ECOWAS: Gear Cutting Machine Market 2024

Gear Cutting Machine Market Size in ECOWAS

In 2022, the ECOWAS gear cutting machine market decreased by X% to $X, falling for the second year in a row after three years of growth. Over the period under review, consumption, however, enjoyed buoyant growth. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Gear Cutting Machine Production in ECOWAS

In value terms, gear cutting machine production contracted dramatically to $X in 2022 estimated in export price. Overall, production, however, posted a significant expansion. The pace of growth appeared the most rapid in 2021 with an increase of X%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Gear Cutting Machine Exports

Exports in ECOWAS

In 2021, overseas shipments of gear cutting, gear grinding or gear finishing machines decreased by X% to X units, falling for the second year in a row after two years of growth. Over the period under review, exports continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2019 with an increase of X%. As a result, the exports attained the peak of X units. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, gear cutting machine exports shrank dramatically to $X in 2021. Overall, exports saw a abrupt curtailment. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

The shipments of the one major exporters of gear cutting, gear grinding or gear finishing machines, namely Nigeria, represented more than two-thirds of total export.

Nigeria was also the fastest-growing in terms of the gear cutting, gear grinding or gear finishing machines exports, with a CAGR of X% from 2012 to 2021. From 2012 to 2021, the share of Nigeria increased by X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest gear cutting machine supplier in ECOWAS.

From 2012 to 2021, the average annual growth rate of value in Nigeria totaled X%.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per unit, with a decrease of X% against the previous year. Overall, the export price showed a abrupt curtailment. The pace of growth appeared the most rapid in 2014 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2015 to 2021, the export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Nigeria.

From 2012 to 2021, the rate of growth in terms of prices for Nigeria amounted to X% per year.

Gear Cutting Machine Imports

Imports in ECOWAS

In 2022, overseas purchases of gear cutting, gear grinding or gear finishing machines decreased by X% to X units, falling for the second year in a row after three years of growth. In general, imports, however, showed a prominent expansion. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. As a result, imports reached the peak of X units. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, gear cutting machine imports fell significantly to $X in 2022. Over the period under review, imports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria dominates imports structure, accounting for X units, which was approx. X% of total imports in 2022. It was distantly followed by Ghana (X units), achieving an X% share of total imports. Cote d'Ivoire (X units), Gambia (X units), Niger (X units), Cabo Verde (X units), Liberia (X units), Sierra Leone (X units) and Senegal (X units) held a relatively small share of total imports.

Nigeria was also the fastest-growing in terms of the gear cutting, gear grinding or gear finishing machines imports, with a CAGR of X% from 2012 to 2022. At the same time, Liberia (X%), Cote d'Ivoire (X%), Sierra Leone (X%) and Niger (X%) displayed positive paces of growth. Ghana and Gambia experienced a relatively flat trend pattern. By contrast, Cabo Verde (X%) and Senegal (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported gear cutting, gear grinding or gear finishing machines in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Niger ($X), with a X% share of total imports. It was followed by Ghana, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled X%. In the other countries, the average annual rates were as follows: Niger (X% per year) and Ghana (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, increasing by X% against the previous year. Over the period under review, the import price recorded buoyant growth. The pace of growth appeared the most rapid in 2014 when the import price increased by X% against the previous year. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the import prices remained at a lower figure.

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 Niger ($X per unit), while Sierra Leone ($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 more modest paces of growth.

Source: IndexBox Platform

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