ECOWAS: Fork-Lift Truck Market 2025

Fork-Lift Truck Market Size in ECOWAS

In 2022, after three years of growth, there was significant decline in the ECOWAS fork-lift truck market, when its value decreased by -14.2% to $X. Over the period under review, consumption, however, saw a strong increase. Over the period under review, the market reached the peak level at $X in 2021, and then dropped in the following year.

Fork-Lift Truck Production in ECOWAS

In value terms, fork-lift truck production totaled $X in 2022 estimated in export price. Over the period under review, production enjoyed buoyant growth. The growth pace was the most rapid in 2020 with an increase of 34% against the previous year. As a result, production attained the peak level of $X; afterwards, it flattened through to 2022.

Fork-Lift Truck Exports

Exports in ECOWAS

In 2022, after two years of decline, there was significant growth in overseas shipments of fork-lift trucks, when their volume increased by 41% to X units. In general, exports recorded a modest increase. The most prominent rate of growth was recorded in 2014 with an increase of 785%. Over the period under review, the exports reached the peak figure at X units in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, fork-lift truck exports shrank markedly to $X in 2022. Over the period under review, exports, however, continue to indicate a perceptible descent. The pace of growth appeared the most rapid in 2017 when exports increased by 64% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Senegal dominates exports structure, accounting for X units, which was near 71% of total exports in 2022. It was distantly followed by Ghana (X units), Cote d'Ivoire (X units) and Mali (X units), together making up a 21% share of total exports. The following exporters - Cabo Verde (X units) and Niger (X units) - each recorded a 3.8% share of total exports.

Senegal was also the fastest-growing in terms of the fork-lift trucks exports, with a CAGR of +22.3% from 2012 to 2022. At the same time, Niger (+4.1%) and Ghana (+1.1%) displayed positive paces of growth. By contrast, Cabo Verde (-4.7%), Mali (-6.1%) and Cote d'Ivoire (-15.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Senegal increased by +60 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X), Cote d'Ivoire ($X) and Ghana ($X) constituted the countries with the highest levels of exports in 2022, with a combined 59% share of total exports.

Senegal, with a CAGR of +5.7%, recorded 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 a decline in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, waning by -59.2% against the previous year. Overall, the export price recorded a noticeable curtailment. The pace of growth was the most pronounced in 2016 when the export price increased by 445% against the previous year. Over the period under review, the export prices reached the maximum at $X per unit in 2021, and then dropped sharply in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+15.2%), while the other leaders experienced a decline in the export price figures.

Fork-Lift Truck Imports

Imports in ECOWAS

In 2022, the amount of fork-lift trucks imported in ECOWAS contracted dramatically to X units, declining by -64.2% against the year before. Overall, imports, however, posted prominent growth. The pace of growth was the most pronounced in 2021 when imports increased by 218%. As a result, imports attained the peak of X units, and then dropped remarkably in the following year.

In value terms, fork-lift truck imports declined dramatically to $X in 2022. Over the period under review, imports, however, saw a temperate expansion. The growth pace was the most rapid in 2021 when imports increased by 52% against the previous year. As a result, imports reached the peak of $X, and then contracted notably in the following year.

Imports by Country

Nigeria represented the main importer of fork-lift trucks in ECOWAS, with the volume of imports accounting for X units, which was near 44% of total imports in 2022. Burkina Faso (X units) took a 20% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (12%) and Cote d'Ivoire (11%). The following importers - Ghana (X units), Togo (X units) and Guinea (X units) - together made up 7.8% of total imports.

From 2012 to 2022, average annual rates of growth with regard to fork-lift truck imports into Nigeria stood at +7.3%. At the same time, Burkina Faso (+29.9%), Senegal (+16.4%), Guinea (+15.0%), Cote d'Ivoire (+8.0%) and Togo (+5.6%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +29.9% from 2012-2022. By contrast, Ghana (-11.3%) illustrated a downward trend over the same period. While the share of Burkina Faso (+17 p.p.) and Senegal (+7 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (-24.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported fork-lift trucks in ECOWAS, comprising 44% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 17% share of total imports. It was followed by Ghana, with a 10% share.

In Nigeria, fork-lift truck imports expanded at an average annual rate of +3.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+2.7% per year) and Ghana (-6.9% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, growing by 122% against the previous year. In general, the import price, however, showed a perceptible downturn. The level of import peaked at $X per unit in 2017; however, from 2018 to 2022, 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 Ghana ($X per unit), while Burkina Faso ($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 (+5.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform