ECOWAS: Tractor Market 2024

Tractor Market Size in ECOWAS

The ECOWAS tractor market reduced to $X in 2022, dropping by -10.2% against the previous year. Over the period under review, consumption posted noticeable growth. As a result, consumption attained the peak level of $X, and then declined in the following year.

Tractor Production in ECOWAS

In value terms, tractor production shrank to $X in 2022 estimated in export price. The total production indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.6% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of 65%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Tractor Exports

Exports in ECOWAS

In 2022, the amount of tractors exported in ECOWAS shrank to X units, remaining relatively unchanged against the previous year's figure. Overall, exports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2017 when exports increased by 4,067% against the previous year. As a result, the exports attained the peak of X units. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, tractor exports declined remarkably to $X in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 59%. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Guinea (X units) and Niger (X units) were the major exporters of tractors in 2022, finishing at near 30% and 22% of total exports, respectively. Senegal (X units) took the next position in the ranking, followed by Ghana (X units), Togo (X units), Burkina Faso (X units) and Nigeria (X units). All these countries together held near 44% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Guinea (with a CAGR of +29.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X), Togo ($X) and Burkina Faso ($X) constituted the countries with the highest levels of exports in 2022, together comprising 59% of total exports.

Togo, with a CAGR of +10.9%, saw 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 more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, declining by -23.2% against the previous year. Over the period under review, the export price continues to indicate a deep reduction. The pace of growth was the most pronounced in 2018 an increase of 1,791%. Over the period under review, the export prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2022, 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 Togo ($X per unit), while Guinea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+2.6%), while the other leaders experienced more modest paces of growth.

Tractor Imports

Imports in ECOWAS

In 2022, purchases abroad of tractors decreased by -8.9% to X units for the first time since 2018, thus ending a three-year rising trend. In general, imports, however, saw a temperate expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 64% against the previous year. As a result, imports reached the peak of X units, and then contracted in the following year.

In value terms, tractor imports reduced slightly to $X in 2022. Over the period under review, imports, however, showed a moderate expansion. The growth pace was the most rapid in 2021 when imports increased by 57%. As a result, imports reached the peak of $X, leveling off in the following year.

Imports by Country

The countries with the highest levels of tractor imports in 2022 were Nigeria (X units), Ghana (X units), Cote d'Ivoire (X units), Guinea (X units), Senegal (X units), Mali (X units), Togo (X units), Benin (X units) and Niger (X units), together accounting for 95% of total import.

From 2012 to 2022, the biggest increases were recorded for Niger (with a CAGR of +24.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported tractors in ECOWAS, comprising 33% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 16% share of total imports. It was followed by Ghana, with a 14% share.

In Nigeria, tractor imports increased at an average annual rate of +1.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+16.2% per year) and Ghana (-1.4% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, growing by 9% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 27% against the previous year. Over the period under review, import prices hit record highs at $X per unit in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Nigeria ($X per unit), while Togo ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+21.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform