Executive Cars - Ghana

Ghana

Highlights

Revenue in the Executive Cars market is projected to reach US$9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.55%, resulting in a projected market volume of US$9m by 2029.
Executive Cars market unit sales are expected to reach 137.0vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$68k.
From an international perspective it is shown that the most revenue will be generated China (US$63bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Executive Cars market in Ghana has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Executive Cars market in Ghana have been shifting towards more luxurious and high-performance vehicles.

Ghanaian consumers are increasingly seeking cars that offer a combination of comfort, style, and advanced features. This trend is influenced by the growing middle class and increasing disposable incomes, which have led to a rise in the demand for luxury goods and services, including executive cars. Additionally, the desire for status and prestige among consumers has also contributed to the preference for executive cars.

Trends in the market indicate a growing demand for electric and hybrid executive cars in Ghana. As the global shift towards sustainable and eco-friendly transportation gains momentum, Ghanaian consumers are also becoming more conscious of their environmental impact. This has led to an increased interest in electric and hybrid vehicles, which offer lower emissions and reduced fuel consumption.

The availability of charging infrastructure and government incentives for electric vehicles have further fueled the demand for these types of cars in the market. Local special circumstances in Ghana have also played a role in the development of the Executive Cars market. The country's infrastructure, particularly the road network, has been improving over the years, making it more conducive for luxury and executive cars.

This has increased the accessibility and appeal of executive cars to consumers, as they can now enjoy a smoother and more comfortable driving experience. Underlying macroeconomic factors have also contributed to the growth of the Executive Cars market in Ghana. The country's economy has been experiencing steady growth, driven by sectors such as oil and gas, mining, and services.

This has resulted in an increase in disposable incomes and purchasing power, allowing more consumers to afford executive cars. Additionally, favorable government policies and regulations, such as tax incentives and import duty reductions, have further stimulated the market by making executive cars more affordable and accessible to consumers. In conclusion, the Executive Cars market in Ghana is developing due to changing customer preferences towards luxury and high-performance vehicles, the growing demand for electric and hybrid cars, improved infrastructure, and favorable macroeconomic factors.

As the market continues to evolve, it is expected that the demand for executive cars in Ghana will continue to rise, driven by the desire for comfort, style, and environmental sustainability.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. 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, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

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. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).