Nigeria: Market for Hydraulic Cylinders And Systems 2024

Market Size for Hydraulic Cylinders And Systems in Nigeria

In 2022, the Nigerien hydraulic cylinder and system market decreased by -68.3% to $X, falling for the second year in a row after six years of growth. Overall, consumption, however, saw a strong increase. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Exports of Hydraulic Cylinders And Systems

Exports from Nigeria

In 2022, the amount of hydraulic cylinders and systems exported from Nigeria surged to X units, with an increase of 46% on the previous year's figure. Overall, exports, however, saw a drastic downturn. The most prominent rate of growth was recorded in 2016 with an increase of 714% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, hydraulic cylinder and system exports expanded markedly to $X in 2022. Over the period under review, exports, however, showed a precipitous contraction. The growth pace was the most rapid in 2016 when exports increased by 409% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for hydraulic cylinder and system exports from Nigeria, with a 47% share of total exports. Moreover, hydraulic cylinder and system exports to the United States exceeded the volume sent to the second major destination, the Netherlands (X units), twofold. Germany (X units) ranked third in terms of total exports with a 16% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +21.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+45.4% per year) and Germany (-16.5% per year).

In value terms, the Netherlands ($X) remains the key foreign market for hydraulic cylinders and systems exports from Nigeria, comprising 44% of total exports. The second position in the ranking was taken by Germany ($X), with a 19% share of total exports. It was followed by the United States, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands totaled +41.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-30.6% per year) and the United States (-1.2% per year).

Export Prices by Country

The average hydraulic cylinder and system export price stood at $X per unit in 2022, which is down by -21.7% against the previous year. Overall, the export price saw a abrupt shrinkage. The growth pace was the most rapid in 2020 when the average export price increased by 174% against the previous year. The export price peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per unit), while the average price for exports to Angola (less than $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 Ghana (+28.1%), while the prices for the other major destinations experienced a decline.

Imports of Hydraulic Cylinders And Systems

Imports into Nigeria

In 2022, overseas purchases of hydraulic cylinders and systems decreased by -69.7% to X units, falling for the second consecutive year after six years of growth. Overall, imports, however, showed a remarkable increase. The growth pace was the most rapid in 2018 with an increase of 182%. Over the period under review, imports hit record highs at X units in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, hydraulic cylinder and system imports shrank markedly to $X in 2022. Over the period under review, imports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2015 with an increase of 120% against the previous year. Imports peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

China (X units), Germany (X units) and Australia (X units) were the main suppliers of hydraulic cylinder and system imports to Nigeria, with a combined 45% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Australia (with a CAGR of +73.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hydraulic cylinder and system suppliers to Nigeria were Australia ($X), the United States ($X) and Germany ($X), together comprising 44% of total imports.

Among the main suppliers, Australia, with a CAGR of +73.2%, saw the highest rates of growth with regard to 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 hydraulic cylinder and system import price amounted to $X per unit, rising by 52% against the previous year. Over the period under review, the import price, however, showed a mild shrinkage. Over the period under review, average import prices hit record highs at $X per unit in 2016; however, from 2017 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 Poland (less than $X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+21.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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