Ghana: Ride-On Compaction Equipment Market 2024

Ride-On Compaction Equipment Market Size in Ghana

After three years of growth, the Ghanian ride-on compaction equipment market decreased by -17.9% to $X in 2022. Overall, consumption, however, posted a temperate increase. Ride-on compaction equipment consumption peaked at $X in 2021, and then contracted remarkably in the following year.

Ride-On Compaction Equipment Exports

Exports from Ghana

Ride-on compaction equipment exports from Ghana fell to X units in 2022, with a decrease of -10% on the previous year. Overall, exports saw a perceptible contraction. The most prominent rate of growth was recorded in 2019 with an increase of 78%. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, ride-on compaction equipment exports stood at $X in 2022. Over the period under review, exports continue to indicate a abrupt decrease. The pace of growth was the most pronounced in 2017 with an increase of 415%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

South Africa (X units) was the main destination for ride-on compaction equipment exports from Ghana, accounting for a 33% share of total exports. Moreover, ride-on compaction equipment exports to South Africa exceeded the volume sent to the second major destination, Cote d'Ivoire (X units), threefold. The third position in this ranking was taken by Togo (X units), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to South Africa amounted to +4.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (0.0% per year) and Togo (0.0% per year).

In value terms, South Africa ($X), Cote d'Ivoire ($X) and Togo ($X) appeared to be the largest markets for ride-on compaction equipment exported from Ghana worldwide, together comprising 82% of total exports.

Togo, with a CAGR of +17.5%, 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

The average ride-on compaction equipment export price stood at $X per unit in 2022, rising by 14% against the previous year. Overall, the export price, however, continues to indicate a pronounced downturn. The pace of growth was the most pronounced in 2017 when the average export price increased by 194%. As a result, the export price reached the peak level of $X per unit. From 2018 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per unit), while the average price for exports to Burkina Faso ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Togo (+17.5%), while the prices for the other major destinations experienced more modest paces of growth.

Ride-On Compaction Equipment Imports

Imports into Ghana

In 2022, overseas purchases of ride-on compaction equipment decreased by -39.1% to X units for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports, however, continue to indicate a moderate expansion. The growth pace was the most rapid in 2019 when imports increased by 72%. Over the period under review, imports attained the maximum at X units in 2021, and then declined remarkably in the following year.

In value terms, ride-on compaction equipment imports stood at $X in 2022. Overall, imports, however, posted moderate growth. The growth pace was the most rapid in 2020 with an increase of 141% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of ride-on compaction equipment to Ghana, with a 44% share of total imports. Moreover, ride-on compaction equipment imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), threefold. South Korea (X units) ranked third in terms of total imports with a 5.6% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +8.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+37.7% per year) and South Korea (+18.2% per year).

In value terms, China ($X) constituted the largest supplier of ride-on compaction equipment to Ghana, comprising 45% of total imports. The second position in the ranking was held by Germany ($X), with a 9.9% share of total imports. It was followed by Belgium, with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +7.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+32.4% per year) and Belgium (-12.1% per year).

Import Prices by Country

In 2022, the average ride-on compaction equipment import price amounted to $X per unit, with an increase of 65% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+10.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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