Ghana: Market for Equipment For Internal Combustion Engines 2024

Market Size for Equipment For Internal Combustion Engines in Ghana

In 2022, the Ghanian internal combustion engine equipment market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption, however, posted a strong increase. Over the period under review, the market hit record highs at $X in 2021, and then declined notably in the following year.

Exports of Equipment For Internal Combustion Engines

Exports from Ghana

In 2022, shipments abroad of equipment for internal combustion engines decreased by X% to X units for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. The exports peaked at X units in 2021, and then shrank modestly in the following year.

In value terms, internal combustion engine equipment exports declined to $X in 2022. In general, exports, however, showed a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2021, and then reduced slightly in the following year.

Exports by Country

The Netherlands (X units) was the main destination for internal combustion engine equipment exports from Ghana, accounting for a X% share of total exports. Moreover, internal combustion engine equipment exports to the Netherlands exceeded the volume sent to the second major destination, Nigeria (X units), fivefold. The third position in this ranking was taken by Cote d'Ivoire (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Netherlands stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (X% per year) and Cote d'Ivoire (X% per year).

In value terms, the Netherlands ($X) emerged as the key foreign market for equipment for internal combustion engines exports from Ghana, comprising X% of total exports. The second position in the ranking was taken by Nigeria ($X), with a X% share of total exports. It was followed by Cote d'Ivoire, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (X% per year) and Cote d'Ivoire (X% per year).

Export Prices by Country

In 2022, the average internal combustion engine equipment export price amounted to $X per unit, remaining stable against the previous year. In general, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of X%. As a result, the export price reached the peak level of $X per unit. From 2019 to 2022, the average export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the Netherlands ($X per unit) and Nigeria ($X per unit), while the average price for exports to Angola ($X per unit) and Benin ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Imports of Equipment For Internal Combustion Engines

Imports into Ghana

In 2022, after two years of growth, there was significant decline in supplies from abroad of equipment for internal combustion engines, when their volume decreased by X% to X units. Overall, imports, however, continue to indicate a strong increase. The pace of growth appeared the most rapid in 2020 with an increase of X%. Imports peaked at X units in 2021, and then dropped notably in the following year.

In value terms, internal combustion engine equipment imports declined to $X in 2022. In general, imports, however, continue to indicate a resilient expansion. The growth pace was the most rapid in 2020 with an increase of X%. Over the period under review, imports hit record highs at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, China (X units) was the main internal combustion engine equipment supplier to Ghana, with a X% share of total imports. It was followed by the Netherlands (X units), with a X% share of total imports. The third position in this ranking was held by Mauritius (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and Mauritius (X% per year).

In value terms, China ($X) constituted the largest supplier of equipment for internal combustion engines to Ghana, comprising X% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a X% share of total imports. It was followed by Mauritius, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and Mauritius (X% per year).

Import Prices by Country

In 2022, the average internal combustion engine equipment import price amounted to $X per unit, rising by X% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the average import price increased by X%. As a result, import price attained the peak level of $X per unit. From 2014 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Mauritius ($X per unit), while the price for the UK ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform