ECOWAS: Video Game Console Market 2023

Video Game Console Market Size in ECOWAS

After three years of growth, the ECOWAS video game console market decreased by -3.3% to $X in 2022. In general, consumption showed a significant expansion. The level of consumption peaked at $X in 2021, and then shrank modestly in the following year.

Video Game Console Production in ECOWAS

In value terms, video game console production amounted to $X in 2022 estimated in export price. Over the period under review, production faced a precipitous shrinkage. The pace of growth was the most pronounced in 2016 when the production volume increased by 15%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Video Game Console Exports

Exports in ECOWAS

In 2022, shipments abroad of video game consoles (not operated by means of payments) was finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, showed a pronounced descent. The growth pace was the most rapid in 2019 when exports increased by 345%. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, video game console exports amounted to $X in 2022. In general, exports enjoyed modest growth. The pace of growth was the most pronounced in 2020 with an increase of 117% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cabo Verde represented the largest exporter of video game consoles (not operated by means of payments) in ECOWAS, with the volume of exports resulting at X units, which was approx. 41% of total exports in 2022. Nigeria (X units) ranks second in terms of the total exports with a 20% share, followed by Sierra Leone (13%), Ghana (9.1%), Burkina Faso (7.8%) and Guinea (7%).

From 2012 to 2022, average annual rates of growth with regard to video game console exports from Cabo Verde stood at -9.5%. At the same time, Sierra Leone (+53.0%), Nigeria (+24.6%) and Ghana (+21.5%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +53.0% from 2012-2022. Guinea experienced a relatively flat trend pattern. By contrast, Burkina Faso (-4.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria, Sierra Leone, Ghana and Guinea increased by +18, +13, +8.3 and +2.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cabo Verde ($X), Nigeria ($X) and Sierra Leone ($X) were the countries with the highest levels of exports in 2022, together comprising 80% of total exports.

In terms of the main exporting countries, Sierra Leone, with a CAGR of +66.1%, 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

The export price in ECOWAS stood at $X per unit in 2022, which is down by -12.4% against the previous year. Over the period under review, the export price, however, recorded a remarkable increase. The pace of growth appeared the most rapid in 2020 an increase of 454% against the previous year. Over the period under review, the export prices hit record highs at $X per unit in 2014; however, from 2015 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 Nigeria ($X per unit), while Ghana ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+9.5%), while the other leaders experienced mixed trends in the export price figures.

Video Game Console Imports

Imports in ECOWAS

In 2022, approx. X units of video game consoles (not operated by means of payments) were imported in ECOWAS; surging by 3.4% on 2021. Overall, imports showed significant growth. The pace of growth appeared the most rapid in 2014 with an increase of 173%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, video game console imports shrank to $X in 2022. In general, imports continue to indicate a significant increase. The growth pace was the most rapid in 2017 when imports increased by 286%. The level of import peaked at $X in 2021, and then reduced in the following year.

Imports by Country

Ghana represented the largest importer of video game consoles (not operated by means of payments) in ECOWAS, with the volume of imports amounting to X units, which was near 65% of total imports in 2022. Cote d'Ivoire (X units) held a 17% share (based on physical terms) of total imports, which put it in second place, followed by Nigeria (8.5%) and Senegal (7.7%).

Imports into Ghana increased at an average annual rate of +26.5% from 2012 to 2022. At the same time, Senegal (+40.9%), Cote d'Ivoire (+28.7%) and Nigeria (+3.0%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +40.9% from 2012-2022. Nigeria (+8.5 p.p.), Ghana (+6.9 p.p.), Senegal (+5.3 p.p.) and Cote d'Ivoire (+4 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported video game consoles (not operated by means of payments) in ECOWAS, comprising 89% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 4.8% share of total imports. It was followed by Senegal, with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana amounted to +46.0%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+11.5% per year) and Senegal (+20.0% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, with a decrease of -8.5% against the previous year. In general, the import price, however, saw a strong increase. The pace of growth was the most pronounced in 2020 when the import price increased by 177%. As a result, import price attained the peak level of $X per unit. From 2021 to 2022, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, 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 Ghana (+15.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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