Nigeria: Non-Electric Motor Handtools Market 2024

Non-Electric Motor Handtools Market Size in Nigeria

In 2022, the Nigerien non-electric motor handtools market decreased by -48.3% to $X, falling for the second year in a row after three years of growth. In general, consumption, however, showed prominent growth. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Non-Electric Motor Handtools Exports

Exports from Nigeria

In 2022, the amount of handtools, hydraulic or with a self-contained non-electric motor exported from Nigeria shrank notably to X units, dropping by -37.2% on the year before. Overall, exports, however, saw prominent growth. The most prominent rate of growth was recorded in 2015 when exports increased by 273% against the previous year. The exports peaked at X units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, non-electric motor handtools exports contracted notably to $X in 2022. In general, exports, however, continue to indicate a significant increase. The pace of growth appeared the most rapid in 2015 when exports increased by 241% against the previous year. The exports peaked at $X in 2021, and then reduced rapidly in the following year.

Exports by Country

The UK (X units), France (X units) and Morocco (X units) were the main destinations of non-electric motor handtools exports from Nigeria, together accounting for 76% of total exports.

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

In value terms, the UK ($X), France ($X) and Morocco ($X) were the largest markets for non-electric motor handtools exported from Nigeria worldwide, together comprising 76% of total exports.

The UK, with a CAGR of +179.8%, saw the highest growth rate of the value of exports, among 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 2022, the average non-electric motor handtools export price amounted to $X per unit, surging by 12% against the previous year. Overall, the export price enjoyed a significant expansion. The pace of growth appeared the most rapid in 2014 an increase of 96%. The export price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Denmark ($X per unit), while the average price for exports to the Netherlands ($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 the UK (+109.6%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Electric Motor Handtools Imports

Imports into Nigeria

In 2022, supplies from abroad of handtools, hydraulic or with a self-contained non-electric motor decreased by -33% to X units, falling for the second year in a row after three years of growth. Overall, imports, however, posted strong growth. The pace of growth was the most pronounced in 2015 when imports increased by 194% against the previous year. Imports peaked at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, non-electric motor handtools imports declined remarkably to $X in 2022. In general, imports, however, enjoyed a measured increase. The most prominent rate of growth was recorded in 2015 when imports increased by 261% against the previous year. Over the period under review, imports attained the maximum at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

China (X units), Austria (X units) and the Netherlands (X units) were the main suppliers of non-electric motor handtools imports to Nigeria, together comprising 52% of total imports. Antigua and Barbuda, Germany, India, Thailand, South Africa and the United States lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +70.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of handtools, hydraulic or with a self-contained non-electric motor to Nigeria, comprising 40% of total imports. The second position in the ranking was taken by Antigua and Barbuda ($X), with a 7.5% share of total imports. It was followed by Germany, with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Antigua and Barbuda (+16.4% per year) and Germany (-1.5% per year).

Import Prices by Country

In 2022, the average non-electric motor handtools import price amounted to $X per unit, declining by -38.7% against the previous year. Over the period under review, the import price recorded a drastic downturn. The pace of growth appeared the most rapid in 2015 an increase of 23%. The import price peaked 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 the United States ($X per unit), while the price for Austria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+28.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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