ECOWAS: Overhead Travelling Crane Market 2024

Overhead Travelling Crane Market Size in ECOWAS

The ECOWAS overhead travelling crane market rose slightly to $X in 2022, with an increase of 4.1% against the previous year. In general, consumption showed a pronounced increase. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Overhead Travelling Crane Production in ECOWAS

In value terms, overhead travelling crane production rose slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2015 when the production volume increased by 12% against the previous year. Over the period under review, production attained the peak level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Overhead Travelling Crane Exports

Exports in ECOWAS

In 2022, shipments abroad of overhead travelling cranes on fixed support decreased by 0% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports showed a deep contraction. The growth pace was the most rapid in 2015 with an increase of 12,650% against the previous year. As a result, the exports attained the peak of X units. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, overhead travelling crane exports surged to $X in 2022. Overall, exports showed a sharp slump. The growth pace was the most rapid in 2016 when exports increased by 318% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The biggest shipments were from Nigeria (X units), together amounting to 100% of total export.

Nigeria experienced a relatively flat trend pattern with regard to volume of exports of overhead travelling cranes on fixed support. Nigeria (+89 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest overhead travelling crane supplier in ECOWAS.

In Nigeria, overhead travelling crane exports decreased by an average annual rate of -4.4% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, growing by 21% against the previous year. In general, the export price, however, saw a abrupt decrease. The pace of growth appeared the most rapid in 2016 an increase of 4,808% against the previous year. Over the period under review, the export prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Nigeria.

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to -4.4% per year.

Overhead Travelling Crane Imports

Imports in ECOWAS

In 2022, the amount of overhead travelling cranes on fixed support imported in ECOWAS expanded to X units, rising by 3.2% against 2021. Overall, imports enjoyed a prominent increase. The pace of growth was the most pronounced in 2015 with an increase of 3,701%. As a result, imports attained the peak of X units. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, overhead travelling crane imports reduced to $X in 2022. In general, imports continue to indicate a noticeable increase. The pace of growth was the most pronounced in 2019 with an increase of 114%. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Nigeria was the main importer of overhead travelling cranes on fixed support in ECOWAS, with the volume of imports recording X units, which was near 54% of total imports in 2022. Ghana (X units) ranks second in terms of the total imports with a 15% share, followed by Cote d'Ivoire (11%) and Burkina Faso (4.7%). The following importers - Senegal (X units), Liberia (X units) and Togo (X units) - together made up 9.1% of total imports.

Imports into Nigeria increased at an average annual rate of +7.1% from 2012 to 2022. At the same time, Cote d'Ivoire (+26.6%), Togo (+24.6%), Burkina Faso (+18.6%), Senegal (+7.6%) and Ghana (+4.2%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +26.6% from 2012-2022. By contrast, Liberia (-4.5%) illustrated a downward trend over the same period. Cote d'Ivoire (+8.7 p.p.), Nigeria (+5.1 p.p.), Burkina Faso (+3.2 p.p.) and Togo (+2 p.p.) significantly strengthened its position in terms of the total imports, while Ghana and Liberia saw its share reduced by -2.7% and -5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported overhead travelling cranes on fixed support in ECOWAS, comprising 49% of total imports. The second position in the ranking was taken by Ghana ($X), with a 14% share of total imports. It was followed by Cote d'Ivoire, with a 13% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria was relatively modest. In the other countries, the average annual rates were as follows: Ghana (-2.1% per year) and Cote d'Ivoire (+54.5% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, with a decrease of -4.6% against the previous year. Overall, the import price showed a pronounced setback. The pace of growth appeared the most rapid in 2016 an increase of 1,245% against the previous year. The level of import peaked at $X per unit in 2013; however, from 2014 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 Senegal ($X per unit), while Liberia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+22.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform