SUVs - Ghana | Statista Market Forecast

SUVs - Ghana

Ghana

Highlights

Revenue in the SUVs market is projected to reach US$73m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.17%, resulting in a projected market volume of US$73m by 2029.
SUVs market unit sales are expected to reach 1.6k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$46k.
From an international perspective it is shown that the most revenue will be generated United States (US$333bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Ghanaians have shown a strong preference for SUVs due to their versatility and ruggedness. SUVs are well-suited for the country's challenging road conditions, which often include potholes and uneven surfaces. Additionally, SUVs provide a sense of safety and security, which is important to customers in Ghana.

Trends in the market: One of the key trends in the SUVs market in Ghana is the increasing demand for compact SUVs. These smaller-sized SUVs offer a more affordable option for customers who want the benefits of an SUV but have a limited budget. The compact SUV segment has seen a surge in popularity as more automakers introduce models tailored to the Ghanaian market. Another trend in the market is the growing interest in electric SUVs. While still a niche segment, there is a noticeable increase in the number of Ghanaians considering electric SUVs. This can be attributed to a greater awareness of environmental issues and a desire to reduce carbon emissions. The availability of charging infrastructure and government incentives for electric vehicles have also contributed to this trend.

Local special circumstances: Ghana has a growing middle class, which has significantly contributed to the rise in SUV sales. As more Ghanaians achieve higher disposable incomes, they are increasingly able to afford SUVs. Additionally, the country's oil and gas industry has created job opportunities and increased incomes, further driving the demand for SUVs.

Underlying macroeconomic factors: Ghana's stable economic growth and improving infrastructure have played a crucial role in the development of the SUVs market. The government's investment in road construction and maintenance has made it easier for Ghanaians to own and drive SUVs. Additionally, the availability of financing options and favorable interest rates have made SUVs more accessible to a wider range of customers. In conclusion, the SUVs market in Ghana is experiencing growth due to customer preferences for versatile and rugged vehicles, as well as the increasing affordability of SUVs. The rise of compact SUVs and the growing interest in electric SUVs are notable trends in the market. The country's growing middle class and the development of the oil and gas industry have also contributed to the increase in SUV sales. Overall, Ghana's stable economic growth and improving infrastructure have created a favorable environment for the SUVs market to thrive.

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).