ECOWAS: Market for Mechanical Shovels, Excavators And Shovel Loaders 2024

Market Size for Mechanical Shovels, Excavators And Shovel Loaders in ECOWAS

In 2021, the ECOWAS mechanical shovel and excavator market decreased by -0.1% to $X for the first time since 2016, thus ending a four-year rising trend. Overall, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Production of Mechanical Shovels, Excavators And Shovel Loaders in ECOWAS

In value terms, mechanical shovel and excavator production soared to $X in 2021 estimated in export price. Over the period under review, production, however, saw a abrupt decline. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Mechanical Shovels, Excavators And Shovel Loaders

Exports in ECOWAS

Mechanical shovel and excavator exports rose markedly to X units in 2021, surging by 13% on the previous year. Overall, exports, however, recorded a mild shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 19% against the previous year. The volume of export peaked at X units in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, mechanical shovel and excavator exports soared to $X in 2021. In general, exports, however, showed a mild contraction. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Burkina Faso was the key exporter of mechanical shovels, excavators and shovel loaders in ECOWAS, with the volume of exports resulting at X units, which was approx. 45% of total exports in 2021. Senegal (X units) held a 17% share (based on physical terms) of total exports, which put it in second place, followed by Niger (9.8%), Cote d'Ivoire (7.4%) and Gambia (4.8%). The following exporters - Benin (X units), Ghana (X units) and Guinea (X units) - together made up 7.6% of total exports.

Exports from Burkina Faso increased at an average annual rate of +9.8% from 2012 to 2021. At the same time, Gambia (+17.7%) displayed positive paces of growth. Moreover, Gambia emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +17.7% from 2012-2021. Cote d'Ivoire and Ghana experienced a relatively flat trend pattern. By contrast, Guinea (-1.8%), Niger (-2.1%), Senegal (-4.7%) and Benin (-5.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Burkina Faso and Gambia increased by +28 and +3.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Burkina Faso ($X) emerged as the largest mechanical shovel and excavator supplier in ECOWAS, comprising 43% of total exports. The second position in the ranking was taken by Senegal ($X), with a 16% share of total exports. It was followed by Cote d'Ivoire, with a 10% share.

From 2012 to 2021, the average annual growth rate of value in Burkina Faso amounted to +7.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (-4.9% per year) and Cote d'Ivoire (+2.9% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per unit, picking up by 11% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per unit), while Niger ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guinea (+11.1%), while the other leaders experienced more modest paces of growth.

Imports of Mechanical Shovels, Excavators And Shovel Loaders

Imports in ECOWAS

In 2021, after three years of growth, there was decline in purchases abroad of mechanical shovels, excavators and shovel loaders, when their volume decreased by -2.3% to X units. The total import volume increased at an average annual rate of +2.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 24% against the previous year. As a result, imports attained the peak of X units, and then declined slightly in the following year.

In value terms, mechanical shovel and excavator imports reduced to $X in 2021. Total imports indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +67.2% against 2016 indices. The pace of growth appeared the most rapid in 2020 with an increase of 27%. As a result, imports reached the peak of $X, leveling off in the following year.

Imports by Country

Ghana (X units), Nigeria (X units), Cote d'Ivoire (X units) and Guinea (X units) represented roughly 65% of total imports in 2021. Senegal (X units) ranks next in terms of the total imports with a 6.8% share, followed by Burkina Faso (6.8%) and Mali (6.3%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Guinea (with a CAGR of +14.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Nigeria ($X) and Guinea ($X) constituted the countries with the highest levels of imports in 2021, with a combined 60% share of total imports.

Guinea, with a CAGR of +16.4%, saw the highest growth rate of the value of imports, among 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

The import price in ECOWAS stood at $X per unit in 2021, with an increase of 2.1% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 8.8% against the previous year. The level of import peaked at $X per unit in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per unit), while Cote d'Ivoire ($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 (+5.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform