Western Africa: Market for Steering Wheels, Steering Columns And Steering Boxes 2024

Market Size for Steering Wheels, Steering Columns And Steering Boxes in Western Africa

The West African steering wheels and columns market declined slightly to $X in 2022, with a decrease of -2.4% against the previous year. In general, consumption, however, recorded a slight downturn. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Steering Wheels, Steering Columns And Steering Boxes in Western Africa

In value terms, steering wheels and columns production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a noticeable shrinkage. The growth pace was the most rapid in 2017 with an increase of 31%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Steering Wheels, Steering Columns And Steering Boxes

Exports in Western Africa

In 2022, shipments abroad of steering wheels, steering columns and steering boxes was finally on the rise to reach X tons after two years of decline. Overall, exports, however, continue to indicate a sharp decrease. The pace of growth was the most pronounced in 2019 with an increase of 152%. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, steering wheels and columns exports skyrocketed to $X in 2022. In general, exports, however, showed a significant curtailment. The most prominent rate of growth was recorded in 2013 with an increase of 87%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Sierra Leone was the key exporter of steering wheels, steering columns and steering boxes in Western Africa, with the volume of exports finishing at X tons, which was approx. 49% of total exports in 2022. It was distantly followed by Nigeria (X tons), Guinea (X tons), Ghana (X tons) and Gambia (X tons), together constituting a 45% share of total exports. Mali (X kg) took a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to steering wheels and columns exports from Sierra Leone stood at -27.8%. At the same time, Guinea (+69.7%), Mali (+44.6%) and Gambia (+28.2%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +69.7% from 2012-2022. By contrast, Nigeria (-1.2%) and Ghana (-4.3%) illustrated a downward trend over the same period. While the share of Nigeria (+20 p.p.), Guinea (+11 p.p.), Gambia (+5.6 p.p.), Ghana (+5.5 p.p.) and Mali (+2.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Sierra Leone (-48.1 p.p.) displayed negative dynamics.

In value terms, Sierra Leone ($X), Nigeria ($X) and Ghana ($X) constituted the countries with the highest levels of exports in 2022, with a combined 71% share of total exports. Guinea, Gambia and Mali lagged somewhat behind, together accounting for a further 19%.

Guinea, with a CAGR of +67.1%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, falling by -3.1% against the previous year. Export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, steering wheels and columns export price decreased by -19.7% against 2020 indices. The most prominent rate of growth was recorded in 2020 an increase of 71% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Sierra Leone ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+9.2%), while the other leaders experienced mixed trends in the export price figures.

Imports of Steering Wheels, Steering Columns And Steering Boxes

Imports in Western Africa

In 2022, overseas purchases of steering wheels, steering columns and steering boxes decreased by -13.3% to X tons, falling for the second year in a row after four years of growth. In general, imports saw a slight curtailment. The pace of growth was the most pronounced in 2018 when imports increased by 39% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, steering wheels and columns imports dropped rapidly to $X in 2022. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 69% against the previous year. As a result, imports attained the peak of $X, and then shrank remarkably in the following year.

Imports by Country

In 2022, Ghana (X tons), distantly followed by Nigeria (X tons), Cote d'Ivoire (X tons), Senegal (X tons) and Mauritania (X tons) represented the largest importers of steering wheels, steering columns and steering boxes, together achieving 90% of total imports. The following importers - Guinea (X tons) and Liberia (X tons) - together made up 6% of total imports.

From 2012 to 2022, the biggest increases were recorded for Liberia (with a CAGR of +29.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Mauritania ($X) and Nigeria ($X) were the countries with the highest levels of imports in 2022, together comprising 65% of total imports. Cote d'Ivoire, Senegal, Guinea and Liberia lagged somewhat behind, together accounting for a further 29%.

Senegal, with a CAGR of +22.6%, 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 ton in 2022, waning by -5.7% against the previous year. Import price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, steering wheels and columns import price increased by +89.3% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 101% against the previous year. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat 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 Mauritania ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+8.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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