Passenger Cars - Ghana | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$192.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.04%, resulting in a projected market volume of US$192.4m by 2029.
The market's largest segment is SUVs with a projected market volume of US$72.7m in 2024.
Passenger Cars market unit sales are expected to reach 5.34k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$36.61k in 2024.
With a vehicle unit sales share of 28.7% in 2024, Toyota is expected to have one of the highest market share in the selected region.
The value market share of the make Toyota in the selected region is expected to stand at 26.0% in 2024.
From an international perspective it is shown that the most revenue will be generated United States (US$605bn in 2024).

The Mobility Market specifically covers newly sold passenger cars, including small, medium, executive, and luxury cars as well as SUVs, minivans, and sports cars. However, motorcycles, buses, trucks, large vans, and light utility vehicles are not included. The market's segmentation is based on several factors, including physical properties (weight, volume, wheelbase) and economic factors (pricing, status, etc.). All key figures shown represent the sales of new cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models. Importantly, our focus is solely on the market for newly sold cars, distinct from the broader category of registered cars.

The Passenger Cars market is divided into further markets for small cars, medium cars, executive cars, luxury cars, SUVs, minivans, and sports cars. Additionally, it delves into different car brands, offering a comprehensive view of the market.

Insights are centered on newly sold cars in standard configurations, excluding used vehicles and customizations. Reported statistics align with base vehicle configurations, ensuring a focused understanding of the dynamic passenger car market.

Newly Sold Passenger cars
Sports cars
SUVs
MPVs

Motorcycles, Buses and Trucks
Commercial Vans (included for the U.S. market only)
Pickup trucks (included for the U.S. market only)

The Passenger Cars market in Ghana is experiencing significant growth and development. Customer preferences in the Ghanaian market for passenger cars are shifting towards more fuel-efficient and environmentally friendly vehicles.

This is in line with global trends, as consumers become more conscious of the impact of their choices on the environment. Additionally, customers in Ghana are increasingly looking for vehicles that offer advanced safety features and modern technology, such as connectivity options and infotainment systems. Trends in the market indicate a growing demand for compact and subcompact cars in Ghana.

These smaller vehicles are more affordable and practical for urban driving conditions, which is important in a country with congested roads and limited parking spaces. As a result, car manufacturers are introducing more models in this segment to cater to the needs of Ghanaian consumers. Local special circumstances also play a role in shaping the Passenger Cars market in Ghana.

The country's infrastructure, particularly its road network, is still developing. This means that customers often prioritize vehicles that are durable and can withstand rough road conditions. Additionally, the high cost of vehicle maintenance and fuel prices influence customer preferences towards more fuel-efficient cars that are affordable to run.

Underlying macroeconomic factors are also contributing to the growth of the Passenger Cars market in Ghana. The country's economy has been steadily growing in recent years, leading to an increase in disposable income and purchasing power. This has allowed more Ghanaians to afford cars, leading to a rise in car ownership and demand.

Additionally, the government has implemented policies and initiatives to support the automotive industry, such as reducing import duties on vehicles and promoting local manufacturing. These factors have further stimulated the market and attracted investment from both local and international car manufacturers. In conclusion, the Passenger Cars market in Ghana is experiencing growth and development driven by customer preferences for fuel-efficient and technologically advanced vehicles, as well as local special circumstances and underlying macroeconomic factors.

As the market continues to evolve, it presents opportunities for car manufacturers to cater to the specific needs and preferences of Ghanaian consumers.

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).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Is the global automotive industry experiencing an economic downturn? High inflation rates and raw material price increases recorded throughout 2022 and 2023 have challenged the industry, impacting consumers’ purchasing power and manufacturers’ production costs and profits. However, while global automobile sales slowed in 2022 due to the impact of the automotive semiconductor shortage, the market has been growing since the pandemic, and is forecast to move closer to its pre-pandemic level in 2023.