ECOWAS: Spherical Roller Bearing Market 2024

Spherical Roller Bearing Market Size in ECOWAS

The ECOWAS spherical roller bearing market skyrocketed to $X in 2023, with an increase of X% against the previous year. In general, consumption, however, saw a deep downturn. The level of consumption peaked at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Spherical Roller Bearing Production in ECOWAS

In value terms, spherical roller bearing production expanded rapidly to $X in 2023 estimated in export price. The total production indicated buoyant 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 decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

Spherical Roller Bearing Exports

Exports in ECOWAS

In 2023, the amount of spherical roller bearings exported in ECOWAS dropped remarkably to X tons, waning by X% on the year before. Over the period under review, exports showed a deep reduction. The pace of growth was the most pronounced in 2021 with an increase of X%. The volume of export peaked at X tons in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

In value terms, spherical roller bearing exports soared to $X in 2023. Overall, exports saw a abrupt contraction. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2023, the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire was the major exporting country with an export of about X kg, which recorded X% of total exports. It was distantly followed by Nigeria (X kg), Niger (X kg), Sierra Leone (X kg) and Senegal (X kg), together achieving a X% share of total exports. The following exporters - Mali (X kg) and Gambia (X kg) - together made up X% of total exports.

From 2012 to 2023, average annual rates of growth with regard to spherical roller bearing exports from Cote d'Ivoire stood at X%. At the same time, Nigeria (X%), Sierra Leone (X%), Mali (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Niger (X%) and Gambia (X%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (X p.p.), Nigeria (X p.p.), Sierra Leone (X p.p.), Senegal (X p.p.), Mali (X p.p.) and Gambia (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Niger (X p.p.) displayed negative dynamics.

In value terms, the largest spherical roller bearing supplying countries in ECOWAS were Cote d'Ivoire ($X), Nigeria ($X) and Senegal ($X), with a combined X% share of total exports.

Among the main exporting countries, Nigeria, with a CAGR of X%, recorded the highest growth rate of the value of exports, 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 ECOWAS amounted to $X per ton, growing by X% against the previous year. Over the period under review, the export price saw resilient growth. The pace of growth was the most pronounced in 2017 when the export price increased by X%. Over the period under review, the export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2023, the export prices stood at a somewhat lower figure.

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

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

Spherical Roller Bearing Imports

Imports in ECOWAS

Spherical roller bearing imports skyrocketed to X tons in 2023, surging by X% on 2022 figures. Overall, imports, however, continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2022 to 2023, the growth of imports failed to regain momentum.

In value terms, spherical roller bearing imports amounted to $X in 2023. In general, imports, however, showed a deep reduction. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2023, imports remained at a lower figure.

Imports by Country

Nigeria prevails in imports structure, finishing at X tons, which was near X% of total imports in 2023. The following importers - Ghana (X tons) and Cote d'Ivoire (X tons) - each recorded a X% share of total imports.

Imports into Nigeria decreased at an average annual rate of X% from 2012 to 2023. At the same time, Ghana (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. While the share of Ghana (X p.p.) and Cote d'Ivoire (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Nigeria (X p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported spherical roller bearings in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Ghana ($X), with an X% share of total imports.

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

Import Prices by Country

In 2023, the import price in ECOWAS amounted to $X per ton, declining by X% against the previous year. In general, the import price recorded a abrupt decrease. The pace of growth was the most pronounced in 2014 an increase of X%. As a result, import price attained the peak level of $X per ton. From 2015 to 2023, 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 Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform