Off-road Motorcycles - Ghana

Ghana

The projected revenue in the Off-road Motorcycles market segment for Ghana is set to reach US$39.06m in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 2.27%, resulting in a projected market volume of US$43.70m by 2029.
In Ghana, the unit sales for the Off-road Motorcycles market segment are expected to reach 9.71k motorcyles by 2029.
Furthermore, the volume weighted average price of the Off-road Motorcycles market segment in Ghana is projected to be US$4.47k in 2024.
When looking at the international perspective, it is evident that Brazil will generate the highest revenue of US$1,364.00m in 2024.
Ghana's off-road motorcycle market is experiencing a surge in popularity among adventure-seeking locals and tourists alike.

Key regions: Germany, Italy, United States, Portugal, Spain

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Analyst Opinion

The Off-road Motorcycles market in Ghana is experiencing significant growth and development in recent years.

Customer preferences: Ghanaians have shown a growing interest in off-road motorcycles, as they provide a thrilling and adventurous experience. The younger generation, in particular, is drawn to the excitement and freedom that off-road riding offers. Additionally, the durability and versatility of these motorcycles make them suitable for both recreational purposes and transportation in rural areas with rough terrains.

Trends in the market: One of the key trends in the Off-road Motorcycles market in Ghana is the increasing demand for off-road motorcycles for agricultural purposes. Farmers are recognizing the benefits of using these motorcycles for tasks such as transporting goods, navigating through challenging terrains, and conducting surveys of their farmland. The off-road motorcycles' ability to handle rough terrain and carry heavy loads has made them a preferred choice for many farmers. Another trend in the market is the rise of off-road motorcycle clubs and events in Ghana. These clubs organize off-road riding competitions and group rides, attracting both enthusiasts and spectators. This trend has contributed to the growing popularity of off-road motorcycles among the youth and has created a sense of community and camaraderie among riders.

Local special circumstances: Ghana's diverse landscape, which includes forests, mountains, and rural areas with challenging terrains, has played a significant role in the development of the Off-road Motorcycles market. The off-road motorcycles' ability to navigate through these terrains makes them highly sought after in Ghana. Additionally, the country's growing tourism industry has also contributed to the demand for off-road motorcycles, as tourists seek adventurous experiences exploring Ghana's natural beauty.

Underlying macroeconomic factors: Ghana's improving economic conditions, with a steady GDP growth rate and increasing disposable income, have positively impacted the Off-road Motorcycles market. As more Ghanaians have the financial means to purchase recreational vehicles, the demand for off-road motorcycles has increased. Furthermore, the government's focus on promoting tourism and improving infrastructure in rural areas has created opportunities for off-road motorcycle manufacturers and retailers. In conclusion, the Off-road Motorcycles market in Ghana is witnessing significant growth and development due to customer preferences for thrilling experiences, the increasing demand for agricultural purposes, the rise of off-road motorcycle clubs and events, the country's diverse landscape, and improving macroeconomic conditions. As these trends continue, we can expect the Off-road Motorcycles market in Ghana to further expand in the coming years.

Methodology

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.