Key regions: South America, Europe, China, Saudi Arabia, Malaysia
The ride-hailing market in Ghana has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.
Customer preferences: Ghanaians are increasingly embracing ride-hailing services due to their convenience and affordability. With the rise of smartphone penetration in the country, more people have access to ride-hailing apps, making it easier for them to book rides at their convenience. Additionally, the ability to track the location of the driver and make cashless payments through mobile wallets has made ride-hailing services a preferred choice for many Ghanaians.
Trends in the market: One of the key trends in the ride-hailing market in Ghana is the growing popularity of motorcycle taxis, commonly known as "okadas. " These two-wheeled transportation options provide a faster and more cost-effective means of travel, especially in congested urban areas. The introduction of ride-hailing services for motorcycles has not only increased the availability of transportation options but has also created employment opportunities for many young Ghanaians who own motorcycles. Another trend in the market is the emergence of locally-owned ride-hailing platforms. While international players like Uber and Bolt have a presence in the Ghanaian market, local companies have also entered the space to cater to the unique needs and preferences of Ghanaians. These local platforms often offer tailored services and pricing models that are better suited to the local market.
Local special circumstances: Ghana's transportation infrastructure, particularly in urban areas, is often characterized by congestion and unreliable public transportation. Ride-hailing services have filled this gap by providing a more efficient and reliable mode of transportation. Additionally, the informal nature of the transportation sector in Ghana has made it easier for ride-hailing services to gain traction, as they provide a more organized and regulated alternative.
Underlying macroeconomic factors: The growth of the ride-hailing market in Ghana is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an expanding middle class with increased disposable income. This has created a larger customer base for ride-hailing services, as more Ghanaians can afford to use these services on a regular basis. Furthermore, the government of Ghana has been supportive of the ride-hailing industry, recognizing its potential to create employment opportunities and improve the overall transportation system. This has resulted in favorable regulations and policies that have encouraged the growth of the market. In conclusion, the ride-hailing market in Ghana is developing rapidly due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The convenience, affordability, and improved transportation options provided by ride-hailing services have made them increasingly popular among Ghanaians. As the market continues to evolve, it is expected to further contribute to the overall development of the transportation sector in Ghana.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings and revenues of ride-hailing 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.
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