Medium Cars - Ghana

Ghana

Highlights

Revenue in the Medium Cars market is projected to reach US$34m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.69%, resulting in a projected market volume of US$33m by 2029.
Medium Cars market unit sales are expected to reach 1.2k vehicles in 2029.
The volume weighted average price of Medium Cars market in 2024 is expected to amount to US$27k.
From an international perspective it is shown that the most revenue will be generated China (US$89bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Ghanaian customers have shown a strong preference for medium-sized cars due to their versatility and affordability. Medium cars are seen as a practical choice for both urban and rural environments, as they offer a balance between fuel efficiency and spaciousness. Additionally, customers in Ghana value safety features and durability, making medium cars an attractive option.

Trends in the market: One of the key trends in the Medium Cars market in Ghana is the increasing demand for fuel-efficient vehicles. With rising fuel prices and a growing awareness of environmental issues, customers are seeking cars that offer better mileage and lower emissions. This trend has led to the introduction of hybrid and electric medium cars in the market, providing customers with more options to choose from. Another trend in the market is the integration of advanced technology features in medium cars. Ghanaian customers are becoming more tech-savvy and are looking for cars that offer modern connectivity options, such as Bluetooth connectivity, touchscreen infotainment systems, and smartphone integration. Automakers are responding to this trend by equipping their medium cars with these features to attract customers.

Local special circumstances: One of the unique factors influencing the Medium Cars market in Ghana is the country's road infrastructure. While major cities have well-maintained roads, rural areas often have rough and unpaved roads. This has led to a demand for medium cars that can handle these challenging road conditions. Customers in Ghana are looking for cars with good ground clearance and sturdy suspension systems to ensure a smooth and comfortable ride.

Underlying macroeconomic factors: The growing middle class in Ghana is a key driver of the Medium Cars market. As disposable incomes increase, more Ghanaians are able to afford medium cars. Additionally, the government's efforts to improve access to credit and reduce import duties on vehicles have made medium cars more affordable for the average consumer. These factors have contributed to the growth of the market in recent years. Furthermore, Ghana's stable economic growth and political stability have created a favorable environment for investment in the automotive sector. This has attracted both local and international automakers to expand their presence in the country, leading to a wider range of medium car options for customers. In conclusion, the Medium Cars market in Ghana is experiencing growth due to customer preferences for versatile and affordable vehicles, the introduction of fuel-efficient and technologically advanced cars, the unique road conditions in the country, and underlying macroeconomic factors such as the growing middle class and favorable investment environment.

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).