Western Africa: Market for Hydraulic Cylinders And Systems 2024

Market Size for Hydraulic Cylinders And Systems in Western Africa

In 2022, the West African hydraulic cylinder and system market decreased by -9.4% to $X, falling for the second year in a row after three years of growth. In general, consumption, however, enjoyed a resilient expansion. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Hydraulic Cylinders And Systems in Western Africa

In value terms, hydraulic cylinder and system production shrank slightly to $X in 2022 estimated in export price. The total production indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +7.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.5% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 34%. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Exports of Hydraulic Cylinders And Systems

Exports in Western Africa

Hydraulic cylinder and system exports dropped markedly to X units in 2022, waning by -20.5% compared with the previous year. Overall, exports, however, recorded a resilient expansion. The pace of growth was the most pronounced in 2014 when exports increased by 206%. The volume of export peaked at X units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, hydraulic cylinder and system exports amounted to $X in 2022. Over the period under review, exports, however, saw strong growth. The pace of growth was the most pronounced in 2014 when exports increased by 202%. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

The biggest shipments were from Senegal (X units), Benin (X units) and Ghana (X units), together resulting at 73% of total export. Mali (X units) ranks next in terms of the total exports with a 6.8% share, followed by Cote d'Ivoire (6.6%) and Mauritania (6.3%). Sierra Leone (X units) took a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of +61.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X), Mali ($X) and Ghana ($X) were the countries with the highest levels of exports in 2022, together comprising 69% of total exports. Cote d'Ivoire, Benin, Mauritania and Sierra Leone lagged somewhat behind, together comprising a further 26%.

In terms of the main exporting countries, Benin, with a CAGR of +38.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Western Africa stood at $X per unit in 2022, growing by 26% against the previous year. In general, the export price, however, saw a slight shrinkage. The level of export peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mali ($X per unit), while Benin (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 Mali (+9.9%), while the other leaders experienced more modest paces of growth.

Imports of Hydraulic Cylinders And Systems

Imports in Western Africa

In 2022, overseas purchases of hydraulic cylinders and systems decreased by -49.8% to X units, falling for the second year in a row after six years of growth. Overall, imports, however, continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2018 with an increase of 80% against the previous year. 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 remarkably to $X in 2022. In general, imports, however, continue to indicate prominent growth. The most prominent rate of growth was recorded in 2016 when imports increased by 98%. Over the period under review, imports attained the peak figure at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Nigeria was the largest importing country with an import of around X units, which accounted for 45% of total imports. Ghana (X units) took a 15% share (based on physical terms) of total imports, which put it in second place, followed by Guinea (11%), Mali (9.4%) and Cote d'Ivoire (4.9%). The following importers - Burkina Faso (X units) and Mauritania (X units) - each recorded a 7.9% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to hydraulic cylinder and system imports into Nigeria stood at +11.0%. At the same time, Cote d'Ivoire (+21.6%), Guinea (+21.0%), Mauritania (+18.1%), Mali (+13.1%), Burkina Faso (+12.9%) and Ghana (+7.3%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +21.6% from 2012-2022. While the share of Guinea (+6 p.p.), Cote d'Ivoire (+2.9 p.p.) and Mauritania (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Nigeria (-1.7 p.p.) and Ghana (-6.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X), Ghana ($X) and Guinea ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 55% share of total imports. Burkina Faso, Mali, Cote d'Ivoire and Mauritania lagged somewhat behind, together accounting for a further 35%.

In terms of the main importing countries, Burkina Faso, with a CAGR of +20.8%, saw 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

The import price in Western Africa stood at $X per unit in 2022, rising by 60% against the previous year. In general, the import price, however, saw a noticeable descent. Over the period under review, import prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Burkina Faso ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+7.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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