Nigeria: Gear Box Market 2024

Gear Box Market Size in Nigeria

The Nigerien gear box market declined to $X in 2022, reducing by -5.2% against the previous year. Overall, consumption, however, saw a prominent increase. Gear box consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Gear Box Production in Nigeria

In value terms, gear box production declined to $X in 2022 estimated in export price. In general, production, however, saw strong growth. The pace of growth appeared the most rapid in 2017 when the production volume increased by 90%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Gear Box Exports

Exports from Nigeria

Gear box exports from Nigeria skyrocketed to X units in 2022, jumping by 243% on the previous year's figure. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 315% against the previous year. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, gear box exports soared to $X in 2022. Overall, exports, however, showed a abrupt decrease. The most prominent rate of growth was recorded in 2013 with an increase of 250% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire (X units), Ghana (X units) and Angola (X units) were the main destinations of gear box exports from Nigeria, together accounting for 37% of total exports. Sierra Leone, Malaysia, Senegal, Congo, Germany, Gambia, Cameroon, Benin and Belgium lagged somewhat behind, together comprising a further 49%.

From 2012 to 2022, the biggest increases were recorded for Congo (with a CAGR of +33.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X) remains the key foreign market for gear boxes exports from Nigeria, comprising 28% of total exports. The second position in the ranking was held by Angola ($X), with a 12% share of total exports. It was followed by Malaysia, with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Cote d'Ivoire totaled -3.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (+12.3% per year) and Malaysia (-0.2% per year).

Export Prices by Country

The average gear box export price stood at $X per unit in 2022, dropping by -60.3% against the previous year. Overall, the export price showed a abrupt descent. The most prominent rate of growth was recorded in 2021 an increase of 163%. As a result, the export price reached the peak level of $X per unit, and then declined sharply in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per unit), while the average price for exports to Sierra Leone ($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 Gambia (+16.1%), while the prices for the other major destinations experienced more modest paces of growth.

Gear Box Imports

Imports into Nigeria

In 2022, approx. X units of gear boxes were imported into Nigeria; jumping by 139% compared with the previous year. Over the period under review, imports posted strong growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, gear box imports surged to $X in 2022. Overall, imports, however, recorded a mild shrinkage. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Antigua and Barbuda (X units), India (X units) and China (X units) were the main suppliers of gear box imports to Nigeria, with a combined 58% share of total imports. Serbia, Morocco, Germany, Poland, Pakistan, Taiwan (Chinese), Romania, Tanzania, Bosnia and Herzegovina and the United States lagged somewhat behind, together accounting for a further 33%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Bosnia and Herzegovina (with a CAGR of +124.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X), Germany ($X) and Antigua and Barbuda ($X) appeared to be the largest gear box suppliers to Nigeria, with a combined 65% share of total imports. Pakistan, China, the United States, Morocco, Serbia, Poland, Bosnia and Herzegovina, Taiwan (Chinese), Romania and Tanzania lagged somewhat behind, together comprising a further 17%.

Among the main suppliers, Bosnia and Herzegovina, with a CAGR of +140.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average gear box import price amounted to $X per unit, approximately mirroring the previous year. In general, the import price, however, recorded a deep setback. The most prominent rate of growth was recorded in 2017 when the average import price increased by 28%. As a result, import price attained the peak level of $X per unit. From 2018 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per unit), while the price for Tanzania ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+7.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :