Western Africa: Bicycle Market 2024

Bicycle Market Size in Western Africa

The West African bicycle market contracted remarkably to $X in 2021, with a decrease of -17.5% against the previous year. The total consumption indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +7.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +20.7% against 2019 indices. Over the period under review, the market hit record highs at $X in 2020, and then dropped dramatically in the following year.

Bicycle Production in Western Africa

In value terms, bicycle production fell sharply to $X in 2021 estimated in export price. Over the period under review, production, however, enjoyed a strong expansion. The pace of growth was the most pronounced in 2016 with an increase of 189%. The level of production peaked at $X in 2020, and then dropped significantly in the following year.

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Bicycle Exports

Exports in Western Africa

In 2021, overseas shipments of bicycles and other cycles increased by 213% to X units for the first time since 2018, thus ending a two-year declining trend. Overall, exports saw a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, bicycle exports skyrocketed to $X in 2021. In general, exports enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 86% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Burkina Faso represented the key exporting country with an export of about X units, which accounted for 77% of total exports. It was distantly followed by Ghana (X units), achieving a 16% share of total exports. Liberia (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to bicycle exports from Burkina Faso stood at +71.0%. At the same time, Liberia (+72.9%) and Ghana (+55.8%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +72.9% from 2012-2021. Burkina Faso (+66 p.p.), Ghana (+11 p.p.) and Liberia (+2.7 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest bicycle supplier in Western Africa, comprising 63% of total exports. The second position in the ranking was taken by Burkina Faso ($X), with a 2.4% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Ghana totaled +48.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Burkina Faso (+35.9% per year) and Liberia (+71.0% per year).

Export Prices by Country

The export price in Western Africa stood at $X per unit in 2021, reducing by -61.6% against the previous year. In general, the export price continues to indicate a sharp shrinkage. The pace of growth was the most pronounced in 2017 when the export price increased by 133%. The level of export peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Ghana ($X per unit), while Burkina Faso ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Liberia (-1.8%), while the other leaders experienced a decline in the export price figures.

Bicycle Imports

Imports in Western Africa

In 2021, purchases abroad of bicycles and other cycles increased by 2.1% to X units, rising for the third consecutive year after three years of decline. Over the period under review, imports showed a prominent increase. The pace of growth appeared the most rapid in 2015 when imports increased by 214%. As a result, imports reached the peak of X units. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, bicycle imports dropped markedly to $X in 2021. In general, imports enjoyed a strong expansion. The pace of growth appeared the most rapid in 2015 with an increase of 193%. Over the period under review, imports attained the maximum at $X in 2020, and then contracted rapidly in the following year.

Imports by Country

Ghana was the key importer of bicycles and other cycles in Western Africa, with the volume of imports accounting for X units, which was approx. 54% of total imports in 2021. Nigeria (X units) took the second position in the ranking, distantly followed by Cote d'Ivoire (X units) and Senegal (X units). All these countries together held near 34% share of total imports. Mali (X units), Togo (X units) and Guinea (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to bicycle imports into Ghana stood at +7.2%. At the same time, Togo (+46.0%), Mali (+21.3%), Cote d'Ivoire (+18.6%), Senegal (+18.1%) and Guinea (+9.5%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +46.0% from 2012-2021. By contrast, Nigeria (-12.3%) illustrated a downward trend over the same period. Nigeria (+20 p.p.), Cote d'Ivoire (+3.5 p.p.), Togo (+2.3 p.p.), Senegal (+1.6 p.p.) and Mali (+1.5 p.p.) significantly strengthened its position in terms of the total imports, while Ghana saw its share reduced by -29.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest bicycle importing markets in Western Africa were Ghana ($X), Nigeria ($X) and Cote d'Ivoire ($X), with a combined 81% share of total imports.

Cote d'Ivoire, with a CAGR of +24.8%, saw the highest growth rate of the value of imports, among the main importing countries 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 Western Africa stood at $X per unit in 2021, declining by -17.6% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the import price increased by 22%. The level of import peaked at $X per unit in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per unit), while Togo ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+16.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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