ECOWAS: Market for Hydraulic Cylinders And Systems 2024

Market Size for Hydraulic Cylinders And Systems in ECOWAS

In 2022, the ECOWAS hydraulic cylinder and system market decreased by -9.1% to $X, falling for the second consecutive year after three years of growth. Over the period under review, consumption, however, enjoyed a strong expansion. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Hydraulic Cylinders And Systems in ECOWAS

In value terms, hydraulic cylinder and system production declined to $X in 2022 estimated in export price. The total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +7.7% 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 -3.5% against 2019 indices. The pace of growth appeared the most rapid in 2014 with an increase of 34% against the previous year. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Exports of Hydraulic Cylinders And Systems

Exports in ECOWAS

In 2022, approx. X units of hydraulic cylinders and systems were exported in ECOWAS; with a decrease of -21.6% compared with the previous year. In general, exports, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 231% against the previous year. The volume of export peaked at X units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, hydraulic cylinder and system exports amounted to $X in 2022. Overall, exports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2014 when exports increased by 214%. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

The shipments of the three major exporters of hydraulic cylinders and systems, namely Senegal, Benin and Ghana, represented more than two-thirds of total export. It was distantly followed by Mali (X units) and Cote d'Ivoire (X units), together creating a 14% share of total exports. The following exporters - Sierra Leone (X units) and Nigeria (X units) - each recorded a 6.1% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Benin (with a CAGR of +61.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest hydraulic cylinder and system supplying countries in ECOWAS were Senegal ($X), Mali ($X) and Ghana ($X), with a combined 71% share of total exports. Cote d'Ivoire, Benin, Nigeria and Sierra Leone lagged somewhat behind, together accounting for a further 25%.

Benin, with a CAGR of +38.9%, 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 more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, with an increase of 29% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The level of export peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+9.9%), while the other leaders experienced more modest paces of growth.

Imports of Hydraulic Cylinders And Systems

Imports in ECOWAS

In 2022, overseas purchases of hydraulic cylinders and systems decreased by -50.4% to X units, falling for the second year in a row after six years of growth. Over the period under review, imports, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2018 with an increase of 79%. Over the period under review, imports hit record highs at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, hydraulic cylinder and system imports dropped remarkably to $X in 2022. In general, imports, however, showed strong growth. The growth pace was the most rapid in 2016 with an increase of 93%. Over the period under review, imports attained the peak figure at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Nigeria represented the key importing country with an import of around X units, which reached 47% of total imports. It was distantly followed by Ghana (X units), Guinea (X units), Mali (X units) and Cote d'Ivoire (X units), together committing a 41% share of total imports. The following importers - Burkina Faso (X units) and Senegal (X units) - each reached an 8% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to hydraulic cylinder and system imports into Nigeria stood at +11.0%. At the same time, Cote d'Ivoire (+21.6%), Guinea (+21.0%), Senegal (+20.6%), Mali (+13.1%), Burkina Faso (+12.9%) and Ghana (+7.3%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +21.6% from 2012-2022. Guinea (+6.3 p.p.), Cote d'Ivoire (+3 p.p.) and Senegal (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Ghana saw its share reduced by -6.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X), Ghana ($X) and Guinea ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 59% share of total imports. Burkina Faso, Mali, Cote d'Ivoire and Senegal lagged somewhat behind, together comprising a further 37%.

Burkina Faso, with a CAGR of +20.8%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, increasing by 63% against the previous year. In general, the import price, however, saw a perceptible curtailment. Over the period under review, import prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Burkina Faso ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+7.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform