Western Africa: Lift And Hoist Market 2024

Lift And Hoist Market Size in Western Africa

The West African lift and hoist market surged to $X in 2022, jumping by 23% against the previous year. The total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +73.5% against 2015 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Lift And Hoist Production in Western Africa

In value terms, lift and hoist production reached $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the production volume increased by 26%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Lift And Hoist Exports

Exports in Western Africa

In 2022, shipments abroad of lifts and hoists decreased by -9.5% to X units, falling for the second year in a row after three years of growth. Overall, exports, however, posted modest growth. The pace of growth appeared the most rapid in 2014 with an increase of 193%. As a result, the exports attained the peak of X units. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, lift and hoist exports dropped significantly to $X in 2022. Over the period under review, exports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2018 when exports increased by 411%. Over the period under review, the exports attained the maximum at $X in 2021, and then contracted significantly in the following year.

Exports by Country

In 2022, Nigeria (X units), distantly followed by Liberia (X units), Benin (X units), Cote d'Ivoire (X units), Niger (X units), Senegal (X units), Cabo Verde (X units), Ghana (X units) and Togo (X units) were the major exporters of lifts and hoists, together creating 99.9% of total exports.

From 2012 to 2022, the biggest increases were recorded for Niger (with a CAGR of +18.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) remains the largest lift and hoist supplier in Western Africa, comprising 41% of total exports. The second position in the ranking was taken by Benin ($X), with a 15% share of total exports. It was followed by Senegal, with a 14% share.

In Nigeria, lift and hoist exports increased at an average annual rate of +49.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Benin (0.0% per year) and Senegal (+49.8% per year).

Export Prices by Country

The export price in Western Africa stood at $X per unit in 2022, shrinking by -27% against the previous year. Over the period under review, the export price, however, continues to indicate a tangible expansion. The growth pace was the most rapid in 2021 when the export price increased by 367%. As a result, the export price reached the peak level of $X per unit, and then dropped dramatically in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per unit), while Ghana ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+49.8%), while the other leaders experienced more modest paces of growth.

Lift And Hoist Imports

Imports in Western Africa

In 2022, the amount of lifts and hoists imported in Western Africa surged to X units, growing by 48% compared with the previous year. Overall, imports saw a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, lift and hoist imports soared to $X in 2022. In general, imports continue to indicate a strong increase. The growth pace was the most rapid in 2014 when imports increased by 49% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Nigeria dominates imports structure, resulting at X units, which was near 68% of total imports in 2022. It was distantly followed by Ghana (X units), Cote d'Ivoire (X units) and Senegal (X units), together making up a 20% share of total imports. Mali (X units), Benin (X units) and Guinea (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to lift and hoist imports into Nigeria stood at +18.6%. At the same time, Benin (+21.2%), Senegal (+13.9%), Guinea (+13.5%), Cote d'Ivoire (+12.0%), Mali (+11.8%) and Ghana (+5.4%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +21.2% from 2012-2022. From 2012 to 2022, the share of Nigeria increased by +19 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported lifts and hoists in Western Africa, comprising 67% of total imports. The second position in the ranking was held by Ghana ($X), with an 8.2% share of total imports. It was followed by Cote d'Ivoire, with a 7.3% share.

In Nigeria, lift and hoist imports expanded at an average annual rate of +13.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (+1.6% per year) and Cote d'Ivoire (+7.8% per year).

Import Prices by Country

The import price in Western Africa stood at $X per unit in 2022, shrinking by -10.5% against the previous year. Overall, the import price showed a pronounced decrease. The pace of growth was the most pronounced in 2020 when the import price increased by 4.4%. Over the period under review, import prices attained the peak figure at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Benin ($X per unit), while Mali ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+0.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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