ECOWAS: Underground Continuous-Action Elevator Market 2025

Underground Continuous-Action Elevator Market Size in ECOWAS

The ECOWAS underground continuous-action elevator market was finally on the rise to reach $X in 2021, after three years of decline. In general, consumption saw a deep slump. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Underground Continuous-Action Elevator Production in ECOWAS

In value terms, underground continuous-action elevator production rose modestly to $X in 2021 estimated in export price. Over the period under review, production faced a abrupt downturn. The pace of growth was the most pronounced in 2013 when the production volume increased by 10% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Underground Continuous-Action Elevator Exports

Exports in ECOWAS

In 2021, shipments abroad of underground continuous-action elevators and conveyors decreased by -79.2% to X units for the first time since 2018, thus ending a two-year rising trend. Overall, exports, however, continue to indicate resilient growth. The growth pace was the most rapid in 2016 when exports increased by 15,816% against the previous year. Over the period under review, the exports attained the maximum at X units in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, underground continuous-action elevator exports reduced sharply to $X in 2021. In general, exports saw a abrupt shrinkage. The pace of growth was the most pronounced in 2016 when exports increased by 9,194% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

The biggest shipments were from Benin (X units), together reaching 100% of total export.

Benin was also the fastest-growing in terms of the underground continuous-action elevators and conveyors exports, with a CAGR of +158.9% from 2012 to 2021. While the share of Benin (+99 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Benin ($X) also remains the largest underground continuous-action elevator supplier in ECOWAS.

In Benin, underground continuous-action elevator exports increased at an average annual rate of +279.9% over the period from 2012-2021.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2021, rising by 106% against the previous year. Overall, the export price, however, recorded a sharp reduction. The most prominent rate of growth was recorded in 2019 when the export price increased by 1,504% against the previous year. The level of export peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Benin.

From 2012 to 2021, the rate of growth in terms of prices for Benin amounted to +46.7% per year.

Underground Continuous-Action Elevator Imports

Imports in ECOWAS

In 2021, imports of underground continuous-action elevators and conveyors in ECOWAS surged to X units, with an increase of 115% against the year before. In general, imports, however, faced a abrupt contraction. The volume of import peaked at X units in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, underground continuous-action elevator imports soared to $X in 2021. Over the period under review, imports, however, showed a abrupt decrease. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

Senegal represented the main importer of underground continuous-action elevators and conveyors in ECOWAS, with the volume of imports reaching X units, which was near 52% of total imports in 2021. Benin (X units) ranks second in terms of the total imports with a 19% share, followed by Niger (9.9%) and Ghana (5.8%). Togo (X units), Mali (X units) and Gambia (X units) took a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to underground continuous-action elevator imports into Senegal stood at +28.2%. At the same time, Gambia (+31.9%) and Benin (+10.7%) displayed positive paces of growth. Moreover, Gambia emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +31.9% from 2012-2021. By contrast, Niger (-20.8%), Ghana (-22.1%), Togo (-23.5%) and Mali (-24.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Senegal, Benin and Gambia increased by +51, +17 and +2.5 percentage points, respectively.

In value terms, Senegal ($X) constitutes the largest market for imported underground continuous-action elevators and conveyors in ECOWAS, comprising 59% of total imports. The second position in the ranking was held by Benin ($X), with a 9.6% share of total imports. It was followed by Togo, with a 7.8% share.

In Senegal, underground continuous-action elevator imports increased at an average annual rate of +36.6% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Benin (-1.0% per year) and Togo (-15.7% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per unit, with an increase of 10% against the previous year. Overall, the import price, however, recorded a mild decrease. The pace of growth was the most pronounced in 2013 when the import price increased by 37%. As a result, import price reached the peak level of $X per unit. From 2014 to 2021, the import prices remained at a somewhat lower figure.

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 Togo ($X per unit), while Gambia ($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 (+11.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform