, Mali (X%) displayed positive paces of growth. Senegal experienced a relatively flat trend pattern. By contrast, Togo (X%), Sierra Leone (X%), Burkina Faso (X%) and Cote d'Ivoire (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ghana, Senegal, Mali, Togo, Burkina Faso, Sierra Leone and Cote d'Ivoire increased by X, X, X, X, X, X and X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X), Mali ($X) and Ghana ($X) constituted the countries with the highest levels of exports in 2022, together comprising X% of total exports.

In terms of the main exporting countries, Mali, 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, growing by X% against the previous year. Over the period under review, the export price continues to indicate a significant expansion. The pace of growth appeared the most rapid in 2016 an increase of X% against the previous year. Over the period under review, the export prices reached the peak figure in 2022 and is likely to see gradual growth in the near future.

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

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

Tyre Imports

Imports in ECOWAS

In 2022, tyre imports in ECOWAS fell markedly to X units, waning by X% on 2021 figures. Overall, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of X%. The volume of import peaked at X units in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, tyre imports dropped to $X in 2022. Over the period under review, imports saw a noticeable reduction. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Ghana (X units) and Mali (X units) were the largest importers of tyres in ECOWAS, together creating X% of total imports. Guinea (X units) ranks next in terms of the total imports with a X% share, followed by Nigeria (X%) and Cote d'Ivoire (X%). Gambia (X units) and Burkina Faso (X units) followed a long way behind the leaders.

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

In value terms, the largest tyre importing markets in ECOWAS were Ghana ($X), Nigeria ($X) and Cote d'Ivoire ($X), together accounting for X% of total imports. Guinea, Mali, Burkina Faso and Gambia lagged somewhat behind, together comprising a further X%.

Among the main importing countries, Gambia, with a CAGR of X%, recorded the highest rates of growth with regard to 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, surging by X% against the previous year. In general, the import price, however, continues to indicate a mild reduction. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. As a result, import price attained the peak level of $X per unit. From 2019 to 2022, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Burkina Faso ($X per unit), while Gambia ($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 more modest paces of growth.

Source: IndexBox Platform

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