ECOWAS: Market for Toothed wheels, chain sprockets and other transmission elements 2025

Market Size for Toothed wheels, chain sprockets and other transmission elements in ECOWAS

In 2021, the ECOWAS market for toothed wheels, chain sprockets and other transmission elements decreased by -0.4% to $X, falling for the third year in a row after two years of growth. Over the period under review, consumption, however, saw prominent growth. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Production of Toothed wheels, chain sprockets and other transmission elements in ECOWAS

In value terms, production of toothed wheels, chain sprockets and other transmission elements rose rapidly to $X in 2021 estimated in export price. Over the period under review, production showed strong growth. The growth pace was the most rapid in 2014 with an increase of 81% against the previous year. Over the period under review, production of hit record highs at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Exports of Toothed wheels, chain sprockets and other transmission elements

Exports in ECOWAS

Exports of toothed wheels, chain sprockets and other transmission elements skyrocketed to X tons in 2021, growing by 84% against the year before. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 129%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of toothed wheels, chain sprockets and other transmission elements contracted to $X in 2021. Total exports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -6.3% against 2017 indices. The most prominent rate of growth was recorded in 2017 with an increase of 88% against the previous year. The level of export peaked at $X in 2020, and then fell in the following year.

Exports by Country

Senegal (X tons) and Sierra Leone (X tons) were the largest exporters of toothed wheels, chain sprockets and other transmission elements in 2021, finishing at approx. 36% and 35% of total exports, respectively. Ghana (X tons) held the next position in the ranking, followed by Burkina Faso (X tons). All these countries together held near 18% share of total exports. Nigeria (X tons), Niger (X tons) and Liberia (X tons) took a relatively small share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Senegal (with a CAGR of +28.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest toothed wheels, chain sprockets and other transmission elements supplying countries in ECOWAS were Sierra Leone ($X), Senegal ($X) and Burkina Faso ($X), with a combined 69% share of total exports. These countries were followed by Niger, Ghana, Nigeria and Liberia, which together accounted for a further 18%.

In terms of the main exporting countries, Liberia, with a CAGR of +29.3%, saw the highest rates of growth with regard to 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 ton in 2021, declining by -49.8% against the previous year. In general, the export price, however, showed a perceptible increase. The pace of growth appeared the most rapid in 2018 when the export price increased by 184%. Over the period under review, the export prices hit record highs at $X per ton in 2020, and then dropped rapidly in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Liberia (+4.8%), while the other leaders experienced mixed trends in the export price figures.

Imports of Toothed wheels, chain sprockets and other transmission elements

Imports in ECOWAS

In 2021, purchases abroad of toothed wheels, chain sprockets and other transmission elements decreased by -47.2% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, imports, however, recorded a strong increase. The pace of growth was the most pronounced in 2014 when imports increased by 478%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports of remained at a lower figure.

In value terms, imports of toothed wheels, chain sprockets and other transmission elements fell to $X in 2021. Total imports indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +32.6% against 2017 indices. The most prominent rate of growth was recorded in 2014 with an increase of 58%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports of remained at a lower figure.

Imports by Country

In 2021, Nigeria (X tons) was the key importer of toothed wheels, chain sprockets and other transmission elements, achieving 43% of total imports. Ghana (X tons) took the second position in the ranking, distantly followed by Cote d'Ivoire (X tons), Burkina Faso (X tons), Guinea (X tons), Senegal (X tons) and Liberia (X tons). All these countries together took approx. 53% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to toothed wheels, chain sprockets and other transmission elements imports into Nigeria stood at +11.1%. At the same time, Liberia (+43.3%), Guinea (+16.0%), Burkina Faso (+15.6%), Senegal (+14.9%), Cote d'Ivoire (+13.8%) and Ghana (+1.3%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +43.3% from 2012-2021. Nigeria (+7.9 p.p.), Liberia (+4.6 p.p.), Burkina Faso (+3.3 p.p.), Cote d'Ivoire (+3.1 p.p.), Guinea (+2.6 p.p.) and Senegal (+2.1 p.p.) significantly strengthened its position in terms of the total imports, while Ghana saw its share reduced by -17.6% from 2012 to 2021, respectively.

In value terms, the largest toothed wheels, chain sprockets and other transmission elements importing markets in ECOWAS were Nigeria ($X), Ghana ($X) and Burkina Faso ($X), together comprising 61% of total imports. These countries were followed by Cote d'Ivoire, Senegal, Guinea and Liberia, which together accounted for a further 32%.

Liberia, with a CAGR of +35.4%, recorded the highest growth rate of the value of imports, in terms of the main importing countries 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 ton, jumping by 75% against the previous year. In general, the import price, however, continues to indicate a perceptible setback. The pace of growth appeared the most rapid in 2016 an increase of 91% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Senegal ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (-0.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform