ECOWAS: Outboard Boat Motors Market 2024

Outboard Boat Motors Market Size in ECOWAS

The ECOWAS outboard boat motors market surged to $X in 2023, jumping by X% against the previous year. In general, consumption, however, showed a mild contraction. As a result, consumption reached the peak level of $X. From 2017 to 2023, the growth of the market remained at a lower figure.

Outboard Boat Motors Production in ECOWAS

In value terms, outboard boat motors production soared to $X in 2023 estimated in export price. Overall, production, however, continues to indicate a slight contraction. The pace of growth appeared the most rapid in 2019 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

Outboard Boat Motors Exports

Exports in ECOWAS

After two years of growth, shipments abroad of outboard motors for marine propulsion decreased by X% to X units in 2023. In general, exports, however, continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2013 with an increase of X%. Over the period under review, the exports hit record highs at X units in 2022, and then fell markedly in the following year.

In value terms, outboard boat motors exports dropped notably to $X in 2023. Over the period under review, exports, however, posted a prominent expansion. The growth pace was the most rapid in 2022 with an increase of X%. As a result, the exports attained the peak of $X, and then reduced notably in the following year.

Exports by Country

In 2023, Ghana (X units) represented the key exporter of outboard motors for marine propulsion, comprising X% of total exports. Senegal (X units) took the second position in the ranking, followed by Cote d'Ivoire (X units), Nigeria (X units) and Togo (X units). All these countries together held approx. X% share of total exports.

Ghana was also the fastest-growing in terms of the outboard motors for marine propulsion exports, with a CAGR of X% from 2012 to 2023. At the same time, Senegal (X%), Togo (X%), Cote d'Ivoire (X%) and Nigeria (X%) displayed positive paces of growth. From 2012 to 2023, the share of Ghana increased by X percentage points.

In value terms, the largest outboard boat motors supplying countries in ECOWAS were Senegal ($X), Ghana ($X) and Cote d'Ivoire ($X), together accounting for X% of total exports.

In terms of the main exporting countries, Ghana, 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, shrinking by X% against the previous year. In general, the export price saw a perceptible downturn. The most prominent rate of growth was recorded in 2022 an increase of X% against the previous year. The level of export peaked at $X per unit in 2019; however, from 2020 to 2023, the export prices stood at a somewhat 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 Cote d'Ivoire ($X per unit), while Ghana ($X per unit) was amongst the lowest.

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

Outboard Boat Motors Imports

Imports in ECOWAS

Outboard boat motors imports skyrocketed to X units in 2023, rising by X% on the previous year. Over the period under review, imports enjoyed a slight increase. The growth pace was the most rapid in 2016 when imports increased by X% against the previous year. As a result, imports reached the peak of X units. From 2017 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, outboard boat motors imports skyrocketed to $X in 2023. In general, imports, however, continue to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of X%. As a result, imports attained the peak of $X. From 2017 to 2023, the growth of imports failed to regain momentum.

Imports by Country

In 2023, Ghana (X units) was the main importer of outboard motors for marine propulsion, achieving X% of total imports. Senegal (X units) took the second position in the ranking, followed by Nigeria (X units) and Cote d'Ivoire (X units). All these countries together held near X% share of total imports. Guinea (X units), Sierra Leone (X units) and Gambia (X units) held a minor share of total imports.

From 2012 to 2023, average annual rates of growth with regard to outboard boat motors imports into Ghana stood at X%. At the same time, Gambia (X%), Cote d'Ivoire (X%) and Sierra Leone (X%) displayed positive paces of growth. Moreover, Gambia emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. Nigeria experienced a relatively flat trend pattern. By contrast, Guinea (X%) and Senegal (X%) illustrated a downward trend over the same period. Ghana (X p.p.) and Gambia (X p.p.) significantly strengthened its position in terms of the total imports, while Guinea, Nigeria and Senegal saw its share reduced by 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, Nigeria ($X), Ghana ($X) and Senegal ($X) constituted the countries with the highest levels of imports in 2023, together comprising X% of total imports. Cote d'Ivoire, Sierra Leone, Guinea and Gambia lagged somewhat behind, together accounting for a further X%.

Gambia, with a CAGR of X%, recorded the highest growth rate of 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, reducing by X% against the previous year. Over the period under review, the import price showed a perceptible decrease. The growth pace was the most rapid in 2022 an increase of X% against the previous year. Over the period under review, import prices attained the peak figure at $X per unit in 2014; however, from 2015 to 2023, import prices failed to regain momentum.

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 Nigeria ($X per unit), while Ghana ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform