ECOWAS: Retreaded Pneumatic Tyre Market 2024

Retreaded Pneumatic Tyre Market Size in ECOWAS

In 2023, the ECOWAS retreaded pneumatic tyre market decreased by X% to $X for the first time since 2020, thus ending a two-year rising trend. In general, consumption, however, faced a deep contraction. The level of consumption peaked at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Retreaded Pneumatic Tyre Production in ECOWAS

In value terms, retreaded pneumatic tyre production contracted markedly to $X in 2023 estimated in export price. In general, production, however, saw a deep reduction. The growth pace was the most rapid in 2022 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

Retreaded Pneumatic Tyre Exports

Exports in ECOWAS

In 2023, overseas shipments of retreaded pneumatic tyres decreased by X% to X units, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, continue to indicate a modest increase. The growth pace was the most rapid in 2013 when exports increased by X%. The volume of export peaked at X units in 2017; however, from 2018 to 2023, the exports failed to regain momentum.

In value terms, retreaded pneumatic tyre exports reduced remarkably to $X in 2023. In general, exports recorded a abrupt slump. The growth pace was the most rapid in 2021 when exports increased by X%. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2023, the exports remained at a lower figure.

Exports by Country

Senegal was the largest exporting country with an export of around X units, which resulted at X% of total exports. Togo (X units) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Cote d'Ivoire (X%), Burkina Faso (X%) and Sierra Leone (X%). Nigeria (X units) and Ghana (X units) followed a long way behind the leaders.

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

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

Sierra Leone, with a CAGR of X%, saw the highest rates of growth with regard to 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

In 2023, the export price in ECOWAS amounted to $X per unit, dropping by X% against the previous year. Overall, the export price showed a deep downturn. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The level of export peaked at $X per unit in 2012; however, from 2013 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 ($X per unit), while Burkina Faso ($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 more modest paces of growth.

Retreaded Pneumatic Tyre Imports

Imports in ECOWAS

In 2023, approx. X units of retreaded pneumatic tyres were imported in ECOWAS; increasing by X% on the previous year's figure. Total imports indicated a pronounced expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, retreaded pneumatic tyre imports soared to $X in 2023. Total imports indicated a noticeable expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2023, the growth of imports failed to regain momentum.

Imports by Country

Senegal (X units) and Ghana (X units) represented roughly X% of total imports in 2023. It was distantly followed by Togo (X units), Cote d'Ivoire (X units), Guinea (X units) and Nigeria (X units), together comprising a X% share of total imports. Burkina Faso (X units) took a relatively small share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Cote d'Ivoire (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X), Togo ($X) and Burkina Faso ($X) constituted the countries with the highest levels of imports in 2023, together comprising X% of total imports. Cote d'Ivoire, Ghana, Nigeria and Guinea lagged somewhat behind, together comprising a further X%.

Among the main importing countries, Cote d'Ivoire, with a CAGR of X%, saw the highest growth rate of the value of imports, 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 ECOWAS stood at $X per unit in 2023, waning by X% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 an increase of X%. Over the period under review, import prices hit record highs at $X per unit in 2018; however, from 2019 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 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 Nigeria (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform