ECOWAS: Electric Rotary Converter Market 2024

Electric Rotary Converter Market Size in ECOWAS

In 2021, the ECOWAS electric rotary converter market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption saw buoyant growth. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Electric Rotary Converter Production in ECOWAS

In value terms, electric rotary converter production reduced to $X in 2021 estimated in export price. In general, production, however, enjoyed a prominent increase. The pace of growth appeared the most rapid in 2014 with an increase of 2,423%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Electric Rotary Converter Exports

Exports in ECOWAS

After two years of growth, shipments abroad of electric rotary converters decreased by -17.3% to X units in 2021. Over the period under review, exports continue to indicate a pronounced setback. The pace of growth was the most pronounced in 2015 with an increase of 82%. As a result, the exports reached the peak of X units. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, electric rotary converter exports fell remarkably to $X in 2021. Overall, exports recorded a abrupt decline. The most prominent rate of growth was recorded in 2016 when exports increased by 8.6%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Togo was the largest exporter of electric rotary converters in ECOWAS, with the volume of exports reaching X units, which was near 40% of total exports in 2021. Nigeria (X units) ranks second in terms of the total exports with a 20% share, followed by Niger (18%), Mali (11%) and Benin (5%). The following exporters - Ghana (X units) and Cote d'Ivoire (X units) - each amounted to a 3.3% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Togo (with a CAGR of +67.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) remains the largest electric rotary converter supplier in ECOWAS, comprising 43% of total exports. The second position in the ranking was taken by Nigeria ($X), with an 18% share of total exports. It was followed by Niger, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Ghana totaled -16.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (+21.9% per year) and Niger (+32.7% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2021, dropping by -28.1% against the previous year. Overall, the export price faced a abrupt decline. The pace of growth was the most pronounced in 2016 when the export price increased by 134%. The level of export peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Ghana ($X per unit), while Benin ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+23.7%), while the other leaders experienced mixed trends in the export price figures.

Electric Rotary Converter Imports

Imports in ECOWAS

In 2021, after two years of decline, there was significant growth in purchases abroad of electric rotary converters, when their volume increased by 18% to X units. In general, imports posted a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 464%. Over the period under review, imports hit record highs at X units in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, electric rotary converter imports soared to $X in 2021. Overall, imports posted a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of 169% against the previous year. The level of import peaked at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Nigeria dominates imports structure, reaching X units, which was approx. 95% of total imports in 2021. Burkina Faso (X units) followed a long way behind the leaders.

Nigeria was also the fastest-growing in terms of the electric rotary converters imports, with a CAGR of +27.7% from 2012 to 2021. At the same time, Burkina Faso (+25.1%) displayed positive paces of growth. From 2012 to 2021, the share of Nigeria increased by +25 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported electric rotary converters in ECOWAS, comprising 86% of total imports. The second position in the ranking was taken by Burkina Faso ($X), with a 5.1% share of total imports.

In Nigeria, electric rotary converter imports expanded at an average annual rate of +16.8% over the period from 2012-2021.

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2021, rising by 3.5% against the previous year. In general, the import price, however, continues to indicate a deep setback. The pace of growth appeared the most rapid in 2019 an increase of 39%. Over the period under review, import prices reached the maximum at $X per unit in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Burkina Faso ($X per unit), while Nigeria totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+3.1%).

Source: IndexBox Platform

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