ECOWAS: Market for Hydraulic Cylinders And Systems 2024

Market Size for Hydraulic Cylinders And Systems in ECOWAS

For the third consecutive year, the ECOWAS hydraulic cylinder and system market recorded decline in sales value, which decreased by X% to $X in 2022. The total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Production of Hydraulic Cylinders And Systems in ECOWAS

In value terms, hydraulic cylinder and system production declined to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of X%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Exports of Hydraulic Cylinders And Systems

Exports in ECOWAS

In 2022, overseas shipments of hydraulic cylinders and systems were finally on the rise to reach X units after three years of decline. In general, exports showed a buoyant expansion. The growth pace was the most rapid in 2014 when exports increased by X% against the previous year. The volume of export peaked at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, hydraulic cylinder and system exports dropped sharply to $X in 2022. Over the period under review, exports, however, saw a slight downturn. The pace of growth was the most pronounced in 2014 with an increase of X%. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Togo prevails in exports structure, accounting for X units, which was approx. X% of total exports in 2022. Benin (X units) held an X% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (X%), Nigeria (X%), Cote d'Ivoire (X%), Mali (X%) and Senegal (X%).

Exports from Togo increased at an average annual rate of X% from 2012 to 2022. At the same time, Benin (X%), Mali (X%), Cote d'Ivoire (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Ghana (X%) and Nigeria (X%) illustrated a downward trend over the same period. Togo (X p.p.), Benin (X p.p.), Mali (X p.p.) and Cote d'Ivoire (X p.p.) significantly strengthened its position in terms of the total exports, while Senegal, Ghana and Nigeria saw its share reduced by X%, X% and X% from 2012 to 2022, respectively.

In value terms, the largest hydraulic cylinder and system supplying countries in ECOWAS were Mali ($X), Ghana ($X) and Senegal ($X), with a combined X% share of total exports. Benin, Nigeria, Togo and Cote d'Ivoire lagged somewhat behind, together comprising a further X%.

Benin, with a CAGR of X%, recorded 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, shrinking by X% against the previous year. In general, the export price saw a deep downturn. The pace of growth was the most pronounced in 2016 when the export price increased by X% against the previous year. Over the period under review, the export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat 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 Mali ($X per unit), while Togo ($X per unit) was amongst the lowest.

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

Imports of Hydraulic Cylinders And Systems

Imports in ECOWAS

In 2022, purchases abroad of hydraulic cylinders and systems decreased by X% to X units, falling for the second year in a row after six years of growth. Over the period under review, imports, however, enjoyed resilient growth. The growth pace was the most rapid in 2018 when imports increased by X%. Over the period under review, imports hit record highs at X units in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, hydraulic cylinder and system imports declined to $X in 2022. Overall, imports, however, continue to indicate a strong increase. The growth pace was the most rapid in 2016 when imports increased by X%. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Nigeria prevails in imports structure, accounting for X units, which was near X% of total imports in 2022. It was distantly followed by Burkina Faso (X units), mixing up a X% share of total imports. Ghana (X units), Cote d'Ivoire (X units), Guinea (X units), Mali (X units) and Senegal (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to hydraulic cylinder and system imports into Nigeria stood at X%. At the same time, Burkina Faso (X%), Cote d'Ivoire (X%), Senegal (X%) and Guinea (X%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Ghana (X%) and Mali (X%) illustrated a downward trend over the same period. While the share of Nigeria (X p.p.), Burkina Faso (X p.p.) and Cote d'Ivoire (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Mali (X p.p.) and Ghana (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported hydraulic cylinders and systems in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Ghana ($X), with a X% share of total imports. It was followed by Burkina Faso, with an X% share.

In Nigeria, hydraulic cylinder and system imports expanded at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (X% per year) and Burkina Faso (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, with an increase of X% against the previous year. In general, the import price, however, saw a noticeable setback. The most prominent rate of growth was recorded in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat 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 Mali ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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