Ride-hailing - Ghana | Statista Market Forecast

By 2024, the Ride-hailing market in Ghana is expected to reach a revenue of US$5.69m.
Furthermore, a projected annual growth rate (CAGR 2024-2029) of 10.45% is expected to result in a market volume of US$9.36m by 2029.
The number of users is projected to increase up to 7.45m users by 2029, while the user penetration rate is expected to decrease slightly from 14.6% in 2024 to 19.6% in 2029.
The average revenue per user (ARPU) is estimated to be US$1.12.
Online sales are expected to generate 100% of the total revenue in the Ride-hailing market by 2029.
It is noteworthy that, in comparison to other countries, China is expected to generate the highest revenue (US$60bn in 2024) in this market.
The Ride-hailing market in Ghana is seeing increased competition among local players, as international giants struggle to gain a foothold.

Definition:

The Ride-hailing market encompasses on-demand transportation services facilitated through mobile apps or online platforms. This market covers both private vehicle rides and taxi services, all booked exclusively online. It includes Transportation Network Companies (TNCs), such as Uber and Lyft, traditional taxis booked via apps, such as Free Now or Cabify, and ride-pooling services, such as Moia and Via. This market excludes peer-to-peer ride-sharing, focusing on professionally operated transport services booked digitally for efficient and convenient urban mobility. Rides of traditional taxi services hailed on the street or booked via telephone are not included in this market.

Additional Information:

The main performance indicators of the Ride-hailing 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.

Platforms that let users book rides offered by drivers using their private vehicles (e.g., Uber)
Taxi companies that offer their services through an app (e.g., Free Now)
Platforms that offer shared rides (ride-pooling) with other passengers (e.g., Moia, Via)

Traditional taxi rides booked offline with taxi companies (via street-hailing or by telephone)

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.

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