ECOWAS: Market for Lifts, Elevators, Moving Stairways and Draglines 2024

Market Size for Lifts, Elevators, Moving Stairways and Draglines in ECOWAS

In 2022, the ECOWAS market for lifts, elevators, moving stairways and draglines increased by 12% to $X, rising for the sixth consecutive year after two years of decline. In general, consumption posted a resilient increase. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Production of Lifts, Elevators, Moving Stairways and Draglines in ECOWAS

In value terms, lift, elevator, stairway and dragline production expanded notably to $X in 2022 estimated in export price. Over the period under review, production saw a resilient expansion. The pace of growth appeared the most rapid in 2020 with an increase of 31% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Exports of Lifts, Elevators, Moving Stairways and Draglines

Exports in ECOWAS

In 2022, exports of lifts, elevators, moving stairways and draglines in ECOWAS soared to X units, growing by 233% compared with the previous year's figure. Overall, exports saw a remarkable increase. The pace of growth appeared the most rapid in 2014 with an increase of 521%. As a result, the exports attained the peak of X units. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, lift, elevator, stairway and dragline exports surged to $X in 2022. In general, exports continue to indicate resilient growth. The pace of growth was the most pronounced in 2018 when exports increased by 92% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Ghana (X units) and Senegal (X units) prevails in exports structure, together mixing up 72% of total exports. Cabo Verde (X units) ranks next in terms of the total exports with a 6.7% share, followed by Mali (5.5%) and Nigeria (5.5%). The following exporters - Togo (X units) and Cote d'Ivoire (X units) - together made up 7.4% of total exports.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +31.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest lift, elevator, stairway and dragline supplying countries in ECOWAS were Nigeria ($X), Senegal ($X) and Ghana ($X), together accounting for 58% of total exports.

Among the main exporting countries, Senegal, with a CAGR of +43.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, shrinking by -58.7% against the previous year. Over the period under review, the export price continues to indicate a deep contraction. The growth pace was the most rapid in 2015 when the export price increased by 233%. Over the period under review, the export prices reached the peak figure 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 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 (+8.9%), while the other leaders experienced more modest paces of growth.

Imports of Lifts, Elevators, Moving Stairways and Draglines

Imports in ECOWAS

Lift, elevator, stairway and dragline imports surged to X units in 2022, rising by 38% against the previous year's figure. Over the period under review, imports posted a strong increase. The most prominent rate of growth was recorded in 2014 when imports increased by 58%. The volume of import peaked in 2022 and is likely to continue growth in years to come.

In value terms, lift, elevator, stairway and dragline imports totaled $X in 2022. Total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -2.6% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 59%. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Nigeria (X units), distantly followed by Senegal (X units), Ghana (X units), Cote d'Ivoire (X units) and Mali (X units) represented the main importers of lifts, elevators, moving stairways and draglines, together creating 85% of total imports. The following importers - Benin (X units) and Burkina Faso (X units) - each recorded a 5.9% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Senegal (with a CAGR of +28.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported lifts, elevators, moving stairways and draglines in ECOWAS, comprising 40% of total imports. The second position in the ranking was taken by Senegal ($X), with a 17% share of total imports. It was followed by Ghana, with a 14% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria stood at +3.4%. In the other countries, the average annual rates were as follows: Senegal (+16.4% per year) and Ghana (+3.7% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, reducing by -27.3% against the previous year. Overall, the import price showed a deep setback. The pace of growth was the most pronounced in 2018 when the import price increased by 5.4%. The level of import peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Cote d'Ivoire ($X per unit), while Mali ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform