Ghana: Market for Drive-Axles with Differential and Non-Driving Axles 2024

Market Size for Drive-Axles with Differential and Non-Driving Axles in Ghana

In 2021, the Ghanian driving and non-driving axle market increased by 31% to $X, rising for the second year in a row after two years of decline. Overall, consumption enjoyed a prominent increase. Over the period under review, the market reached the peak level in 2021 and is likely to see gradual growth in the immediate term.

Exports of Drive-Axles with Differential and Non-Driving Axles

Exports from Ghana

In 2021, overseas shipments of drive-axles with differential and non-driving axles increased by 187% to X tons for the first time since 2017, thus ending a three-year declining trend. In general, exports posted significant growth. The pace of growth was the most pronounced in 2014 with an increase of 804% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, driving and non-driving axle exports skyrocketed to $X in 2021. Over the period under review, exports continue to indicate a remarkable increase. The pace of growth was the most pronounced in 2014 with an increase of 612% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Burkina Faso (X tons) was the main destination for driving and non-driving axle exports from Ghana, with a 71% share of total exports. Moreover, driving and non-driving axle exports to Burkina Faso exceeded the volume sent to the second major destination, Cote d'Ivoire (X tons), fivefold. The third position in this ranking was taken by Togo (X kg), with a 4.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Burkina Faso totaled +47.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (+31.0% per year) and Togo (-1.7% per year).

In value terms, the largest markets for driving and non-driving axle exported from Ghana were Mali ($X), the United States ($X) and Burkina Faso ($X), with a combined 83% share of total exports.

Mali, with a CAGR of +55.1%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average driving and non-driving axle export price amounted to $X per ton, falling by -13.9% against the previous year. In general, the export price showed a deep setback. The most prominent rate of growth was recorded in 2018 when the average export price increased by 138%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Mali ($X per ton), while the average price for exports to Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to France (+62.1%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Drive-Axles with Differential and Non-Driving Axles

Imports into Ghana

In 2021, supplies from abroad of drive-axles with differential and non-driving axles increased by 59% to X tons, rising for the second consecutive year after two years of decline. In general, imports enjoyed a prominent expansion. The pace of growth was the most pronounced in 2020 when imports increased by 173% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, driving and non-driving axle imports soared to $X in 2021. Overall, imports posted a remarkable increase. The growth pace was the most rapid in 2020 with an increase of 142% against the previous year. Over the period under review, imports reached the maximum in 2021 and are likely to continue growth in years to come.

Imports by Country

In 2021, China (X tons) constituted the largest driving and non-driving axle supplier to Ghana, accounting for a 63% share of total imports. Moreover, driving and non-driving axle imports from China exceeded the figures recorded by the second-largest supplier, the UK (X tons), sixfold. South Korea (X tons) ranked third in terms of total imports with a 7.6% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +46.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+8.7% per year) and South Korea (+11.9% per year).

In value terms, China ($X) constituted the largest supplier of driving and non-driving axle to Ghana, comprising 66% of total imports. The second position in the ranking was taken by South Korea ($X), with a 9.9% share of total imports. It was followed by the UK, with a 6.1% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +51.2%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+8.3% per year) and the UK (+2.7% per year).

Import Prices by Country

In 2021, the average driving and non-driving axle import price amounted to $X per ton, which is down by -21.8% against the previous year. Overall, the import price recorded a pronounced shrinkage. The pace of growth appeared the most rapid in 2017 when the average import price increased by 9.1% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Belgium ($X per ton), while the price for Greece ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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