Car-sharing - Ghana | Statista Market Forecast

In Ghana, the revenue in the Car-sharing market is forecasted to reach US$2.42m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 9.00%, leading to a projected market volume of US$3.72m by 2029.
Within the Car-sharing market, the number of users is projected to reach 63.90k users by 2029.
User penetration is expected to be 0.1% in 2024 and 0.2% by 2029.
The average revenue per user (ARPU) is estimated to be US$55.30.
In the Car-sharing market, 100% of total revenue will be generated through online sales by 2029.
When compared globally, the United States is expected to generate the most revenue (US$3bn in 2024).
Ghana's Car-sharing market is gaining traction among urban commuters seeking cost-effective and convenient transportation solutions in major cities like Accra.

Definition:

The Car-sharing market encompasses car-sharing services. Car-sharing service providers own the vehicles that customers can book independently at any time. Customers need to enter into a contract with the service provider in order to be able to book vehicles via a smartphone app, the website of the service provider, or by telephone. The vehicle is usually opened via smartphone or a chip card. Some service providers, however, provide the car key in a key safe at the car-sharing station. Prices are calculated per minute or hour, with the money being debited from the customer's bank account. Peer-to-peer car-sharing is not included in this market. Car-sharing services are not available in all countries; thus, only a limited number of countries and regions can be selected.

Additional Information:

The main performance indicators of the Car-sharing market are revenues, average revenue per user (ARPU), user numbers and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the mentioned market. User numbers show only those individuals who have made a reservation, independent of the number of travelers on the booking. Each user is only counted once per year.

The booking volume includes all booked rides made by users from the selected region, regardless of where the ride took place.

For further information on the data displayed, refer to the info button right next to each box.

Free-floating car sharing bookings
Station-based car sharing bookings
Companies offering a combination of free-floating and station-based car sharing
Services such as Share Now, Sixt Share, or Enterprise CarShare

Peer-to-peer car sharing bookings
Rental car booking
Taxi services
Carpools
Ride hailing services

The Car-sharing market in Ghana is experiencing a steady growth trajectory driven by several key factors.

Customer preferences: Customers in Ghana are increasingly drawn to the convenience and cost-effectiveness of car-sharing services. With rapid urbanization and congested city roads, many individuals prefer the flexibility of using shared vehicles over owning a car. This trend is in line with global preferences towards sustainable and shared mobility solutions.

Trends in the market: In Ghana, the car-sharing market is witnessing a rise in the number of players entering the industry. This increased competition is leading to more options for consumers, driving innovation and improved service offerings. Additionally, technological advancements have made it easier for customers to access and book shared vehicles, further fueling market growth.

Local special circumstances: Ghana's unique market dynamics, including a growing middle class with disposable income and an expanding urban population, are contributing to the development of the car-sharing sector. The country's focus on sustainability and environmental conservation is also encouraging the adoption of shared mobility solutions as an alternative to traditional car ownership.

Underlying macroeconomic factors: The macroeconomic stability and steady economic growth in Ghana are providing a favorable environment for the car-sharing market to flourish. As disposable incomes rise and consumer spending power increases, more individuals are likely to opt for convenient and cost-efficient transportation options like car-sharing. Additionally, government initiatives to improve transportation infrastructure and reduce traffic congestion are further supporting the growth of the market.

Data coverage:

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

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.