ECOWAS: Market for Fork-Lift Trucks and Other Industrial Works Trucks and Tractors 2024

Market Size for Fork-Lift Trucks and Other Industrial Works Trucks and Tractors in ECOWAS

The ECOWAS market for fork-lift trucks and other industrial works trucks and tractors declined sharply to $X in 2019, with a decrease of X% against the previous year. Overall, consumption, however, showed a abrupt slump. The level of consumption peaked at $X in 2013; however, from 2014 to 2019, consumption failed to regain momentum.

Production of Fork-Lift Trucks and Other Industrial Works Trucks and Tractors in ECOWAS

In value terms, production of fork-lift trucks and other industrial works trucks and tractors shrank to $X in 2019 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2014 to 2019, production of growth remained at a lower figure.

Exports of Fork-Lift Trucks and Other Industrial Works Trucks and Tractors

Exports in ECOWAS

In 2023, exports of fork-lift trucks and other industrial works trucks and tractors in ECOWAS surged to X units, picking up by X% on the previous year. Over the period under review, exports continue to indicate strong growth. The growth pace was the most rapid in 2017 when exports increased by X% against the previous year. As a result, the exports reached the peak of X units. From 2018 to 2023, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of fork-lift trucks and other industrial works trucks and tractors surged to $X in 2023. Overall, exports posted a buoyant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Gambia represented the main exporter of fork-lift trucks and other industrial works trucks and tractors in ECOWAS, with the volume of exports resulting at X units, which was near X% of total exports in 2023. Cote d'Ivoire (X units) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Burkina Faso (X%) and Ghana (X%). The following exporters - Mali (X units), Sierra Leone (X units) and Senegal (X units) - together made up X% of total exports.

Gambia was also the fastest-growing in terms of the fork-lift trucks and other industrial works trucks and tractors exports, with a CAGR of X% from 2012 to 2023. At the same time, Ghana (X%), Burkina Faso (X%), Sierra Leone (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. By contrast, Senegal (X%) and Mali (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Gambia increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Gambia ($X) emerged as the largest forklift truck and industrial works truck supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Ghana ($X), with an X% share of total exports. It was followed by Burkina Faso, with a X% share.

In Gambia, exports of fork-lift trucks and other industrial works trucks and tractors increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Burkina Faso (X% per year).

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per unit, growing by X% against the previous year. Overall, the export price continues to indicate strong growth. The pace of growth was the most pronounced in 2018 when the export price increased by X%. Over the period under review, the export prices attained the maximum in 2023 and is likely to see gradual growth in the near future.

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 Ghana ($X per unit), while Mali ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Gambia (X%), while the other leaders experienced more modest paces of growth.

Imports of Fork-Lift Trucks and Other Industrial Works Trucks and Tractors

Imports in ECOWAS

In 2023, approx. X units of fork-lift trucks and other industrial works trucks and tractors were imported in ECOWAS; with an increase of X% compared with the previous year. Over the period under review, imports recorded a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, imports attained the peak of X units. From 2022 to 2023, the growth of imports of remained at a somewhat lower figure.

In value terms, imports of fork-lift trucks and other industrial works trucks and tractors dropped remarkably to $X in 2023. In general, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The level of import peaked at $X in 2022, and then fell sharply in the following year.

Imports by Country

Gambia was the main importing country with an import of about X units, which accounted for X% of total imports. Nigeria (X units) ranks second in terms of the total imports with a X% share, followed by Cote d'Ivoire (X%). The following importers - Senegal (X units) and Ghana (X units) - each finished at a X% share of total imports.

Gambia was also the fastest-growing in terms of the fork-lift trucks and other industrial works trucks and tractors imports, with a CAGR of X% from 2012 to 2023. At the same time, Senegal (X%), Cote d'Ivoire (X%), Nigeria (X%) and Ghana (X%) displayed positive paces of growth. From 2012 to 2023, the share of Gambia increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported fork-lift trucks and other industrial works trucks and tractors in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total imports. It was followed by Ghana, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Nigeria totaled X%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (X% per year) and Ghana (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2023, declining by X% against the previous year. In general, the import price showed a abrupt setback. The growth pace was the most rapid in 2022 an increase of X% against the previous year. Over the period under review, import prices reached the maximum at $X per unit in 2013; however, from 2014 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 Cote d'Ivoire ($X per unit), while Gambia ($X per unit) was amongst the lowest.

From 2012 to 2023, 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