ECOWAS: Vehicle Seat Market 2024

Vehicle Seat Market Size in ECOWAS

The ECOWAS vehicle seat market totaled $X in 2023, with an increase of X% against the previous year. Over the period under review, consumption posted a strong increase. The level of consumption peaked at $X in 2021; however, from 2022 to 2023, consumption failed to regain momentum.

Vehicle Seat Production in ECOWAS

In value terms, vehicle seat production expanded remarkably to $X in 2023 estimated in export price. Over the period under review, production enjoyed a buoyant expansion. The growth pace was the most rapid in 2021 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2022 to 2023, production growth remained at a somewhat lower figure.

Vehicle Seat Exports

Exports in ECOWAS

In 2023, approx. X units of seats for motor vehicles were exported in ECOWAS; rising by X% against 2022. Overall, exports posted a resilient expansion. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X units in 2015; however, from 2016 to 2023, the exports stood at a somewhat lower figure.

In value terms, vehicle seat exports shrank notably to $X in 2023. Over the period under review, exports continue to indicate a resilient increase. The growth pace was the most rapid in 2022 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X, and then fell notably in the following year.

Exports by Country

Ghana represented the major exporting country with an export of about X units, which accounted for X% of total exports. Nigeria (X units) took the second position in the ranking, distantly followed by Senegal (X units). All these countries together held near X% share of total exports. The following exporters - Cote d'Ivoire (X units), Mali (X units), Guinea (X units) and Liberia (X units) - together made up X% of total exports.

Ghana was also the fastest-growing in terms of the seats for motor vehicles exports, with a CAGR of X% from 2012 to 2023. At the same time, Senegal (X%), Nigeria (X%) and Guinea (X%) displayed positive paces of growth. By contrast, Cote d'Ivoire (X%), Mali (X%) and Liberia (X%) illustrated a downward trend over the same period. Ghana (X p.p.) and Senegal (X p.p.) significantly strengthened its position in terms of the total exports, while Nigeria, Cote d'Ivoire, Mali and Liberia saw its share reduced by X%, X%, X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest vehicle seat supplying countries in ECOWAS were Ghana ($X), Senegal ($X) and Cote d'Ivoire ($X), with a combined X% share of total exports.

Among the main exporting countries, Senegal, with a CAGR of X%, recorded the highest growth rate of the value of exports, 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 ECOWAS stood at $X per unit in 2023, waning by X% against the previous year. Over the period under review, the export price continues to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2022 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per unit, and then shrank sharply in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

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

Vehicle Seat Imports

Imports in ECOWAS

After two years of growth, overseas purchases of seats for motor vehicles decreased by X% to X units in 2023. Overall, imports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The volume of import peaked at X units in 2022, and then shrank notably in the following year.

In value terms, vehicle seat imports skyrocketed to $X in 2023. Over the period under review, imports, however, saw prominent growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Ghana represented the main importing country with an import of around X units, which accounted for X% of total imports. It was distantly followed by Nigeria (X units), achieving a X% share of total imports. The following importers - Cote d'Ivoire (X units), Burkina Faso (X units), Benin (X units), Guinea (X units), Mali (X units) and Liberia (X units) - together made up X% of total imports.

From 2012 to 2023, the biggest increases were recorded for Nigeria (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported seats for motor vehicles in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Ghana ($X), with a X% share of total imports. It was followed by Burkina Faso, with a X% share.

In Nigeria, vehicle seat imports expanded at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (X% per year) and Burkina Faso (X% per year).

Import Prices by Country

In 2023, the import price in ECOWAS amounted to $X per unit, growing by X% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. Over the period under review, import prices attained the peak figure at $X per unit in 2020; however, from 2021 to 2023, 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 Guinea ($X per unit), while Ghana ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform