ECOWAS: Vacuum Pump Market 2024

Vacuum Pump Market Size in ECOWAS

The ECOWAS vacuum pump market declined to $X in 2022, with a decrease of -1.9% against the previous year. Overall, consumption recorded a slight slump. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Vacuum Pump Production in ECOWAS

In value terms, vacuum pump production dropped modestly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a perceptible contraction. The growth pace was the most rapid in 2018 with an increase of 18%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Vacuum Pump Exports

Exports in ECOWAS

In 2022, shipments abroad of vacuum pumps decreased by -49.3% to X units, falling for the third year in a row after eight years of growth. In general, exports continue to indicate a noticeable slump. The most prominent rate of growth was recorded in 2019 with an increase of 294%. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, vacuum pump exports declined remarkably to $X in 2022. Over the period under review, exports continue to indicate a abrupt descent. The pace of growth appeared the most rapid in 2019 when exports increased by 158% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Benin represented the largest exporting country with an export of about X units, which reached 50% of total exports. Ghana (X units) ranks second in terms of the total exports with an 18% share, followed by Sierra Leone (12%) and Senegal (6.9%). Nigeria (X units), Gambia (X units) and Cote d'Ivoire (X units) held a minor share of total exports.

Benin was also the fastest-growing in terms of the vacuum pumps exports, with a CAGR of +63.8% from 2012 to 2022. At the same time, Senegal (+28.9%) and Gambia (+21.5%) displayed positive paces of growth. By contrast, Ghana (-4.7%), Cote d'Ivoire (-7.1%), Sierra Leone (-17.5%) and Nigeria (-21.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Benin, Senegal and Gambia increased by +50, +6.6 and +2.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest vacuum pump supplier in ECOWAS, comprising 37% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with an 18% share of total exports. It was followed by Senegal, with a 9.8% share.

In Ghana, vacuum pump exports decreased by an average annual rate of -4.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Sierra Leone (-14.7% per year) and Senegal (+31.5% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, increasing by 30% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the export price increased by 339% against the previous year. The level of export peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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 Cote d'Ivoire ($X per unit), while Benin ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Gambia (+32.6%), while the other leaders experienced more modest paces of growth.

Vacuum Pump Imports

Imports in ECOWAS

In 2022, imports of vacuum pumps in ECOWAS stood at X units, with an increase of 9.7% on 2021 figures. In general, imports posted a prominent expansion. The pace of growth was the most pronounced in 2015 when imports increased by 1,062% against the previous year. As a result, imports attained the peak of X units. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, vacuum pump imports contracted significantly to $X in 2022. Over the period under review, imports, however, recorded a perceptible decline. The most prominent rate of growth was recorded in 2019 when imports increased by 97% against the previous year. Over the period under review, imports reached the peak figure at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria dominates imports structure, accounting for X units, which was near 90% of total imports in 2022. The following importers - Ghana (X units), Cote d'Ivoire (X units) and Senegal (X units) - together made up 9.1% of total imports.

Imports into Nigeria increased at an average annual rate of +15.1% from 2012 to 2022. At the same time, Cote d'Ivoire (+39.1%), Senegal (+18.1%) and Ghana (+12.7%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +39.1% from 2012-2022. While the share of Nigeria (+3.5 p.p.) and Cote d'Ivoire (+2.2 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported vacuum pumps in ECOWAS, comprising 57% of total imports. The second position in the ranking was held by Ghana ($X), with a 16% share of total imports. It was followed by Cote d'Ivoire, with a 10% share.

In Nigeria, vacuum pump imports plunged by an average annual rate of -5.7% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+6.5% per year) and Cote d'Ivoire (+13.7% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, falling by -65.1% against the previous year. In general, the import price faced a abrupt curtailment. The pace of growth appeared the most rapid in 2016 when the import price increased by 1,203%. Over the period under review, import prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (-5.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform