ECOWAS: Crane Market 2024

Crane Market Size in ECOWAS

The ECOWAS crane market rose to $X in 2022, growing by X% against the previous year. The total consumption indicated a prominent 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. Based on 2022 figures, consumption increased by X% against 2012 indices. The level of consumption peaked in 2022 and is likely to see steady growth in the near future.

Crane Production in ECOWAS

In value terms, crane production rose slightly to $X in 2022 estimated in export price. The total production indicated resilient 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, production decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Crane Exports

Exports in ECOWAS

In 2022, shipments abroad of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane decreased by X% to X units, falling for the second consecutive year after four years of growth. Overall, exports, however, continue to indicate a measured expansion. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, the exports attained the peak figure at X units in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, crane exports shrank dramatically to $X in 2022. In general, exports, however, showed measured growth. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Togo represented the largest exporting country with an export of around X units, which recorded X% of total exports. Cote d'Ivoire (X units) held the second position in the ranking, followed by Ghana (X units), Benin (X units), Senegal (X units) and Niger (X units). All these countries together held near X% share of total exports. Mali (X units) followed a long way behind the leaders.

Togo was also the fastest-growing in terms of the derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane exports, with a CAGR of X% from 2012 to 2022. At the same time, Cote d'Ivoire (X%), Benin (X%), Ghana (X%) and Niger (X%) displayed positive paces of growth. By contrast, Senegal (X%) and Mali (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Togo, Cote d'Ivoire, Ghana, Benin and Niger increased by X, X, X, X and X percentage points, respectively.

In value terms, Cote d'Ivoire ($X) emerged as the largest crane supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Ghana ($X), with a X% share of total exports. It was followed by Benin, with a X% share.

In Cote d'Ivoire, crane exports increased at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (X% per year) and Benin (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, with a decrease of X% against the previous year. Over the period under review, the export price showed a pronounced reduction. The most prominent rate of growth was recorded in 2020 when the export price increased by X% against the previous year. The level of export peaked at $X per unit in 2014; however, from 2015 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 ($X per unit), while Togo ($X per unit) was amongst the lowest.

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

Crane Imports

Imports in ECOWAS

In 2022, approx. X units of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane were imported in ECOWAS; rising by X% on the year before. Total imports indicated a strong 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, imports increased by X% against 2015 indices. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, crane imports totaled $X in 2022. Total imports indicated a remarkable increase 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, imports increased by X% against 2015 indices. The growth pace was the most rapid in 2013 with an increase of X%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

In 2022, Nigeria (X units) represented the main importer of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane, mixing up X% of total imports. Cote d'Ivoire (X units) ranks second in terms of the total imports with a X% share, followed by Senegal (X%), Ghana (X%) and Benin (X%). The following importers - Togo (X units) and Guinea (X units) - each resulted at an X% share of total imports.

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

In value terms, Nigeria ($X), Cote d'Ivoire ($X) and Ghana ($X) were the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Senegal, Benin, Guinea and Togo lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Togo, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, 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, declining by X% against the previous year. In general, the import price recorded a slight decline. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, import prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, 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 Ghana ($X per unit), while Togo ($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 mixed trends in the import price figures.

Source: IndexBox Platform

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