ECOWAS: Market for Drive-Axles with Differential and Non-Driving Axles 2024

Market Size for Drive-Axles with Differential and Non-Driving Axles in ECOWAS

The ECOWAS driving and non-driving axle market fell to $X in 2022, which is down by X% against the previous year. The total consumption indicated a strong 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 2020 indices. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Drive-Axles with Differential and Non-Driving Axles in ECOWAS

In value terms, driving and non-driving axle production reduced modestly to $X in 2022 estimated in export price. Over the period under review, production, however, showed prominent growth. The growth pace was the most rapid in 2016 when the production volume increased by X%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Drive-Axles with Differential and Non-Driving Axles

Exports in ECOWAS

In 2022, overseas shipments of drive-axles with differential and non-driving axles increased by X% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports posted resilient growth. The pace of growth appeared the most rapid in 2018 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, driving and non-driving axle exports skyrocketed to $X in 2022. Overall, exports saw a resilient expansion. The most prominent rate of growth was recorded in 2018 with an increase of X%. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Burkina Faso (X tons) and Cote d'Ivoire (X tons) represented roughly X% of total exports in 2022. Ghana (X tons) ranks next in terms of the total exports with a X% share, followed by Liberia (X%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Cote d'Ivoire (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

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

From 2012 to 2022, the average annual growth rate of value in Burkina Faso amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (X% per year) and Ghana (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, surging by X% against the previous year. In general, the export price recorded a prominent increase. The most prominent rate of growth was recorded in 2015 when the export price increased by X% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Burkina Faso ($X per ton), while Liberia ($X per ton) was amongst the lowest.

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

Imports of Drive-Axles with Differential and Non-Driving Axles

Imports in ECOWAS

In 2022, overseas purchases of drive-axles with differential and non-driving axles decreased by X% to X tons, falling for the second year in a row after three years of growth. Overall, imports, however, posted a perceptible increase. The growth pace was the most rapid in 2016 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, driving and non-driving axle imports shrank to $X in 2022. Over the period under review, imports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2013 when imports increased by X%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Nigeria represented the main importing country with an import of about X tons, which finished at X% of total imports. Ghana (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Burkina Faso (X%) and Cote d'Ivoire (X%). The following importers - Guinea (X tons) and Senegal (X tons) - each amounted to a X% share of total imports.

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of drive-axles with differential and non-driving axles. At the same time, Burkina Faso (X%), Guinea (X%), Cote d'Ivoire (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Senegal (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ghana, Burkina Faso, Cote d'Ivoire and Guinea increased by X, X, X and X percentage points, respectively.

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

Burkina Faso, with a CAGR of X%, recorded the highest growth rate of the value of imports, among 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 ton in 2022, with an increase of X% against the previous year. In general, the import price enjoyed measured growth. The pace of growth was the most pronounced in 2013 when the import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform