On-road Motorcycles - Ghana

Ghana

The On-road Motorcycles market segment in Ghana is projected to generate a revenue of US$62.28m in 2024.
It is expected to experience an annual growth rate of 2.95% (CAGR 2024-2029), leading to a projected market volume of US$72.01m by 2029.
In that year, the unit sales of On-road Motorcycles market in Ghana are expected to reach 33.00k motorcyles.
The volume weighted average price of the On-road Motorcycles market segment in Ghana is projected to be US$2.11k in 2024.
When looking at the international perspective, it is evident that the highest revenue will be generated India, amounting to US$21,500.00m in 2024.
Ghana's on-road motorcycle market is experiencing rapid growth due to increasing urbanization and demand for affordable transportation solutions.

Key regions: Nigeria, United States, Spain, Vietnam, Indonesia

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Analyst Opinion

The On-road Motorcycles market in Ghana is experiencing significant growth and development.

Customer preferences: Ghanaian customers are increasingly opting for on-road motorcycles due to their affordability, fuel efficiency, and convenience. On-road motorcycles provide a cost-effective mode of transportation for both urban and rural areas, where public transportation options may be limited. Additionally, the compact size and maneuverability of on-road motorcycles make them ideal for navigating through congested city streets and narrow rural roads.

Trends in the market: One of the key trends in the On-road Motorcycles market in Ghana is the increasing demand for motorcycles as a means of transportation for commercial purposes. Many individuals and businesses are utilizing motorcycles for delivery services, such as food delivery and courier services. The rise of e-commerce platforms and the need for quick and efficient delivery have contributed to this trend. Furthermore, on-road motorcycles are also being used for ride-sharing services, providing an alternative mode of transportation for Ghanaians. Another trend in the market is the growing popularity of electric motorcycles. With the increasing emphasis on sustainability and environmental consciousness, electric motorcycles offer a greener alternative to traditional gasoline-powered motorcycles. The government of Ghana has also introduced initiatives to promote the adoption of electric vehicles, including motorcycles, through incentives and subsidies. This has further fueled the demand for electric motorcycles in the country.

Local special circumstances: Ghana's population is rapidly urbanizing, with a significant portion of the population residing in cities. This urbanization trend has led to increased traffic congestion and a need for more efficient transportation options. On-road motorcycles provide a practical solution to this problem, allowing individuals to navigate through congested areas more easily and reach their destinations faster. Additionally, the informal sector plays a significant role in Ghana's economy, with many individuals engaging in small-scale businesses and entrepreneurship. On-road motorcycles provide a cost-effective and flexible mode of transportation for individuals involved in the informal sector, enabling them to transport goods and services to different locations efficiently.

Underlying macroeconomic factors: Ghana's growing economy and rising disposable incomes have contributed to the development of the On-road Motorcycles market. As more Ghanaians have the means to afford personal transportation, the demand for on-road motorcycles has increased. Additionally, the government's investment in infrastructure development, such as road construction and improvement, has made it easier for individuals to travel and has further boosted the demand for on-road motorcycles. Furthermore, the presence of international motorcycle manufacturers and distributors in Ghana has expanded the availability and variety of on-road motorcycles in the market. This has made it easier for customers to access and purchase motorcycles, contributing to the market's growth. In conclusion, the On-road Motorcycles market in Ghana is experiencing growth and development due to customer preferences for affordable and convenient transportation options. The increasing demand for motorcycles for commercial purposes and the popularity of electric motorcycles are key trends in the market. Local special circumstances, such as urbanization and the importance of the informal sector, further drive the market's growth. Ghana's growing economy and infrastructure development, along with the presence of international manufacturers, are underlying macroeconomic factors that contribute to the market's development.

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.