ECOWAS: Transmission Shaft Market 2024

Transmission Shaft Market Size in ECOWAS

In 2022, the ECOWAS transmission shaft market increased by 53% to $X, rising for the sixth consecutive year after three years of decline. In general, consumption enjoyed a resilient expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Transmission Shaft Production in ECOWAS

In value terms, transmission shaft production expanded significantly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2020 with an increase of 43% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Transmission Shaft Exports

Exports in ECOWAS

In 2022, shipments abroad of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain increased by 32% to X tons, rising for the second consecutive year after two years of decline. Overall, exports enjoyed a buoyant increase. The pace of growth was the most pronounced in 2018 with an increase of 141%. The volume of export peaked in 2022 and is likely to continue growth in the immediate term.

In value terms, transmission shaft exports surged to $X in 2022. In general, exports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2018 when exports increased by 93%. The level of export peaked in 2022 and is likely to see steady growth in the near future.

Exports by Country

In 2022, Togo (X tons) represented the main exporter of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain, generating 61% of total exports. Nigeria (X tons) held a 17% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (5.4%). Senegal (X tons), Benin (X tons), Mali (X tons) and Cote d'Ivoire (X tons) followed a long way behind the leaders.

Togo was also the fastest-growing in terms of the transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain exports, with a CAGR of +88.6% from 2012 to 2022. At the same time, Benin (+52.4%), Mali (+30.2%), Nigeria (+10.2%), Senegal (+8.0%) and Cote d'Ivoire (+6.5%) displayed positive paces of growth. By contrast, Ghana (-2.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Togo, Benin and Mali increased by +61, +2.8 and +1.6 percentage points, respectively.

In value terms, Nigeria ($X) remains the largest transmission shaft supplier in ECOWAS, comprising 48% of total exports. The second position in the ranking was held by Togo ($X), with a 14% share of total exports. It was followed by Ghana, with an 8.4% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to +14.5%. In the other countries, the average annual rates were as follows: Togo (+50.8% per year) and Ghana (-3.1% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, waning by -1.5% against the previous year. In general, the export price continues to indicate a abrupt descent. The pace of growth was the most pronounced in 2019 an increase of 69% against the previous year. The level of export peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+5.0%), while the other leaders experienced mixed trends in the export price figures.

Transmission Shaft Imports

Imports in ECOWAS

In 2022, overseas purchases of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain increased by 78% to X tons, rising for the sixth year in a row after three years of decline. Overall, imports saw strong growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, transmission shaft imports soared to $X in 2022. Over the period under review, imports saw a buoyant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria represented the main importing country with an import of around X tons, which recorded 72% of total imports. Burkina Faso (X tons) held the second position in the ranking, distantly followed by Ghana (X tons). All these countries together held approx. 19% share of total imports. The following importers - Senegal (X tons), Guinea (X tons) and Cote d'Ivoire (X tons) - each reached a 6.5% share of total imports.

Imports into Nigeria increased at an average annual rate of +13.6% from 2012 to 2022. At the same time, Burkina Faso (+26.5%), Senegal (+23.0%), Guinea (+17.8%), Cote d'Ivoire (+10.3%) and Ghana (+8.9%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +26.5% from 2012-2022. From 2012 to 2022, the share of Burkina Faso increased by +8.3 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain in ECOWAS, comprising 64% of total imports. The second position in the ranking was held by Ghana ($X), with a 9% share of total imports. It was followed by Guinea, with a 6.1% share.

In Nigeria, transmission shaft imports increased at an average annual rate of +12.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (-0.9% per year) and Guinea (+12.6% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, waning by -17.5% against the previous year. In general, the import price continues to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2014 an increase of 46%. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, 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 ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (-0.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform