ECOWAS: Cranks And Crankshafts Market 2024

Cranks And Crankshafts Market Size in ECOWAS

For the fourth year in a row, the ECOWAS cranks and crankshafts market recorded growth in sales value, which increased by 15% to $X in 2022. The market value increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Cranks And Crankshafts Production in ECOWAS

In value terms, cranks and crankshafts production shrank modestly to $X in 2022 estimated in export price. In general, production saw a mild decline. The pace of growth was the most pronounced in 2017 with an increase of 11%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Cranks And Crankshafts Exports

Exports in ECOWAS

In 2022, the amount of cranks and crankshafts exported in ECOWAS contracted sharply to X tons, with a decrease of -21.6% compared with 2021. Over the period under review, exports, however, posted resilient growth. The pace of growth appeared the most rapid in 2018 when exports increased by 312%. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, cranks and crankshafts exports declined rapidly to $X in 2022. In general, exports, however, enjoyed a buoyant increase. The growth pace was the most rapid in 2018 with an increase of 216% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Nigeria was the largest exporter of cranks and crankshafts in ECOWAS, with the volume of exports accounting for X tons, which was approx. 64% of total exports in 2022. It was distantly followed by Ghana (X tons) and Senegal (X tons), together making up a 28% share of total exports. Sierra Leone (X tons) and Liberia (X tons) held a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to cranks and crankshafts exports from Nigeria stood at +13.9%. At the same time, Sierra Leone (+16.3%) and Liberia (+14.9%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +16.3% from 2012-2022. Senegal experienced a relatively flat trend pattern. By contrast, Ghana (-2.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria and Sierra Leone increased by +33 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest cranks and crankshafts supplying countries in ECOWAS were Nigeria ($X), Ghana ($X) and Senegal ($X), together accounting for 85% of total exports. Sierra Leone and Liberia lagged somewhat behind, together accounting for a further 6.5%.

Liberia, with a CAGR of +20.6%, recorded 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 ton in 2022, declining by -7.4% against the previous year. Export price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cranks and crankshafts export price increased by +76.9% against 2019 indices. The growth pace was the most rapid in 2020 when the export price increased by 59% against the previous year. The level of export peaked at $X per ton in 2015; however, from 2016 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 Ghana ($X per ton), while Liberia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+16.2%), while the other leaders experienced more modest paces of growth.

Cranks And Crankshafts Imports

Imports in ECOWAS

Cranks and crankshafts imports surged to X tons in 2022, growing by 48% against the year before. In general, imports continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2020 with an increase of 108% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

In value terms, cranks and crankshafts imports rose sharply to $X in 2022. Overall, imports enjoyed a tangible expansion. The most prominent rate of growth was recorded in 2014 with an increase of 42% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria prevails in imports structure, recording X tons, which was approx. 89% of total imports in 2022. Ghana (X tons) and Burkina Faso (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to cranks and crankshafts imports into Nigeria stood at +9.4%. At the same time, Burkina Faso (+18.2%) and Ghana (+9.0%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +18.2% from 2012-2022. Nigeria (-3.6 p.p.) significantly weakened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported cranks and crankshafts in ECOWAS, comprising 66% of total imports. The second position in the ranking was held by Ghana ($X), with a 9.4% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria totaled +2.4%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (-1.9% per year) and Burkina Faso (+6.7% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, dropping by -27.7% against the previous year. Overall, the import price recorded a deep reduction. The most prominent rate of growth was recorded in 2014 when the import price increased by 129%. Over the period under review, import prices hit record highs at $X per ton in 2015; however, from 2016 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 Burkina Faso ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (-6.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform