Scooters - Ghana | Statista Market Forecast

Scooters - Ghana

Ghana

Highlights

The Scooters market in Ghana is forecasted to achieve a revenue of US$23.63m in 2024.
It is expected that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 3.31%, leading to a projected market volume of US$27.81m by 2029.
The unit sales of Scooters market in Ghana are projected to reach 21.42k motorcyles in 2029.
Furthermore, the volume weighted average price of Scooters market in Ghana is anticipated to be US$1.23k in 2024.
When considering the international perspective, it is evident that the highest revenue will be generated India, amounting to US$10.62bn in 2024.
The demand for electric scooters is rapidly increasing in Ghana, as consumers seek sustainable transportation options in urban areas.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Scooters market in Ghana has been experiencing steady growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Ghana have shifted towards more affordable and efficient modes of transportation, and scooters have emerged as a popular choice. Scooters offer a cost-effective and convenient means of travel, particularly in congested urban areas where traffic is a major issue. Additionally, scooters are seen as a stylish and trendy mode of transportation, appealing to younger consumers who value personal mobility and independence. Trends in the market have also contributed to the growth of the Scooters market in Ghana. The rise of ride-sharing services and the increasing popularity of electric scooters have created new opportunities for market expansion. Ride-sharing platforms have made it easier for consumers to access scooters on a temporary basis, without the need for ownership. This has opened up the market to a wider range of consumers who may not have considered purchasing a scooter previously. Furthermore, the growing demand for electric scooters aligns with the global trend towards sustainable transportation options. Electric scooters are seen as a more environmentally friendly alternative to traditional petrol-powered scooters, and this has resonated with consumers in Ghana who are increasingly conscious of their carbon footprint. Local special circumstances in Ghana have also played a role in the development of the Scooters market. The country's rapid urbanization and population growth have led to increased demand for efficient and affordable transportation solutions. Scooters offer a practical solution to the challenges posed by limited public transportation infrastructure and high fuel costs. Additionally, the relatively low cost of entry for scooter dealerships and repair shops has made it easier for entrepreneurs to enter the market, further fueling its growth. Underlying macroeconomic factors have also contributed to the development of the Scooters market in Ghana. The country's stable economic growth and rising middle class have increased disposable incomes and purchasing power, making scooters more accessible to a larger segment of the population. Furthermore, government initiatives to improve road infrastructure and promote sustainable transportation have created a favorable environment for the growth of the Scooters market. In conclusion, the Scooters market in Ghana is experiencing growth due to customer preferences for affordable and efficient transportation, market trends such as the rise of ride-sharing and electric scooters, local special circumstances including rapid urbanization and population growth, and underlying macroeconomic factors such as stable economic growth and government initiatives. This combination of factors is likely to continue driving the growth of the Scooters market in Ghana 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.