ECOWAS: Hydraulic Jack Market 2024

Hydraulic Jack Market Size in ECOWAS

In 2022, the ECOWAS hydraulic jack market decreased by X% to $X, falling for the third consecutive year after five years of growth. In general, consumption, however, showed a remarkable increase. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Hydraulic Jack Production in ECOWAS

In value terms, hydraulic jack production declined to $X in 2022 estimated in export price. Over the period under review, production, however, showed strong growth. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Hydraulic Jack Exports

Exports in ECOWAS

Hydraulic jack exports soared to X units in 2022, picking up by X% on 2021 figures. In general, exports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. The volume of export peaked at X units in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, hydraulic jack exports shrank dramatically to $X in 2022. Overall, exports saw a prominent expansion. The pace of growth was the most pronounced in 2017 when exports increased by X%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Burkina Faso (X units) and Benin (X units) represented the key exporters of hydraulic jacks and hoists for raising vehicles in 2022, recording approx. X% and X% of total exports, respectively. Ghana (X units) ranks next in terms of the total exports with an X% share, followed by Sierra Leone (X%), Cote d'Ivoire (X%) and Guinea (X%). Nigeria (X units) took a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Benin (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Cote d'Ivoire ($X) and Burkina Faso ($X) were the countries with the highest levels of exports in 2022, with a combined X% share of total exports.

Burkina Faso, with a CAGR of X%, recorded the highest growth rate of 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

In 2022, the export price in ECOWAS amounted to $X per unit, reducing by X% against the previous year. Over the period under review, the export price saw a perceptible downturn. The growth pace was the most rapid in 2017 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 2019; however, from 2020 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 Cote d'Ivoire ($X per unit), while Benin ($X per unit) was amongst the lowest.

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

Hydraulic Jack Imports

Imports in ECOWAS

In 2022, overseas purchases of hydraulic jacks and hoists for raising vehicles decreased by X% to X units, falling for the third year in a row after three years of growth. Over the period under review, imports showed a pronounced decrease. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, hydraulic jack imports reduced notably to $X in 2022. Overall, imports showed a noticeable decline. The most prominent rate of growth was recorded in 2018 when imports increased by X%. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria (X units) and Ghana (X units) represented roughly X% of total imports in 2022. Guinea (X units) took an X% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (X%). Gambia (X units) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Gambia (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported hydraulic jacks and hoists for raising vehicles in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with an X% share of total imports. It was followed by Ghana, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria stood at X%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (X% per year) and Ghana (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, increasing by X% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the import price increased by X% against the previous year. As a result, import price reached the peak level of $X per unit. From 2017 to 2022, the import prices failed to regain momentum.

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

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

Source: IndexBox Platform

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