ECOWAS: Fork-Lift Truck Market 2024

Fork-Lift Truck Market Size in ECOWAS

The ECOWAS fork-lift truck market reduced rapidly to $X in 2022, with a decrease of X% against the previous year. Overall, consumption, however, posted resilient growth. As a result, consumption reached the peak level of $X, and then shrank significantly in the following year.

Fork-Lift Truck Production in ECOWAS

In value terms, fork-lift truck production declined to $X in 2022 estimated in export price. Overall, production recorded a drastic downturn. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Fork-Lift Truck Exports

Exports in ECOWAS

In 2022, approx. X units of fork-lift trucks were exported in ECOWAS; reducing by X% compared with the year before. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of X%. Over the period under review, the exports reached the maximum at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, fork-lift truck exports fell markedly to $X in 2022. In general, exports showed a mild decline. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Liberia dominates exports structure, amounting to X units, which was approx. X% of total exports in 2022. It was distantly followed by Burkina Faso (X units), achieving a X% share of total exports. Senegal (X units), Cote d'Ivoire (X units), Ghana (X units) and Gambia (X units) held a minor share of total exports.

Liberia was also the fastest-growing in terms of the fork-lift trucks exports, with a CAGR of X% from 2012 to 2022. At the same time, Cote d'Ivoire (X%) and Ghana (X%) displayed positive paces of growth. By contrast, Burkina Faso (X%), Senegal (X%) and Gambia (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Liberia and Cote d'Ivoire increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest fork-lift truck supplying countries in ECOWAS were Liberia ($X), Cote d'Ivoire ($X) and Burkina Faso ($X), together comprising X% of total exports.

Liberia, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries 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 ECOWAS stood at $X per unit in 2022, rising by X% against the previous year. Overall, the export price, however, saw a pronounced setback. The pace of growth appeared the most rapid in 2017 an increase of X%. The level of export peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per unit), while Liberia ($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 (X%), while the other leaders experienced more modest paces of growth.

Fork-Lift Truck Imports

Imports in ECOWAS

Fork-lift truck imports dropped markedly to X units in 2022, waning by X% compared with the previous year's figure. Over the period under review, imports, however, showed prominent growth. The pace of growth was the most pronounced in 2021 when imports increased by X%. As a result, imports reached the peak of X units, and then reduced dramatically in the following year.

In value terms, fork-lift truck imports contracted to $X in 2022. In general, imports, however, enjoyed strong growth. The growth pace was the most rapid in 2021 when imports increased by X%. As a result, imports attained the peak of $X, leveling off in the following year.

Imports by Country

Nigeria represented the largest importer of fork-lift trucks in ECOWAS, with the volume of imports recording X units, which was near X% of total imports in 2022. Senegal (X units) took the second position in the ranking, distantly followed by Cote d'Ivoire (X units), Ghana (X units) and Togo (X units). All these countries together took near X% share of total imports. Burkina Faso (X units) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to fork-lift truck imports into Nigeria stood at X%. At the same time, Senegal (X%), Burkina Faso (X%), Togo (X%), Ghana (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. Senegal (X p.p.) significantly strengthened its position in terms of the total imports, while Ghana and Cote d'Ivoire saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported fork-lift trucks in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with an X% share of total imports. It was followed by Senegal, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria stood at X%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (X% per year) and Senegal (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, growing by X% against the previous year. In general, the import price, however, recorded a drastic downturn. Over the period under review, import prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per unit), while Senegal ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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