ECOWAS: Non-Electric Pulley Tackle Market 2024

Non-Electric Pulley Tackle Market Size in ECOWAS

In 2022, the ECOWAS non-electric pulley tackle market decreased by -12.8% to $X, falling for the second year in a row after two years of growth. In general, consumption, however, continues to indicate a prominent expansion. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Non-Electric Pulley Tackle Production in ECOWAS

In value terms, non-electric pulley tackle production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production continues to indicate strong growth. The most prominent rate of growth was recorded in 2013 with an increase of 126% 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-Electric Pulley Tackle Exports

Exports in ECOWAS

In 2022, exports of pulley tackle and hoists, non-powered by electric motor in ECOWAS skyrocketed to X units, increasing by 117% against the previous year's figure. Over the period under review, exports, however, continue to indicate a deep setback. The pace of growth appeared the most rapid in 2020 when exports increased by 372% against the previous year. The volume of export peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, non-electric pulley tackle exports dropped significantly to $X in 2022. In general, exports, however, recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2020 with an increase of 117%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Ghana prevails in exports structure, accounting for X units, which was approx. 83% of total exports in 2022. It was distantly followed by Senegal (X units), committing a 5.3% share of total exports. Nigeria (X units), Benin (X units) and Cote d'Ivoire (X units) held a minor share of total exports.

Exports from Ghana decreased at an average annual rate of -9.4% from 2012 to 2022. At the same time, Benin (+29.2%), Senegal (+19.6%), Nigeria (+4.9%) and Cote d'Ivoire (+1.4%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +29.2% from 2012-2022. While the share of Senegal (+4.9 p.p.), Nigeria (+3 p.p.) and Benin (+2.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ghana (-13 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Benin ($X) and Senegal ($X) were the countries with the highest levels of exports in 2022, with a combined 72% share of total exports.

Among the main exporting countries, Benin, with a CAGR of +68.1%, recorded the highest growth rate of 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, waning by -66.8% against the previous year. Over the period under review, the export price, however, saw perceptible growth. The growth pace was the most rapid in 2013 an increase of 236%. Over the period under review, the export prices reached the peak figure at $X per unit in 2021, and then contracted sharply in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Benin ($X per unit), while Ghana ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+30.1%), while the other leaders experienced more modest paces of growth.

Non-Electric Pulley Tackle Imports

Imports in ECOWAS

In 2022, purchases abroad of pulley tackle and hoists, non-powered by electric motor decreased by -60.8% to X units, falling for the third year in a row after six years of growth. In general, imports, however, saw a noticeable increase. The growth pace was the most rapid in 2018 with an increase of 153%. Over the period under review, imports attained the peak figure at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, non-electric pulley tackle imports shrank significantly to $X in 2022. Over the period under review, imports showed a noticeable downturn. The growth pace was the most rapid in 2018 with an increase of 140% against the previous year. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Nigeria (X units) and Senegal (X units) represented the major importers of pulley tackle and hoists, non-powered by electric motor in 2022, resulting at approx. 34% and 23% of total imports, respectively. Guinea (X units) took the next position in the ranking, followed by Burkina Faso (X units) and Ghana (X units). All these countries together held near 33% share of total imports. The following importers - Cote d'Ivoire (X units) and Togo (X units) - together made up 6.5% of total imports.

From 2012 to 2022, the biggest increases were recorded for Guinea (with a CAGR of +41.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported pulley tackle and hoists, non-powered by electric motor in ECOWAS, comprising 40% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 13% share of total imports. It was followed by Burkina Faso, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria was relatively modest. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+4.3% per year) and Burkina Faso (-10.5% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, growing by 6.6% against the previous year. In general, the import price, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2013 when the import price increased by 51%. As a result, import price attained the peak level of $X per unit. From 2014 to 2022, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per unit), while Togo ($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 (-3.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform