Western Africa: Market for Equipment For Internal Combustion Engines 2024

Market Size for Equipment For Internal Combustion Engines in Western Africa

The West African internal combustion engine equipment market contracted slightly to $X in 2022, therefore, remained relatively stable against the previous year. In general, consumption recorded a pronounced downturn. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Equipment For Internal Combustion Engines in Western Africa

In value terms, internal combustion engine equipment production reduced to $X in 2022 estimated in export price. Overall, production saw a pronounced reduction. The pace of growth appeared the most rapid in 2018 when the production volume increased by X%. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Exports of Equipment For Internal Combustion Engines

Exports in Western Africa

Internal combustion engine equipment exports surged to X units in 2022, growing by X% against the previous year. Over the period under review, exports recorded strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, internal combustion engine equipment exports surged to $X in 2022. In general, exports continue to indicate strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Burkina Faso represented the major exporting country with an export of about X units, which accounted for X% of total exports. Cote d'Ivoire (X units) held the second position in the ranking, distantly followed by Ghana (X units) and Sierra Leone (X units). All these countries together held approx. X% share of total exports. Togo (X units), Mali (X units) and Nigeria (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to internal combustion engine equipment exports from Burkina Faso stood at X%. At the same time, Ghana (X%), Cote d'Ivoire (X%), Togo (X%), Sierra Leone (X%), Nigeria (X%) and Mali (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2022. While the share of Cote d'Ivoire (X p.p.), Burkina Faso (X p.p.), Ghana (X p.p.) and Togo (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Nigeria (X p.p.), Sierra Leone (X p.p.) and Mali (X p.p.) displayed negative dynamics.

In value terms, Burkina Faso ($X) emerged as the largest internal combustion engine equipment supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a X% share of total exports. It was followed by Ghana, with an X% share.

In Burkina Faso, internal combustion engine equipment exports increased at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (X% per year) and Ghana (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per unit in 2022, which is down by X% against the previous year. Overall, the export price recorded a abrupt setback. The growth pace was the most rapid in 2019 when the export price increased by X%. Over the period under review, the export prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sierra Leone ($X per unit), while Burkina Faso ($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 (X%), while the other leaders experienced a decline in the export price figures.

Imports of Equipment For Internal Combustion Engines

Imports in Western Africa

In 2022, overseas purchases of equipment for internal combustion engines decreased by X% to X units, falling for the second year in a row after two years of growth. Over the period under review, imports recorded a deep contraction. The pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. As a result, imports attained the peak of X units. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, internal combustion engine equipment imports dropped to $X in 2022. In general, imports showed a abrupt decline. The pace of growth was the most pronounced in 2020 with an increase of X%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Ghana was the key importing country with an import of about X units, which reached X% of total imports. Nigeria (X units) ranks second in terms of the total imports with a X% share, followed by Benin (X%), Burkina Faso (X%), Senegal (X%), Guinea (X%) and Cote d'Ivoire (X%).

Imports into Ghana increased at an average annual rate of X% from 2012 to 2022. At the same time, Benin (X%), Guinea (X%), Burkina Faso (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Nigeria (X%) and Senegal (X%) illustrated a downward trend over the same period. Ghana (X p.p.), Benin (X p.p.), Guinea (X p.p.), Burkina Faso (X p.p.) and Cote d'Ivoire (X p.p.) significantly strengthened its position in terms of the total imports, while Nigeria and Senegal saw its share reduced by X% and X% from 2012 to 2022, respectively.

In value terms, Ghana ($X) constitutes the largest market for imported equipment for internal combustion engines in Western Africa, comprising X% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total imports. It was followed by Nigeria, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana totaled X%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (X% per year) and Nigeria (X% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per unit, growing by X% against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of X%. As a result, import price reached the peak level of $X per unit. From 2019 to 2022, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per unit), while Benin ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform