ECOWAS: Market for Household Washing and Drying Machines 2024

Market Size for Household Washing and Drying Machines in ECOWAS

In 2022, the ECOWAS washing and drying machine market decreased by X% to $X, falling for the third year in a row after two years of growth. The total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2019 indices. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Production of Household Washing and Drying Machines in ECOWAS

In value terms, washing and drying machine production declined slightly to $X in 2022 estimated in export price. The total production indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Household Washing and Drying Machines

Exports in ECOWAS

For the fourth year in a row, ECOWAS recorded growth in overseas shipments of household washing and drying machines, which increased by X% to X units in 2022. Overall, exports, however, continue to indicate a slight decrease. The pace of growth was the most pronounced in 2013 with an increase of X%. Over the period under review, the exports attained the peak figure at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, washing and drying machine exports dropped slightly to $X in 2022. Over the period under review, exports, however, recorded a deep setback. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Gambia represented the largest exporting country with an export of around X units, which reached X% of total exports. It was distantly followed by Sierra Leone (X units), Senegal (X units), Cote d'Ivoire (X units) and Togo (X units), together constituting a X% share of total exports. The following exporters - Liberia (X units) and Niger (X units) - each finished at a X% share of total exports.

Gambia was also the fastest-growing in terms of the household washing and drying machines exports, with a CAGR of X% from 2012 to 2022. At the same time, Togo (X%), Niger (X%) and Liberia (X%) displayed positive paces of growth. By contrast, Cote d'Ivoire (X%), Sierra Leone (X%) and Senegal (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Gambia, Togo, Niger and Liberia 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, the largest washing and drying machine supplying countries in ECOWAS were Sierra Leone ($X), Gambia ($X) and Senegal ($X), with a combined X% share of total exports.

Gambia, with a CAGR of X%, saw the highest growth rate of 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

The export price in ECOWAS stood at $X per unit in 2022, shrinking by X% against the previous year. Overall, the export price recorded a noticeable decrease. The pace of growth was the most pronounced in 2015 an increase of X%. Over the period under review, the export prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Niger ($X per unit), while Gambia ($X per unit) was amongst the lowest.

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

Imports of Household Washing and Drying Machines

Imports in ECOWAS

In 2022, purchases abroad of household washing and drying machines decreased by X% to X units, falling for the third year in a row after two years of growth. Overall, imports, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2015 with an increase of X%. As a result, imports attained the peak of X units. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, washing and drying machine imports shrank to $X in 2022. In general, imports, however, recorded a strong increase. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Nigeria (X units) was the largest importer of household washing and drying machines, committing X% of total imports. Ghana (X units) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Cabo Verde (X%). The following importers - Senegal (X units), Guinea (X units) and Cote d'Ivoire (X units) - together made up X% of total imports.

From 2012 to 2022, average annual rates of growth with regard to washing and drying machine imports into Nigeria stood at X%. At the same time, Cabo Verde (X%), Senegal (X%), Guinea (X%), Ghana (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Cabo Verde emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Nigeria and Cabo Verde increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported household washing and drying machines in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Ghana ($X), with a X% share of total imports. It was followed by Cabo Verde, with a X% share.

In Nigeria, washing and drying machine imports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Cabo Verde (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, approximately mirroring the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of X%. Over the period under review, import prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, 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 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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