ECOWAS: Hydraulic Jack Market 2022

Hydraulic Jack Market Size in ECOWAS

In 2021, the ECOWAS hydraulic jack market decreased by -33.3% to $X, falling for the second year in a row after two years of growth. In general, consumption, however, enjoyed perceptible growth. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Hydraulic Jack Production in ECOWAS

In value terms, hydraulic jack production shrank markedly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a resilient expansion. The pace of growth appeared the most rapid in 2020 with an increase of 44%. As a result, production reached the peak level of $X, and then fell sharply in the following year.

Hydraulic Jack Exports

Exports in ECOWAS

After two years of growth, overseas shipments of hydraulic jacks and hoists for raising vehicles decreased by -10.8% to X units in 2021. In general, exports, however, posted a strong increase. The pace of growth was the most pronounced in 2017 with an increase of 152% against the previous year. As a result, the exports attained the peak of X units. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, hydraulic jack exports contracted dramatically to $X in 2021. Overall, exports, however, showed perceptible growth. The most prominent rate of growth was recorded in 2017 with an increase of 188%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The shipments of the three major exporters of hydraulic jacks and hoists for raising vehicles, namely Nigeria, Guinea and Senegal, represented more than two-thirds of total export. It was distantly followed by Benin (X units) and Ghana (X units), together achieving a 14% share of total exports. The following exporters - Burkina Faso (X units) and Cote d'Ivoire (X units) - each resulted at a 6% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Guinea (with a CAGR of +83.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest hydraulic jack supplying countries in ECOWAS were Senegal ($X), Ghana ($X) and Guinea ($X), together comprising 66% of total exports.

Guinea, with a CAGR of +70.7%, 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 more modest paces of growth.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per unit, declining by -20.9% against the previous year. Over the period under review, the export price continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2019 an increase of 103%. The level of export peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Ghana ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+14.7%), while the other leaders experienced mixed trends in the export price figures.

Hydraulic Jack Imports

Imports in ECOWAS

In 2021, supplies from abroad of hydraulic jacks and hoists for raising vehicles decreased by -45.9% to X units, falling for the second year in a row after two years of growth. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 73%. As a result, imports reached the peak of X units. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, hydraulic jack imports contracted notably to $X in 2021. Overall, imports, however, continue to indicate a modest expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 70%. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

Nigeria represented the major importing country with an import of about X units, which accounted for 85% of total imports. It was distantly followed by Ghana (X units), mixing up an 11% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to hydraulic jack imports into Nigeria stood at -1.3%. At the same time, Ghana (+9.6%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +9.6% from 2012-2021. From 2012 to 2021, the share of Ghana increased by +6 percentage points.

In value terms, Nigeria ($X) constitutes the largest market for imported hydraulic jacks and hoists for raising vehicles in ECOWAS, comprising 82% of total imports. The second position in the ranking was taken by Ghana ($X), with a 6.3% share of total imports.

From 2012 to 2021, the average annual growth rate of value in Nigeria was relatively modest.

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per unit, picking up by 14% against the previous year. Over the last nine years, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2013 an increase of 19%. As a result, import price attained the peak level of $X per unit. From 2014 to 2021, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Nigeria ($X per unit), while Ghana amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+1.4%).

Source: IndexBox Platform