ECOWAS: Self-Propelled Excavating Machinery Market 2024

Self-Propelled Excavating Machinery Market Size in ECOWAS

In 2021, the ECOWAS self-propelled excavating machinery market decreased by -17.2% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2020, and then fell rapidly in the following year.

Self-Propelled Excavating Machinery Production in ECOWAS

In value terms, self-propelled excavating machinery production shrank to $X in 2021 estimated in export price. In general, production, however, saw a noticeable contraction. The pace of growth appeared the most rapid in 2015 when the production volume increased by 171% against the previous year. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

Self-Propelled Excavating Machinery Exports

Exports in ECOWAS

In 2021, overseas shipments of self-propelled earth moving, excavating machinery increased by 109% to X units, rising for the third consecutive year after two years of decline. Over the period under review, exports, however, recorded a abrupt contraction. The pace of growth appeared the most rapid in 2014 when exports increased by 232% against the previous year. The volume of export peaked at X units in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, self-propelled excavating machinery exports shrank significantly to $X in 2021. In general, exports, however, saw a noticeable setback. The most prominent rate of growth was recorded in 2020 with an increase of 495%. The level of export peaked at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Senegal (X units) represented the key exporter of self-propelled earth moving, excavating machinery, constituting 74% of total exports. Burkina Faso (X units) ranks second in terms of the total exports with a 17% share, followed by Ghana (8.7%).

Senegal was also the fastest-growing in terms of the self-propelled earth moving, excavating machinery exports, with a CAGR of +6.1% from 2012 to 2021. At the same time, Burkina Faso (+3.2%) displayed positive paces of growth. By contrast, Ghana (-14.3%) illustrated a downward trend over the same period. While the share of Senegal (+50 p.p.) and Burkina Faso (+10 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Ghana (-10.8 p.p.) displayed negative dynamics.

In value terms, Senegal ($X), Burkina Faso ($X) and Ghana ($X) constituted the countries with the highest levels of exports in 2021, together comprising 26% of total exports.

Senegal, with a CAGR of +5.8%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per unit, with a decrease of -80.5% against the previous year. Over the period under review, the export price, however, posted a perceptible expansion. The pace of growth was the most pronounced in 2020 an increase of 441%. As a result, the export price attained the peak level of $X per unit, and then reduced notably in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Burkina Faso ($X per unit), while Ghana ($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 (-0.3%), while the other leaders experienced a decline in the export price figures.

Self-Propelled Excavating Machinery Imports

Imports in ECOWAS

Self-propelled excavating machinery imports soared to X units in 2021, jumping by 95% against 2020. Over the period under review, imports posted a resilient increase. The most prominent rate of growth was recorded in 2016 with an increase of 237% against the previous year. As a result, imports attained the peak of X units. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, self-propelled excavating machinery imports skyrocketed to $X in 2021. In general, imports posted a strong expansion. The pace of growth was the most pronounced in 2015 with an increase of 226%. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Cabo Verde (X units) was the key importer of self-propelled earth moving, excavating machinery, mixing up 44% of total imports. Guinea (X units) ranks second in terms of the total imports with a 17% share, followed by Nigeria (13%), Gambia (12%) and Benin (10%).

Cabo Verde was also the fastest-growing in terms of the self-propelled earth moving, excavating machinery imports, with a CAGR of +88.5% from 2012 to 2021. At the same time, Nigeria (+51.3%), Benin (+40.6%) and Guinea (+32.7%) displayed positive paces of growth. By contrast, Gambia (-7.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Cabo Verde, Guinea, Nigeria and Benin increased by +43, +14, +13 and +9.2 percentage points, respectively.

In value terms, the largest self-propelled excavating machinery importing markets in ECOWAS were Guinea ($X), Nigeria ($X) and Gambia ($X), together comprising 86% of total imports. These countries were followed by Benin and Cabo Verde, which together accounted for a further 0.8%.

In terms of the main importing countries, Cabo Verde, with a CAGR of +97.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per unit, reducing by -39.1% against the previous year. Over the period under review, the import price, however, posted a prominent expansion. The pace of growth was the most pronounced in 2017 when the import price increased by 535%. Over the period under review, import prices hit record highs at $X per unit in 2015; however, from 2016 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 Guinea ($X per unit), while Cabo Verde ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Gambia (+21.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform