Nigeria: Spark Plug Market 2024

Spark Plug Market Size in Nigeria

In 2022, the Nigerien spark plug market decreased by X% to $X, falling for the third consecutive year after two years of growth. Overall, consumption continues to indicate a abrupt shrinkage. Spark plug consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Spark Plug Exports

Exports from Nigeria

In 2022, the amount of sparking plugs exported from Nigeria shrank dramatically to X units, which is down by X% on the previous year's figure. Over the period under review, exports recorded a deep slump. The growth pace was the most rapid in 2016 when exports increased by X%. Over the period under review, the exports reached the maximum at X units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, spark plug exports fell remarkably to $X in 2022. In general, exports continue to indicate a slight downturn. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Angola (X units) was the main destination for spark plug exports from Nigeria, with a X% share of total exports. Moreover, spark plug exports to Angola exceeded the volume sent to the second major destination, Zimbabwe (X units), twofold. France (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Angola stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Zimbabwe (X% per year) and France (X% per year).

In value terms, the largest markets for spark plug exported from Nigeria were Angola ($X), France ($X) and Democratic Republic of the Congo ($X), with a combined X% share of total exports.

In terms of the main countries of destination, Democratic Republic of the Congo, with a CAGR of X%, saw the highest growth rate of 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 average spark plug export price stood at $X per unit in 2022, picking up by X% against the previous year. Overall, the export price showed prominent growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Sao Tome and Principe ($X per unit), while the average price for exports to Angola ($X per unit) was amongst the lowest.

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

Spark Plug Imports

Imports into Nigeria

In 2022, overseas purchases of sparking plugs decreased by X% to X units, falling for the third year in a row after two years of growth. In general, imports faced a deep setback. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, spark plug imports shrank slightly to $X in 2022. Over the period under review, imports showed a abrupt slump. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Japan (X units), Thailand (X units) and Germany (X units) were the main suppliers of spark plug imports to Nigeria, with a combined X% share of total imports. China, Belgium, Mexico, the UK, the United States, the United Arab Emirates and India lagged somewhat behind, together accounting for a further X%.

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

In value terms, Japan ($X), Thailand ($X) and Germany ($X) appeared to be the largest spark plug suppliers to Nigeria, together comprising X% of total imports. China, Belgium, Mexico, the UK, the United States, the United Arab Emirates and India lagged somewhat behind, together comprising a further X%.

Among the main suppliers, Mexico, with a CAGR of X%, recorded the highest growth rate of 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 spark plug import price amounted to $X per unit, rising by X% against the previous year. Overall, import price indicated strong growth from 2012 to 2022: its price 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, spark plug import price increased by X% against 2012 indices. The pace of growth appeared the most rapid in 2017 an increase of X%. The import price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from India ($X per unit) and the United Arab Emirates ($X per unit), while the price for Mexico ($X per unit) and Thailand ($X per unit) were amongst the lowest.

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

Source: IndexBox Platform