Western Africa: Lifting Equipment Market 2024

Lifting Equipment Market Size in Western Africa

The West African lifting equipment market soared to $X in 2023, growing by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2023 and is expected to retain growth in the immediate term.

Lifting Equipment Production in Western Africa

In value terms, lifting equipment production rose modestly to $X in 2023 estimated in export price. Over the period under review, production continues to indicate a slight increase. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2023, production growth failed to regain momentum.

Lifting Equipment Exports

Exports in Western Africa

In 2023, shipments abroad of lifting equipment decreased by X% to X units for the first time since 2020, thus ending a two-year rising trend. In general, exports, however, posted a remarkable increase. The pace of growth appeared the most rapid in 2014 when exports increased by X%. As a result, the exports attained the peak of X units. From 2015 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, lifting equipment exports reduced slightly to $X in 2023. Overall, exports, however, posted pronounced growth. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. The level of export peaked at $X in 2022, and then shrank slightly in the following year.

Exports by Country

In 2023, Senegal (X units) represented the main exporter of lifting equipment, comprising X% of total exports. Cote d'Ivoire (X units) took the second position in the ranking, followed by Ghana (X units) and Benin (X units). All these countries together took approx. X% share of total exports. Nigeria (X units) followed a long way behind the leaders.

Senegal was also the fastest-growing in terms of the lifting equipment exports, with a CAGR of X% from 2012 to 2023. At the same time, Cote d'Ivoire (X%) and Benin (X%) displayed positive paces of growth. Nigeria experienced a relatively flat trend pattern. By contrast, Ghana (X%) illustrated a downward trend over the same period. Senegal (X p.p.), Benin (X p.p.) and Cote d'Ivoire (X p.p.) significantly strengthened its position in terms of the total exports, while Nigeria and Ghana saw its share reduced by X% and X% from 2012 to 2023, respectively.

In value terms, Senegal ($X) remains the largest lifting equipment supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a X% share of total exports. It was followed by Benin, with a X% share.

In Senegal, lifting equipment exports expanded at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (X% per year) and Benin (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per unit in 2023, growing by X% against the previous year. Over the period under review, the export price, however, showed a abrupt descent. The most prominent rate of growth was recorded in 2017 when the export price increased by X%. The level of export peaked at $X per unit in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Senegal ($X per unit), while Ghana ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced mixed trends in the export price figures.

Lifting Equipment Imports

Imports in Western Africa

In 2023, the amount of lifting equipment imported in Western Africa surged to X units, growing by X% compared with the previous year. In general, imports recorded resilient growth. The most prominent rate of growth was recorded in 2016 with an increase of X%. As a result, imports reached the peak of X units. From 2017 to 2023, the growth of imports failed to regain momentum.

In value terms, lifting equipment imports skyrocketed to $X in 2023. Over the period under review, imports continue to indicate a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Ghana dominates imports structure, amounting to X units, which was approx. X% of total imports in 2023. Liberia (X units), Nigeria (X units) and Senegal (X units) followed a long way behind the leaders.

Ghana was also the fastest-growing in terms of the lifting equipment imports, with a CAGR of X% from 2012 to 2023. At the same time, Liberia (X%), Nigeria (X%) and Senegal (X%) displayed positive paces of growth. While the share of Ghana (X p.p.) and Liberia (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Nigeria (X p.p.) and Senegal (X p.p.) displayed negative dynamics.

In value terms, Ghana ($X) constitutes the largest market for imported lifting equipment in Western Africa, comprising X% of total imports. The second position in the ranking was held by Nigeria ($X), with a X% share of total imports. It was followed by Senegal, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Ghana amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (X% per year) and Senegal (X% per year).

Import Prices by Country

The import price in Western Africa stood at $X per unit in 2023, with an increase of X% against the previous year. Overall, the import price continues to indicate a modest expansion. The most prominent rate of growth was recorded in 2017 when the import price increased by X% against the previous year. Over the period under review, import prices attained the maximum at $X per unit in 2013; however, from 2014 to 2023, import prices remained at a lower figure.

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

From 2012 to 2023, 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