Minivans - Ghana | Statista Market Forecast

Minivans - Ghana

Ghana

Highlights

Revenue in the Minivans market is projected to reach US$13m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.21%, resulting in a projected market volume of US$13m by 2029.
Minivans market unit sales are expected to reach 424.0vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$31k.
From an international perspective it is shown that the most revenue will be generated China (US$42bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Minivans market in Ghana is experiencing significant growth due to several factors.

Customer preferences: Customers in Ghana have shown a strong preference for minivans due to their versatility and practicality. Minivans offer ample seating capacity, making them ideal for large families or for commercial purposes such as transportation services. Additionally, minivans are known for their spacious interiors and comfortable seating arrangements, which are highly valued by customers in Ghana.

Trends in the market: One of the key trends in the minivans market in Ghana is the increasing demand for fuel-efficient vehicles. With rising fuel prices, customers are looking for vehicles that offer good fuel economy without compromising on performance. Minivans are being designed with more fuel-efficient engines and lightweight materials to meet this demand. Another trend in the market is the integration of advanced technology features in minivans. Customers in Ghana are increasingly seeking vehicles that offer modern infotainment systems, advanced safety features, and connectivity options. Minivan manufacturers are responding to this trend by incorporating features such as touchscreen displays, rearview cameras, and Bluetooth connectivity in their models.

Local special circumstances: Ghana's growing middle class and improving economy have contributed to the increasing demand for minivans. As more people have disposable income, they are able to afford vehicles for personal or business use. The affordability and practicality of minivans make them an attractive option for customers in Ghana. Furthermore, the lack of a reliable public transportation system in many parts of Ghana has also fueled the demand for minivans. Individuals and businesses rely on private transportation for their daily commuting needs, and minivans provide a cost-effective solution.

Underlying macroeconomic factors: Ghana's stable economic growth and increasing urbanization have played a significant role in the development of the minivans market. As more people move to urban areas, the need for reliable transportation options has grown. Minivans offer a convenient and affordable means of transportation for urban dwellers. Additionally, the government of Ghana has implemented policies to support the automotive industry, including the reduction of import duties on vehicles and the establishment of automotive assembly plants. These policies have encouraged local production and attracted foreign investment in the automotive sector, leading to increased availability and affordability of minivans in the market. In conclusion, the Minivans market in Ghana is experiencing growth due to customer preferences for practical and versatile vehicles, the integration of advanced technology features, the growing middle class and improving economy, the lack of reliable public transportation, and the underlying macroeconomic factors such as stable economic growth and government support.

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).