ECOWAS: Internal Combustion Engines Market 2024

Internal Combustion Engines Market Size in ECOWAS

The ECOWAS internal combustion engines market reduced slightly to $X in 2023, which is down by X% against the previous year. In general, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2023, consumption stood at a somewhat lower figure.

Internal Combustion Engines Production in ECOWAS

In value terms, internal combustion engines production shrank modestly to $X in 2023 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2023, production growth remained at a lower figure.

Internal Combustion Engines Exports

Exports in ECOWAS

In 2023, overseas shipments of motor vehicles compression-ignition internal combustion piston engines decreased by X% to X units for the first time since 2020, thus ending a two-year rising trend. In general, exports, however, continue to indicate measured growth. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The volume of export peaked at X units in 2022, and then dropped sharply in the following year.

In value terms, internal combustion engines exports dropped to $X in 2023. Over the period under review, exports saw a perceptible decline. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports attained the peak of $X. From 2022 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Nigeria was the main exporting country with an export of around X units, which amounted to X% of total exports. It was distantly followed by Ghana (X units), Cote d'Ivoire (X units), Senegal (X units) and Liberia (X units), together constituting a X% share of total exports. Burkina Faso (X units) and Sierra Leone (X units) followed a long way behind the leaders.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Burkina Faso (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Senegal ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of exports in 2023, with a combined X% share of total exports. Burkina Faso, Nigeria, Liberia and Sierra Leone lagged somewhat behind, together accounting for a further X%.

Burkina Faso, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of 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

In 2023, the export price in ECOWAS amounted to $X per unit, jumping by X% against the previous year. Overall, the export price, however, showed a drastic downturn. The pace of growth was the most pronounced in 2018 an increase of X%. Over the period under review, the export prices hit record highs at $X per unit in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Senegal ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Burkina Faso (X%), while the other leaders experienced more modest paces of growth.

Internal Combustion Engines Imports

Imports in ECOWAS

In 2023, approx. X units of motor vehicles compression-ignition internal combustion piston engines were imported in ECOWAS; increasing by X% on the previous year. Overall, imports continue to indicate measured growth. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. As a result, imports attained the peak of X units. From 2022 to 2023, the growth of imports failed to regain momentum.

In value terms, internal combustion engines imports contracted slightly to $X in 2023. In general, imports, however, saw a perceptible curtailment. The pace of growth was the most pronounced in 2021 when imports increased by X%. The level of import peaked at $X in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

Imports by Country

Ghana represented the major importer of motor vehicles compression-ignition internal combustion piston engines in ECOWAS, with the volume of imports finishing at X units, which was approx. X% of total imports in 2023. It was distantly followed by Senegal (X units), Cote d'Ivoire (X units) and Guinea (X units), together committing a X% share of total imports. The following importers - Burkina Faso (X units) and Nigeria (X units) - each resulted at a X% share of total imports.

Imports into Ghana increased at an average annual rate of X% from 2012 to 2023. At the same time, Cote d'Ivoire (X%), Burkina Faso (X%), Guinea (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Nigeria (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Ghana and Cote d'Ivoire increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest internal combustion engines importing markets in ECOWAS were Senegal ($X), Burkina Faso ($X) and Ghana ($X), with a combined X% share of total imports.

Burkina Faso, with a CAGR of X%, 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 2023, the import price in ECOWAS amounted to $X per unit, waning by X% against the previous year. In general, the import price showed a deep reduction. The growth pace was the most rapid in 2022 an increase of X%. Over the period under review, import prices attained the peak figure at $X per unit in 2014; however, from 2015 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Burkina Faso ($X per unit), while Ghana ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform