Large Cars - Ghana

Ghana

Highlights

Revenue in the Large Cars market is projected to reach US$21m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.27%, resulting in a projected market volume of US$21m by 2029.
Large Cars market unit sales are expected to reach 422.0vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$50k.
From an international perspective it is shown that the most revenue will be generated China (US$106bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Large Cars market in Ghana has been experiencing significant growth in recent years.

Customer preferences: In Ghana, customers have shown a strong preference for large cars due to their spacious interiors, powerful engines, and luxurious features. Large cars are often seen as a status symbol and a sign of wealth and success. Additionally, the poor road conditions in some parts of the country make large cars more suitable for navigating through rough terrains.

Trends in the market: The demand for large cars in Ghana has been steadily increasing due to several factors. Firstly, the growing middle class in the country has led to an increase in disposable income, allowing more people to afford large cars. Additionally, the expansion of the tourism industry has contributed to the demand for large cars, as tourists often prefer to travel in comfort and style.

Local special circumstances: Ghana has a unique set of circumstances that contribute to the growth of the large cars market. The country is rich in natural resources, such as oil and gold, which has led to an increase in wealth and economic development. This has created a demand for large cars among the affluent population. Furthermore, Ghana has a growing urban population, with many people moving to cities for better job opportunities. This urbanization trend has also fueled the demand for large cars, as people seek vehicles that can comfortably accommodate their families and belongings.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the large cars market in Ghana. Firstly, the stable political environment and favorable business climate have attracted foreign investments, leading to economic growth and increased consumer spending. Additionally, the government has implemented policies to support the automotive industry, such as reducing import tariffs on vehicle parts and promoting local manufacturing. These factors have made large cars more affordable and accessible to the Ghanaian population. In conclusion, the Large Cars market in Ghana has been growing due to customer preferences for spacious and luxurious vehicles, as well as the country's unique circumstances and favorable macroeconomic factors. The increasing middle class, expansion of the tourism industry, and urbanization trend have all contributed to the rising demand for large cars in the country. With the stable political environment and government support for the automotive industry, the market is expected to continue its growth trajectory in the coming years.

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).