Western Africa: Market for Toothed wheels, chain sprockets and other transmission elements 2024

Market Size for Toothed wheels, chain sprockets and other transmission elements in Western Africa

The West African market for toothed wheels, chain sprockets and other transmission elements fell to $X in 2023, dropping by X% against the previous year. The total consumption indicated resilient growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2021 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2023, consumption remained at a lower figure.

Production of Toothed wheels, chain sprockets and other transmission elements in Western Africa

In value terms, production of toothed wheels, chain sprockets and other transmission elements contracted to $X in 2023 estimated in export price. The total production indicated strong growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by X% against 2021 indices. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2023, production stood at a somewhat lower figure.

Exports of Toothed wheels, chain sprockets and other transmission elements

Exports in Western Africa

In 2023, the amount of toothed wheels, chain sprockets and other transmission elements exported in Western Africa soared to X tons, increasing by X% against the year before. In general, exports continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2019 with an increase of X%. Over the period under review, the exports of hit record highs in 2023 and are expected to retain growth in the near future.

In value terms, exports of toothed wheels, chain sprockets and other transmission elements amounted to $X in 2023. Overall, exports showed a moderate expansion. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, the exports of hit record highs at $X in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

In 2023, Ghana (X tons) represented the key exporter of toothed wheels, chain sprockets and other transmission elements, mixing up X% of total exports. Senegal (X tons) ranks second in terms of the total exports with a X% share, followed by Sierra Leone (X%) and Nigeria (X%). Cote d'Ivoire (X tons) held a minor share of total exports.

From 2012 to 2023, average annual rates of growth with regard to toothed wheels, chain sprockets and other transmission elements exports from Ghana stood at X%. At the same time, Cote d'Ivoire (X%), Senegal (X%), Sierra Leone (X%) and Nigeria (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2023. While the share of Ghana (X p.p.), Senegal (X p.p.), Sierra Leone (X p.p.) and Cote d'Ivoire (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Senegal ($X) and Sierra Leone ($X) constituted the countries with the highest levels of exports in 2023, with a combined X% share of total exports. Cote d'Ivoire and Nigeria lagged somewhat behind, together comprising a further X%.

Cote d'Ivoire, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, in terms of 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 2023, the export price in Western Africa amounted to $X per ton, which is down by X% against the previous year. Overall, the export price continues to indicate a noticeable decrease. The pace of growth was the most pronounced in 2017 an increase of X% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2020; however, from 2021 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Ghana ($X per ton) 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 a decline in the export price figures.

Imports of Toothed wheels, chain sprockets and other transmission elements

Imports in Western Africa

In 2023, imports of toothed wheels, chain sprockets and other transmission elements in Western Africa dropped markedly to X tons, with a decrease of X% against the previous year's figure. In general, imports, however, enjoyed resilient growth. The pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2023, the growth of imports of failed to regain momentum.

In value terms, imports of toothed wheels, chain sprockets and other transmission elements fell slightly to $X in 2023. Total imports indicated a moderate increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2014 with an increase of X%. As a result, imports reached the peak of $X. From 2015 to 2023, the growth of imports of remained at a somewhat lower figure.

Imports by Country

In 2023, Nigeria (X tons) represented the largest importer of toothed wheels, chain sprockets and other transmission elements, constituting X% of total imports. It was distantly followed by Ghana (X tons), Burkina Faso (X tons), Guinea (X tons) and Cote d'Ivoire (X tons), together achieving a X% share of total imports. The following importers - Senegal (X tons) and Mauritania (X tons) - together made up X% of total imports.

From 2012 to 2023, average annual rates of growth with regard to toothed wheels, chain sprockets and other transmission elements imports into Nigeria stood at X%. At the same time, Guinea (X%), Senegal (X%), Burkina Faso (X%), Cote d'Ivoire (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2023. By contrast, Mauritania (X%) illustrated a downward trend over the same period. While the share of Nigeria (X p.p.), Guinea (X p.p.), Burkina Faso (X p.p.) and Senegal (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Mauritania (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, the largest toothed wheels, chain sprockets and other transmission elements importing markets in Western Africa were Nigeria ($X), Ghana ($X) and Burkina Faso ($X), with a combined X% share of total imports.

In terms of the main importing countries, Burkina Faso, with a CAGR of X%, saw the highest growth rate of 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

In 2023, the import price in Western Africa amounted to $X per ton, rising by X% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable decline. The growth pace was the most rapid in 2021 an increase of X%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Mauritania ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Mauritania (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform