ECOWAS: Non-Self-Propelled Fork-Lift Truck Market 2024

Non-Self-Propelled Fork-Lift Truck Market Size in ECOWAS

After four years of growth, the ECOWAS non-self-propelled fork-lift truck market decreased by -20.2% to $X in 2022. The total consumption indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.6% 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 +38.2% against 2015 indices. As a result, consumption attained the peak level of $X, and then contracted notably in the following year.

Non-Self-Propelled Fork-Lift Truck Production in ECOWAS

In value terms, non-self-propelled fork-lift truck production reached $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 26% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Non-Self-Propelled Fork-Lift Truck Exports

Exports in ECOWAS

In 2022, after two years of decline, there was significant growth in shipments abroad of non-self-propelled fork-lift trucks, when their volume increased by 63% to X units. Over the period under review, exports enjoyed tangible growth. The most prominent rate of growth was recorded in 2014 when exports increased by 1,248% against the previous year. The volume of export peaked at X units in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, non-self-propelled fork-lift truck exports shrank significantly to $X in 2022. Overall, exports, however, showed a deep contraction. The most prominent rate of growth was recorded in 2021 with an increase of 85% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Senegal dominates exports structure, finishing at X units, which was near 82% of total exports in 2022. Ghana (X units) held a 6.8% share (based on physical terms) of total exports, which put it in second place, followed by Mali (5.8%). Cote d'Ivoire (X units) followed a long way behind the leaders.

Senegal was also the fastest-growing in terms of the non-self-propelled fork-lift trucks exports, with a CAGR of +27.7% from 2012 to 2022. Ghana experienced a relatively flat trend pattern. Mali (-7.4%) and Cote d'Ivoire (-20.3%) illustrated a downward trend over the same period. Senegal (+73 p.p.) significantly strengthened its position in terms of the total exports, while Mali and Cote d'Ivoire saw its share reduced by -9.9% and -46.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest non-self-propelled fork-lift truck supplier in ECOWAS, comprising 50% of total exports. The second position in the ranking was held by Mali ($X), with a 6.1% share of total exports. It was followed by Ghana, with a 5.2% share.

From 2012 to 2022, the average annual growth rate of value in Senegal amounted to +8.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Mali (-13.6% per year) and Ghana (+1.6% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, dropping by -75.1% against the previous year. Over the period under review, the export price saw a abrupt decline. The pace of growth was the most pronounced in 2016 an increase of 401%. Over the period under review, the export prices hit record highs at $X per unit in 2021, and then dropped 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 Mali ($X per unit), while Senegal ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+1.1%), while the other leaders experienced a decline in the export price figures.

Non-Self-Propelled Fork-Lift Truck Imports

Imports in ECOWAS

In 2022, non-self-propelled fork-lift truck imports in ECOWAS declined remarkably to X units, waning by -67.2% on the previous year's figure. In general, imports, however, showed a strong expansion. The growth pace was the most rapid in 2021 when imports increased by 244%. As a result, imports reached the peak of X units, and then reduced markedly in the following year.

In value terms, non-self-propelled fork-lift truck imports contracted significantly to $X in 2022. Overall, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 168%. As a result, imports reached the peak of $X, and then dropped sharply in the following year.

Imports by Country

Nigeria represented the key importing country with an import of about X units, which amounted to 45% of total imports. Burkina Faso (X units) ranks second in terms of the total imports with a 23% share, followed by Senegal (14%) and Cote d'Ivoire (9.4%). The following importers - Ghana (X units), Togo (X units) and Niger (X units) - each resulted at a 5.5% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Burkina Faso (with a CAGR of +31.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Burkina Faso ($X) and Senegal ($X) constituted the countries with the highest levels of imports in 2022, with a combined 69% share of total imports.

Burkina Faso, with a CAGR of +28.0%, saw the highest rates of growth with regard to 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

The import price in ECOWAS stood at $X per unit in 2022, picking up by 53% against the previous year. In general, the import price, however, showed a deep contraction. The level of import peaked at $X per unit in 2013; however, from 2014 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 Niger ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (+3.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform