Western Africa: Truck Market 2023

Truck Market Size in Western Africa

The West African truck market reached $X in 2022, approximately reflecting the previous year. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Truck Production in Western Africa

In value terms, truck production contracted to $X in 2022 estimated in export price. The total production indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +10.2% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 41% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Truck Exports

Exports in Western Africa

In 2022, approx. X units of trucks were exported in Western Africa; increasing by 2.1% against the previous year. Over the period under review, exports, however, recorded a abrupt downturn. The pace of growth was the most pronounced in 2017 when exports increased by 65%. As a result, the exports reached the peak of X units. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, truck exports declined slightly to $X in 2022. In general, exports, however, recorded a noticeable contraction. The pace of growth appeared the most rapid in 2021 when exports increased by 36%. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Senegal (X units), distantly followed by Niger (X units), Nigeria (X units), Togo (X units), Mali (X units) and Burkina Faso (X units) represented the largest exporters of trucks, together generating 84% of total exports. Cote d'Ivoire (X units) took a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +22.7%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Senegal ($X) remains the largest truck supplier in Western Africa, comprising 30% of total exports. The second position in the ranking was taken by Mali ($X), with a 13% share of total exports. It was followed by Niger, with a 12% share.

In Senegal, truck exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Mali (+2.0% per year) and Niger (+7.8% per year).

Export Prices by Country

The export price in Western Africa stood at $X per unit in 2022, reducing by -4.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2018 an increase of 33%. The level of export peaked at $X per unit in 2019; however, from 2020 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 Burkina Faso ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+10.6%), while the other leaders experienced more modest paces of growth.

Truck Imports

Imports in Western Africa

For the fourth consecutive year, Western Africa recorded growth in supplies from abroad of trucks, which increased by 4.7% to X units in 2022. Overall, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 70%. The volume of import peaked in 2022 and is likely to see steady growth in the immediate term.

In value terms, truck imports dropped to $X in 2022. In general, imports, however, continue to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 24%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Nigeria prevails in imports structure, finishing at X units, which was approx. 64% of total imports in 2022. Ghana (X units) ranks second in terms of the total imports with a 7.9% share, followed by Burkina Faso (6.1%) and Cote d'Ivoire (4.8%). Senegal (X units), Guinea (X units), Mali (X units) and Niger (X units) took a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to truck imports into Nigeria stood at +3.1%. At the same time, Mali (+10.5%), Guinea (+10.3%), Burkina Faso (+4.6%), Senegal (+1.5%) and Niger (+1.1%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +10.5% from 2012-2022. Cote d'Ivoire experienced a relatively flat trend pattern. By contrast, Ghana (-11.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria and Burkina Faso increased by +14 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest truck importing markets in Western Africa were Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X), with a combined 64% share of total imports. These countries were followed by Senegal, Guinea, Mali, Niger and Burkina Faso, which together accounted for a further 24%.

Guinea, with a CAGR of +9.9%, recorded the highest rates of growth with regard to the value of imports, in terms of 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

In 2022, the import price in Western Africa amounted to $X per unit, falling by -5.2% against the previous year. Overall, the import price recorded a abrupt curtailment. The growth pace was the most rapid in 2014 when the import price increased by 32% against the previous year. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the import prices remained 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 Mali ($X per unit), while Burkina Faso ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+4.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

Frequently Asked Questions (FAQ) :