Trucks - Ghana | Statista Market Forecast

The Trucks market in Ghana is projected to reach a unit sales of 2.44k vehicles by 2024.
It is expected that the market will continue to grow with a compound annual rate (CAGR 2024-2030) of 2.59%, resulting in a projected market volume of 2.85k vehicles by 2030.
This signifies the potential for significant growth in the Trucks market in Ghana.
Moreover, the production of Trucks market is expected to reach 0.00 by 2030, indicating the extent to which the market can expand.
From an international perspective, it is evident that China will dominate the sales in 2024, with a staggering figure of 3.74m vehicles units.
This highlights the significance of the Chinese market in the global Trucks market industry.
Ghana's commercial vehicle market is witnessing a surge in demand for trucks due to the country's booming construction and infrastructure development projects.

Definition

The Trucks market encompasses a diverse array of vehicles primarily intended for the transportation of goods and materials on a larger scale. These robust and specialized vehicles are engineered for commercial purposes, playing a pivotal role in industries such as logistics, construction, and heavy-duty transportation. Trucks come in various configurations that cater to specific cargo and operational requirements, ranging from light-duty delivery trucks to heavy-duty long-haul trucks with a GVWR of 16 tons or more.

Additional Information

The Trucks market is a dynamic sector characterized by a wide range of vehicle types and applications. Manufacturers continually innovate to improve performance, efficiency, and safety. This market is heavily influenced by factors such as government regulations, emissions standards, and evolving industry needs, which drive advancements in areas like fuel efficiency and alternative propulsion technologies.

Key players in the Trucks market include globally renowned companies such as Daimler Trucks, Volvo Group, PACCAR Inc., and Scania. These manufacturers play a crucial role in shaping the industry by introducing new technologies, improving fuel efficiency, and ensuring compliance with evolving environmental regulations. This market is highly competitive, driving continuous innovation and advancements in truck design and functionality.

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Tanker trucks
Refrigerated trucks
Large delivery trucks
Freight trucks
Flatbed trucks
Construction trucks

Watercraft, aircraft, and railway vehicles
Medium and heavy buses and coaches
Motorcycles and scooters
Light commercial vehicles (LCVs)
Consumer and recreational vehicles
Passenger cars
Off-road and specialized vehicles

The Trucks market in Ghana has been experiencing significant growth in recent years. Customer preferences in the Trucks market in Ghana have been shifting towards larger and more powerful vehicles.

This is due to the increasing demand for trucks that can handle heavy loads and navigate the country's challenging terrain. Customers are also seeking trucks with advanced features and technologies that enhance safety and efficiency. Trends in the market indicate a growing demand for trucks in the construction and logistics sectors.

The construction industry in Ghana has been booming, with numerous infrastructure projects underway. This has led to an increased need for trucks to transport construction materials and equipment. Similarly, the logistics sector has been expanding as Ghana becomes a regional hub for trade and commerce.

As a result, there is a growing demand for trucks to transport goods across the country and to neighboring countries. Local special circumstances in Ghana contribute to the development of the Trucks market. The country's infrastructure, particularly its road network, is still developing.

This presents challenges for truck drivers, as they need vehicles that can withstand rough roads and difficult driving conditions. Additionally, Ghana has a large agricultural sector, and trucks are essential for transporting agricultural produce from rural areas to urban centers. Underlying macroeconomic factors also play a role in the growth of the Trucks market in Ghana.

The country has experienced steady economic growth in recent years, which has resulted in increased investment in various sectors. This has created a favorable business environment for truck manufacturers and suppliers. Additionally, Ghana has a young and growing population, which has contributed to increased demand for goods and services, including trucks.

In conclusion, the Trucks market in Ghana is developing due to customer preferences for larger and more powerful vehicles, increasing demand in the construction and logistics sectors, local special circumstances such as infrastructure and agriculture, and underlying macroeconomic factors including economic growth and population dynamics.

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of trucks.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

The trucking industry in Canada refers to companies which are engaged in the transport of goods via truck. This includes both organizations who own and operate a private truck fleet to transport goods they produce themselves, as well as for-hire carriers who are contracted to carry goods produced by a different company. In 2022, the industry generated almost 39.55 billion Canadian dollars from almost 63.7 million shipments. Both these figures are slightly lower than at the industry’s peak in 2014, when shipments of 63.8 million tons of cargo generated 38.7 billion in revenue. However, the revenue per shipment of 621.15 Canadian dollars in 2018 is higher than in 2017, when only 585.6 Canadian dollars of revenue was generated per shipment.