Car Rentals - Ghana

Ghana

Highlights

The Car Rentals market in Ghana is expected to experience a noteworthy increase in revenue in the coming years.
Specifically, revenue is projected to reach US$35.13m by 2024 and is expected to grow annually at a rate of 5.73% from 2024 to 2029, ultimately resulting in a market volume of US$46.42m by 2029.
In terms of users, the Car Rentals market is expected to see a significant rise, with the number of users projected to reach 3.34m users by 2029.
User penetration is also expected to increase, from 6.4% in 2024 to 8.8% by 2029.
Notably, the average revenue per user (ARPU) is expected to be US$15.68.
Moreover, it is projected that 59% of total revenue in the Car Rentals market will be generated through online sales by 2029.
Looking at global comparisons, it is worth noting that United States will generate the most revenue, with a projected revenue of US$32bn in 2024.
Car rental services in Ghana are becoming increasingly popular among tourists and locals alike due to the country's vast natural beauty and diverse cultural attractions.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Car Rentals market in Ghana is experiencing significant growth and development. Customer preferences are shifting towards the convenience and flexibility offered by car rental services, leading to an increase in demand. The market is also being influenced by local special circumstances and underlying macroeconomic factors. Customer preferences in the Car Rentals market in Ghana are changing due to several factors. One of the main reasons is the increasing urbanization and population growth in the country. As more people move to cities and towns, the need for convenient and reliable transportation options becomes crucial. Car rentals provide a flexible and cost-effective solution, allowing individuals to easily travel within and between cities without the hassle of owning a car. Another factor driving customer preferences is the rise of tourism in Ghana. The country has seen a significant increase in international visitors in recent years, attracted by its rich cultural heritage, natural beauty, and vibrant cities. Tourists often prefer to rent cars to explore the country at their own pace and convenience, contributing to the growth of the car rental market. Trends in the Car Rentals market in Ghana are also influenced by local special circumstances. One such circumstance is the inadequate public transportation infrastructure in many parts of the country. Public transportation options are often limited and unreliable, making car rentals a more attractive alternative for both locals and tourists. Additionally, the presence of multinational companies and foreign investors in Ghana has contributed to the growth of the car rental market. These companies often require transportation services for their employees and clients, leading to an increased demand for car rentals. Underlying macroeconomic factors also play a role in the development of the Car Rentals market in Ghana. The country has experienced steady economic growth in recent years, leading to an expanding middle class with higher disposable incomes. This has resulted in increased consumer spending on leisure activities, including car rentals. Furthermore, the government's efforts to improve road infrastructure and promote tourism have also had a positive impact on the car rental market. Investments in road construction and maintenance have made travel easier and more accessible, while tourism campaigns have attracted more visitors to the country. In conclusion, the Car Rentals market in Ghana is experiencing growth and development due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The convenience and flexibility offered by car rentals, coupled with the inadequate public transportation infrastructure and the rise of tourism, have contributed to the increased demand for car rental services. The country's economic growth and government initiatives to improve road infrastructure and promote tourism have further fueled the market's growth.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of car rental services.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, third-party studies and reports, federal statistical offices, industry associations, and price data. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as demographic data, GDP, consumer spending, internet penetration, and device usage. 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, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.