ECOWAS: Tamping Machinery Market 2024

Tamping Machinery Market Size in ECOWAS

The ECOWAS tamping machinery market declined sharply to $X in 2021, waning by -24.1% against the previous year. The total consumption indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +6.9% against 2019 indices. As a result, consumption attained the peak level of $X, and then declined remarkably in the following year.

Tamping Machinery Production in ECOWAS

In value terms, tamping machinery production contracted modestly to $X in 2021 estimated in export price. The total production indicated a mild increase from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by +0.8% against 2019 indices. The growth pace was the most rapid in 2014 when the production volume increased by 31%. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Tamping Machinery Exports

Exports in ECOWAS

In 2021, after two years of decline, there was significant growth in overseas shipments of tamping or compacting machinery, when their volume increased by 37% to X units. In general, exports, however, recorded a abrupt downturn. The growth pace was the most rapid in 2018 when exports increased by 96% against the previous year. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, tamping machinery exports soared to $X in 2021. Overall, exports, however, showed a abrupt slump. The pace of growth was the most pronounced in 2018 with an increase of 789%. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

In 2021, Sierra Leone (X units) was the main exporter of tamping or compacting machinery, achieving 40% of total exports. Ghana (X units) took the second position in the ranking, followed by Burkina Faso (X units), Cote d'Ivoire (X units) and Senegal (X units). All these countries together took near 50% share of total exports. The following exporters - Mali (X units) and Benin (X units) - together made up 7.1% of total exports.

Exports from Sierra Leone decreased at an average annual rate of -3.7% from 2012 to 2021. At the same time, Senegal (+14.9%) and Cote d'Ivoire (+9.9%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +14.9% from 2012-2021. By contrast, Burkina Faso (-8.4%), Ghana (-8.7%), Benin (-20.6%) and Mali (-30.4%) illustrated a downward trend over the same period. Sierra Leone (+40 p.p.), Senegal (+8.8 p.p.) and Cote d'Ivoire (+8.1 p.p.) significantly strengthened its position in terms of the total exports, while Benin and Mali saw its share reduced by -7.1% and -44.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sierra Leone ($X) emerged as the largest tamping machinery supplier in ECOWAS, comprising 38% of total exports. The second position in the ranking was taken by Ghana ($X), with a 16% share of total exports. It was followed by Burkina Faso, with a 12% share.

In Sierra Leone, tamping machinery exports expanded at an average annual rate of +5.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (-8.1% per year) and Burkina Faso (-9.4% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per unit, rising by 25% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the export price increased by 353% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2019 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Benin ($X per unit), while Senegal ($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 (+9.6%), while the other leaders experienced more modest paces of growth.

Tamping Machinery Imports

Imports in ECOWAS

In 2021, supplies from abroad of tamping or compacting machinery decreased by -48.1% to X units for the first time since 2018, thus ending a two-year rising trend. In general, imports, however, saw notable growth. The pace of growth appeared the most rapid in 2014 with an increase of 126% against the previous year. Over the period under review, imports attained the maximum at X units in 2020, and then fell significantly in the following year.

In value terms, tamping machinery imports dropped rapidly to $X in 2021. Over the period under review, imports showed a mild descent. The most prominent rate of growth was recorded in 2020 when imports increased by 154% against the previous year. As a result, imports attained the peak of $X, and then shrank significantly in the following year.

Imports by Country

Nigeria (X units) and Ghana (X units) prevails in imports structure, together making up 71% of total imports. Cote d'Ivoire (X units) ranks next in terms of the total imports with a 5.9% share, followed by Burkina Faso (5.3%). Senegal (X units), Gambia (X units), Guinea (X units), Benin (X units) and Mali (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +48.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported tamping or compacting machinery in ECOWAS, comprising 48% of total imports. The second position in the ranking was taken by Ghana ($X), with a 16% share of total imports. It was followed by Cote d'Ivoire, with a 10% share.

In Nigeria, tamping machinery imports increased at an average annual rate of +1.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (-8.9% per year) and Cote d'Ivoire (+23.5% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2021, waning by -33.6% against the previous year. Overall, the import price saw a deep reduction. The most prominent rate of growth was recorded in 2016 when the import price increased by 26%. Over the period under review, import prices attained the peak figure at $X per unit in 2018; however, from 2019 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 Senegal ($X per unit), while Gambia ($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 (+1.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform