ECOWAS: Lift And Hoist Market 2024

Lift And Hoist Market Size in ECOWAS

The ECOWAS lift and hoist market skyrocketed to $X in 2022, increasing by 23% against the previous year. The total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 +74.0% against 2015 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Lift And Hoist Production in ECOWAS

In value terms, lift and hoist production amounted to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 26% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Lift And Hoist Exports

Exports in ECOWAS

In 2022, shipments abroad of lifts and hoists decreased by -9.5% to X units, falling for the second consecutive year after three years of growth. Over the period under review, exports, however, posted slight growth. The pace of growth appeared the most rapid in 2014 when exports increased by 193%. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, lift and hoist exports declined rapidly to $X in 2022. Overall, exports, however, recorded strong growth. The most prominent rate of growth was recorded in 2018 with an increase of 411% against the previous year. Over the period under review, the exports attained the maximum at $X in 2021, and then contracted rapidly in the following year.

Exports by Country

In 2022, Nigeria (X units), distantly followed by Liberia (X units), Benin (X units), Cote d'Ivoire (X units), Niger (X units), Senegal (X units), Cabo Verde (X units), Ghana (X units) and Togo (X units) represented the major exporters of lifts and hoists, together constituting 99.9% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Niger (with a CAGR of +18.9%), while the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) remains the largest lift and hoist supplier in ECOWAS, comprising 41% of total exports. The second position in the ranking was held by Benin ($X), with a 15% share of total exports. It was followed by Senegal, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria totaled +49.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Benin (0.0% per year) and Senegal (+49.8% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, which is down by -27% against the previous year. In general, the export price, however, enjoyed temperate growth. The pace of growth was the most pronounced in 2021 when the export price increased by 367% against the previous year. As a result, the export price reached the peak level of $X per unit, and then declined markedly in the following year.

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 Nigeria ($X per unit), while Ghana ($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 (+49.8%), while the other leaders experienced more modest paces of growth.

Lift And Hoist Imports

Imports in ECOWAS

In 2022, approx. X units of lifts and hoists were imported in ECOWAS; increasing by 48% compared with the previous year. Overall, imports enjoyed a buoyant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, lift and hoist imports skyrocketed to $X in 2022. In general, imports showed a remarkable increase. The most prominent rate of growth was recorded in 2014 when imports increased by 49%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Nigeria prevails in imports structure, reaching X units, which was approx. 69% of total imports in 2022. Ghana (X units) ranks second in terms of the total imports with a 7.6% share, followed by Cote d'Ivoire (6.6%) and Senegal (6.2%). Mali (X units), Benin (X units) and Guinea (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to lift and hoist imports into Nigeria stood at +18.6%. At the same time, Benin (+21.2%), Senegal (+13.9%), Guinea (+13.5%), Cote d'Ivoire (+12.0%), Mali (+11.8%) and Ghana (+5.4%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +21.2% from 2012-2022. Nigeria (+19 p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire and Ghana saw its share reduced by -1.9% and -10.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported lifts and hoists in ECOWAS, comprising 67% of total imports. The second position in the ranking was taken by Ghana ($X), with an 8.2% share of total imports. It was followed by Cote d'Ivoire, with a 7.3% share.

In Nigeria, lift and hoist imports increased at an average annual rate of +13.0% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+1.6% per year) and Cote d'Ivoire (+7.8% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, declining by -10.5% against the previous year. In general, the import price showed a perceptible decrease. The pace of growth appeared the most rapid in 2020 when the import price increased by 4.5%. Over the period under review, import prices attained the maximum at $X per unit in 2014; however, from 2015 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 Benin ($X per unit), while Mali ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+0.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform