ECOWAS: Tractor Market 2024

Tractor Market Size in ECOWAS

For the third consecutive year, the ECOWAS tractor market recorded growth in sales value, which increased by X% to $X in 2022. The total consumption indicated slight 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 increased by X% against 2015 indices. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in the immediate term.

Tractor Production in ECOWAS

In value terms, tractor production reduced modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% 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 2013 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Tractor Exports

Exports in ECOWAS

In 2022, overseas shipments of tractors increased by X% to X units, rising for the third consecutive year after two years of decline. Total exports indicated a temperate expansion from 2012 to 2022: its volume 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, exports increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of X%. As a result, the exports attained the peak of X units. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, tractor exports dropped notably to $X in 2022. Overall, exports, however, continue to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Senegal (X units) and Niger (X units) represented roughly X% of total exports in 2022. It was distantly followed by Ghana (X units), Togo (X units), Burkina Faso (X units) and Mali (X units), together generating a X% share of total exports. Benin (X units) followed a long way behind the leaders.

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

In value terms, Senegal ($X), Mali ($X) and Burkina Faso ($X) constituted the countries with the highest levels of exports in 2022, with a combined X% share of total exports. Ghana, Togo, Niger and Benin lagged somewhat behind, together accounting for a further X%.

In terms of the main exporting countries, Ghana, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, waning by X% against the previous year. Overall, the export price saw a deep downturn. The pace of growth appeared the most rapid in 2019 an increase of X%. The level of export peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

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 ($X per unit), while Niger ($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 (X%), while the other leaders experienced more modest paces of growth.

Tractor Imports

Imports in ECOWAS

In 2022, purchases abroad of tractors increased by X% to X units, rising for the seventh consecutive year after three years of decline. Over the period under review, imports posted a strong expansion. The most prominent rate of growth was recorded in 2017 with an increase of X%. The volume of import peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, tractor imports contracted significantly to $X in 2022. Total imports indicated a modest expansion 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. The pace of growth was the most pronounced in 2021 when imports increased by X%. As a result, imports reached the peak of $X, and then fell significantly in the following year.

Imports by Country

In 2022, Nigeria (X units), distantly followed by Ghana (X units), Cote d'Ivoire (X units), Guinea (X units), Benin (X units), Mali (X units) and Senegal (X units) were the largest importers of tractors, together comprising X% of total imports. Burkina Faso (X units) followed a long way behind the leaders.

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

In value terms, the largest tractor importing markets in ECOWAS were Ghana ($X), Cote d'Ivoire ($X) and Nigeria ($X), with a combined X% share of total imports. Guinea, Mali, Senegal, Benin and Burkina Faso lagged somewhat behind, together accounting for a further X%.

Guinea, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, waning by X% against the previous year. In general, the import price saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. The level of import peaked at $X per unit in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

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

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

Source: IndexBox Platform

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