Report Update Apr 1, 2024

Nigeria - Electric Accumulators - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Accumulator Market 2024

Accumulator Market Size in Nigeria

The Nigerien accumulator market surged to $X in 2022, growing by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a buoyant increase. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Accumulator Exports

Exports from Nigeria

In 2022, after three years of decline, there was significant growth in shipments abroad of electric accumulators, when their volume increased by X% to X units. Overall, exports posted prominent growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, accumulator exports soared to $X in 2022. In general, exports enjoyed a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Ghana (X units) was the main destination for accumulator exports from Nigeria, with a X% share of total exports. Moreover, accumulator exports to Ghana exceeded the volume sent to the second major destination, Togo (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Ghana amounted to X%.

In value terms, Ghana ($X) emerged as the key foreign market for electric accumulators exports from Nigeria, comprising X% of total exports. The second position in the ranking was held by Togo ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Ghana totaled X%.

Export Prices by Country

In 2022, the average accumulator export price amounted to $X per unit, dropping by X% against the previous year. Over the period under review, the export price, however, enjoyed modest growth. The most prominent rate of growth was recorded in 2019 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2021, and then contracted remarkably in the following year.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per unit), while the average price for exports to Togo stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Benin (X%).

Accumulator Imports

Imports into Nigeria

In 2022, approx. X units of electric accumulators were imported into Nigeria; surging by X% compared with the year before. Overall, imports enjoyed strong growth. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Imports peaked at X units in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, accumulator imports surged to $X in 2022. In general, imports continue to indicate a resilient increase. The growth pace was the most rapid in 2018 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X units), Vietnam (X units) and Mexico (X units) were the main suppliers of accumulator imports to Nigeria, with a combined X% share of total imports.

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

In value terms, China ($X), Vietnam ($X) and Mexico ($X) constituted the largest accumulator suppliers to Nigeria, together accounting for X% of total imports.

Among the main suppliers, Mexico, with a CAGR of X%, saw 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

In 2022, the average accumulator import price amounted to $X per unit, waning by X% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of X% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per unit), while the price for the United Arab Emirates ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for electric accumulators in the world?

The United States constituted the country with the largest volume of accumulator consumption, accounting for 16% of total volume. Moreover, accumulator consumption in the United States exceeded the figures recorded by the second-largest consumer, Hungary, twofold. The third position in this ranking was held by Poland, with a 5.9% share.

What are the largest producers of electric accumulators in the world?

China constituted the country with the largest volume of accumulator production, comprising approx. 56% of total volume. Moreover, accumulator production in China exceeded the figures recorded by the second-largest producer, Singapore, eightfold. Poland ranked third in terms of total production with a 4.2% share.

What are the leading suppliers of electric accumulators to Nigeria?

In value terms, the largest accumulator suppliers to Nigeria were China, Vietnam and Mexico, with a combined 73% share of total imports.

What are the leading importers of electric accumulators from Nigeria?

In value terms, Ghana emerged as the key foreign market for electric accumulators exports from Nigeria, comprising 93% of total exports. The second position in the ranking was held by Togo, with a 5.6% share of total exports.

What is the average export price for electric accumulators in Nigeria?

In 2022, the average accumulator export price amounted to $59 per unit, which is down by -42% against the previous year.

What is the average import price for electric accumulators in Nigeria?

The average accumulator import price stood at $36 per unit in 2022, waning by -1.6% against the previous year.

This report provides an in-depth analysis of the accumulator market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 27202100 - Lead-acid accumulators for starting piston engines
Prodcom 27202210 -
Prodcom 27202250 -
Prodcom 27202300 - Nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer, nickel-iron and other electric accumulators

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023