Motorcycles - Ghana

Ghana

Highlights

In 2024, the revenue in the Motorcycles market in Ghana is projected to reach US$125.00m.
It is expected that the revenue will show an annual growth rate of 2.81% from 2024 to 2029, resulting in a projected market volume of US$143.50m by 2029.
The largest segment in the market is On-road Motorcycles, which is projected to have a market volume of US$62.28m in 2024.
The unit sales of Motorcycles market are expected to reach 64.13k motorcyles in 2029.
The volume weighted average price of Motorcycles market in 2024 is projected to be US$2.17k.
In the selected region, Bajaj Motorcycles is expected to have the highest market share in 2024, with a motorcycle unit sales share of 12.7%.
The value market share of Bajaj Motorcycles in the selected region is projected to be 13.9% in 2024.
From an international perspective, it is shown that the most revenue in the Motorcycles market will be generated India, with a projected revenue of US$32.11bn in 2024.
Ghana's motorcycle market is booming due to increasing demand for affordable and efficient transportation in the country.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Motorcycles market in Ghana has been experiencing significant growth in recent years, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Motorcycles market in Ghana have been shifting towards more affordable and fuel-efficient options. This is primarily due to the fact that motorcycles are a popular mode of transportation for many Ghanaians, especially in rural areas where road infrastructure is limited. As a result, consumers are looking for motorcycles that are not only affordable to purchase but also cost-effective to operate in terms of fuel consumption. Trends in the market have also played a role in the development of the Motorcycles market in Ghana. One notable trend is the increasing demand for motorcycles with higher engine capacities. This can be attributed to the growing popularity of motorcycles for commercial purposes such as delivery services and transportation of goods. As businesses in Ghana continue to expand, the need for motorcycles with larger carrying capacities becomes more apparent. Local special circumstances in Ghana have also contributed to the growth of the Motorcycles market. For instance, the country's population is predominantly young, with a large percentage of the population being under the age of 30. This demographic trend has created a significant market for motorcycles, as younger consumers are more likely to prefer motorcycles as a mode of transportation compared to older generations. Underlying macroeconomic factors have also played a role in the development of the Motorcycles market in Ghana. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income among consumers. This, in turn, has fueled demand for motorcycles as consumers have more purchasing power to afford these vehicles. In conclusion, the Motorcycles market in Ghana is developing due to customer preferences for affordable and fuel-efficient options, trends such as the demand for motorcycles with higher engine capacities, local special circumstances such as the young population, and underlying macroeconomic factors such as steady economic growth and increased disposable income. As these factors continue to drive the market, it is expected that the Motorcycles market in Ghana will continue to grow in the coming years.

Data coverage:

Data encompasses B2C enterprises. Figures are based on motorcycle sales and revenue excluding scooters/mopeds under 50cc category.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use manufacturer websites, national statistics offices, motorcycle associations, motorcycles sales websites. Next we use relevant key market indicators and data from country-specific associations such as GDP per capita, consumer price index, consumer spending, and population. This data helps us to 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 particular market. For example, the forecasting is done on a make level for Motorcycles, using a mix of standard approaches, e.g., exponential smoothing, and uses parameters which best fit the historical data. The main drivers are GDP per capita, consumer price index, consumer spending, and population.

Additional Notes:

The market is updated once a year.