ECOWAS: Crane Market 2025

Crane Market Size in ECOWAS

For the third year in a row, the ECOWAS crane market recorded growth in sales value, which increased by 0.9% to $X in 2022. The total consumption indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +1.4% against 2018 indices. The level of consumption peaked in 2022 and is likely to continue growth in years to come.

Crane Production in ECOWAS

In value terms, crane production reached $X in 2022 estimated in export price. The total production indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +3.6% 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 -15.3% against 2018 indices. The most prominent rate of growth was recorded in 2018 with an increase of 59%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Crane Exports

Exports in ECOWAS

For the third consecutive year, ECOWAS recorded decline in shipments abroad of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane, which decreased by -6.4% to X units in 2022. Over the period under review, exports, however, saw a measured expansion. The pace of growth appeared the most rapid in 2017 when exports increased by 220% against the previous year. The volume of export peaked at X units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, crane exports contracted to $X in 2022. Overall, exports, however, recorded tangible growth. The most prominent rate of growth was recorded in 2017 when exports increased by 82% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The biggest shipments were from Ghana (X units), Senegal (X units), Benin (X units) and Cote d'Ivoire (X units), together amounting to 62% of total export. It was distantly followed by Nigeria (X units), Niger (X units), Togo (X units) and Liberia (X units), together making up a 27% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of +25.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest crane supplying countries in ECOWAS were Senegal ($X), Cote d'Ivoire ($X) and Ghana ($X), with a combined 57% share of total exports.

In terms of the main exporting countries, Cote d'Ivoire, with a CAGR of +19.0%, saw the highest rates of growth with regard to 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

In 2022, the export price in ECOWAS amounted to $X per unit, which is down by -7.4% against the previous year. In general, the export price saw a slight curtailment. The most prominent rate of growth was recorded in 2021 an increase of 89%. Over the period under review, the export prices hit record highs at $X per unit in 2014; however, from 2015 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 Liberia ($X per unit), while Niger ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+5.0%), while the other leaders experienced more modest paces of growth.

Crane Imports

Imports in ECOWAS

In 2022, approx. X units of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane were imported in ECOWAS; picking up by 1.7% compared with the previous year. In general, imports recorded resilient growth. The most prominent rate of growth was recorded in 2018 when imports increased by 68% against the previous year. Over the period under review, imports attained the maximum at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, crane imports reached $X in 2022. Total imports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +122.6% against 2016 indices. The growth pace was the most rapid in 2018 with an increase of 53%. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

Imports by Country

Nigeria represented the major importer of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane in ECOWAS, with the volume of imports recording X units, which was approx. 52% of total imports in 2022. It was distantly followed by Cote d'Ivoire (X units), Senegal (X units) and Ghana (X units), together creating a 29% share of total imports. Guinea (X units), Benin (X units) and Niger (X units) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of +5.3% from 2012 to 2022. At the same time, Niger (+37.4%), Senegal (+18.8%), Cote d'Ivoire (+15.2%), Guinea (+9.9%) and Benin (+7.7%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +37.4% from 2012-2022. By contrast, Ghana (-5.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire, Senegal and Niger increased by +7.2, +6.7 and +3.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane in ECOWAS, comprising 53% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 15% share of total imports. It was followed by Ghana, with a 9.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria totaled +4.6%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+12.4% per year) and Ghana (-3.7% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, leveling off at the previous year. Overall, the import price continues to indicate a slight downturn. The most prominent rate of growth was recorded in 2014 an increase of 17%. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+1.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform