ECOWAS: Power Tool Market 2025

Power Tool Market Size in ECOWAS

In 2021, after four years of growth, there was significant decline in the ECOWAS power tool market, when its value decreased by -28% to $X. Over the period under review, consumption, however, showed a resilient expansion. Over the period under review, the market hit record highs at $X in 2020, and then shrank rapidly in the following year.

Power Tool Production in ECOWAS

In value terms, power tool production dropped to $X in 2021 estimated in export price. The total production indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +54.0% against 2016 indices. The growth pace was the most rapid in 2013 when the production volume increased by 46%. The level of production peaked at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Power Tool Exports

Exports in ECOWAS

In 2021, shipments abroad of power tools increased by 10% to X units for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 43%. The volume of export peaked at X units in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, power tool exports soared to $X in 2021. In general, exports, however, showed a deep contraction. The pace of growth was the most pronounced in 2014 when exports increased by 57%. The level of export peaked at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Cabo Verde was the largest exporter of power tools in ECOWAS, with the volume of exports accounting for X units, which was near 41% of total exports in 2021. Mali (X units) held an 11% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (9.8%), Nigeria (8.3%) and Cote d'Ivoire (6.7%). The following exporters - Benin (X units), Guinea-Bissau (X units), Sierra Leone (X units), Burkina Faso (X units), Liberia (X units), Niger (X units), Gambia (X units) and Senegal (X units) - together made up 21% of total exports.

Exports from Cabo Verde decreased at an average annual rate of -27.2% from 2012 to 2021. At the same time, Guinea-Bissau (+27.7%), Cote d'Ivoire (+21.4%), Niger (+20.4%), Mali (+11.4%), Burkina Faso (+6.3%), Liberia (+4.1%) and Gambia (+4.0%) displayed positive paces of growth. Moreover, Guinea-Bissau emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +27.7% from 2012-2021. Benin experienced a relatively flat trend pattern. By contrast, Ghana (-2.6%), Senegal (-3.4%), Sierra Leone (-16.6%) and Nigeria (-30.3%) illustrated a downward trend over the same period. While the share of Cabo Verde (+41 p.p.), Mali (+9.8 p.p.), Cote d'Ivoire (+6.3 p.p.), Ghana (+5.1 p.p.), Guinea-Bissau (+3.4 p.p.), Benin (+2.3 p.p.), Burkina Faso (+2 p.p.), Niger (+1.8 p.p.) and Liberia (+1.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Sierra Leone (-2.9 p.p.) and Nigeria (-73.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cabo Verde ($X) remains the largest power tool supplier in ECOWAS, comprising 43% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with a 10% share of total exports. It was followed by Ghana, with an 8.8% share.

From 2012 to 2021, the average annual growth rate of value in Cabo Verde totaled -5.6%. In the other countries, the average annual rates were as follows: Sierra Leone (-2.2% per year) and Ghana (+4.1% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per unit, growing by 7.4% against the previous year. Overall, the export price showed a noticeable increase. The growth pace was the most rapid in 2014 an increase of 230% against the previous year. The level of export peaked at $X per unit in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

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 Sierra Leone ($X per unit), while Liberia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sierra Leone (+17.3%), while the other leaders experienced more modest paces of growth.

Power Tool Imports

Imports in ECOWAS

In 2021, after four years of growth, there was significant decline in supplies from abroad of power tools, when their volume decreased by -37% to X units. Over the period under review, imports, however, posted buoyant growth. The most prominent rate of growth was recorded in 2015 with an increase of 324%. As a result, imports attained the peak of X units. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, power tool imports declined remarkably to $X in 2021. Overall, imports, however, enjoyed a buoyant increase. The growth pace was the most rapid in 2020 when imports increased by 76% against the previous year. As a result, imports reached the peak of $X, and then reduced notably in the following year.

Imports by Country

Nigeria (X units) and Ghana (X units) dominates imports structure, together generating 79% of total imports. It was distantly followed by Guinea (X units), achieving a 7.1% share of total imports. Cote d'Ivoire (X units), Senegal (X units), Mali (X units) and Burkina Faso (X units) held a minor share of total imports.

From 2012 to 2021, the biggest increases were recorded for Guinea (with a CAGR of +27.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported power tools in ECOWAS, comprising 65% of total imports. The second position in the ranking was held by Ghana ($X), with a 17% share of total imports. It was followed by Cote d'Ivoire, with a 4.3% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria totaled +7.4%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+15.9% per year) and Cote d'Ivoire (+8.2% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per unit, shrinking by -5.2% against the previous year. Over the period under review, the import price continues to indicate a perceptible slump. The most prominent rate of growth was recorded in 2016 when the import price increased by 255%. The level of import peaked at $X per unit in 2013; however, from 2014 to 2021, 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 Nigeria ($X per unit), while Guinea ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+2.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform