ECOWAS: Electric Rail Locomotive Market 2024

Electric Rail Locomotive Market Size in ECOWAS

The ECOWAS electric rail locomotive market totaled $X in 2022, with an increase of 2.1% against the previous year. The market value increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Electric Rail Locomotive Production in ECOWAS

In value terms, electric rail locomotive production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2019 with an increase of 3.3%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Electric Rail Locomotive Exports

Exports in ECOWAS

Electric rail locomotive exports totaled X units in 2022, remaining stable against 2021 figures. Over the period under review, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when exports increased by 1,000%. As a result, the exports reached the peak of X units. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, electric rail locomotive exports rose notably to $X in 2022. In general, exports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2013 with an increase of 1,071%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The biggest shipments were from Nigeria (X units), together resulting at 100% of total export.

Nigeria experienced a relatively flat trend pattern with regard to volume of exports of electric rail locomotives. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest electric rail locomotive supplier in ECOWAS.

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled +46.9%.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, rising by 6.3% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2016 an increase of 44% against the previous year. Over the period under review, the export prices attained the peak figure at $X per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Nigeria.

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to +46.9% per year.

Electric Rail Locomotive Imports

Imports in ECOWAS

In 2022, electric rail locomotive imports in ECOWAS skyrocketed to X units, jumping by 100% on the previous year. In general, imports, however, faced a deep reduction. The pace of growth was the most pronounced in 2018 with an increase of 556%. Over the period under review, imports hit record highs at X units in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, electric rail locomotive imports rose rapidly to $X in 2022. Overall, imports, however, recorded a precipitous contraction. The most prominent rate of growth was recorded in 2015 with an increase of 1,379% against the previous year. Over the period under review, imports reached the peak figure at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Gambia (X units) represented the key importer of electric rail locomotives, making up 56% of total imports. It was distantly followed by Senegal (X units), Ghana (X units) and Nigeria (X units), together constituting a 44% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to electric rail locomotive imports into Gambia stood at -11.3%. Senegal experienced a relatively flat trend pattern. Nigeria (-16.4%) and Ghana (-21.7%) illustrated a downward trend over the same period. Senegal (+25 p.p.) and Gambia (+5.4 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria and Ghana saw its share reduced by -3.9% and -26.5% from 2012 to 2022, respectively.

In value terms, Nigeria ($X), Senegal ($X) and Gambia ($X) were the countries with the highest levels of imports in 2022, with a combined 36% share of total imports.

Among the main importing countries, Senegal, with a CAGR of +26.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, waning by -46.6% against the previous year. Over the period under review, the import price faced a abrupt decline. The growth pace was the most rapid in 2021 an increase of 285%. The level of import peaked at $X per unit in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Gambia (-7.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform