The ghana automobile market size was valued at nearly USD 10.64 Billion in 2022 and is anticipated to reach USD 37.43 Billion by 2031, expanding at a CAGR of 15% . The growth of the market is attributed to growing automotive industry during the forecast period 2023-2031.
The Ghana automotive industry begun with its first self-assembled automotive company. Ghana is the third major company in the West Africa. In the Ghana automotive sector various manufacturing companies includes. Ghana’s increasing industrialization and major manufacturing hub in the automotive sector. With average capacity of small and big industries increases in the Ghana in 1982.
The Covid-19 pandemic affected the demand and supply of Ghana automobile market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Ghana Automobile Market Trends, Drivers, Restraints, and Opportunities
- The research and development in the automotive sector in the Ghana are expected to grow during the forecast period.
- The government initiative and investment in the automotive sector is projected to drive the market.
- Ghana is attracting to investment in the vehicles assembly from leading to original equipment manufactures (OEMs) and investment partner is estimated to drive the market during the forecast period.
- High taxes on the import and export are hampering the market growth.
Scope of Ghana Automobile Market Report
The report on the Ghana automobile market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Automobile Market – Ghana Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Vehicle Types (Passenger Cars and Commercial Vehicles) and Component Types (Auto Ancillaries, Engines, and Tires)
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Regional Scope
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Ghana
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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BMW AG; Hyundai Motor Company; Mercedes-Benz; Nissan Motor Co.,Ltd.; Ford Motor Company
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Ghana Automobile Market Segment Insights
Vehicle Type Segment Analysis
Based on the vehicle types, the Ghana automobile market is bifurcated into passenger cars and commercial vehicles. The passenger cars segment is expected to grow at a rapid pace in the coming years due to increasing demand of passenger vehicles across the world.
Approximately 59% of the passenger sales increases in the financial year 2017 according to new vehicle registration. Second hand import vehicles from the other countries in the Ghana dominated the market during the forecast period.
The second-hand vehicles on large scale are imported from the United States are more aligned with the demand and test of passenger vehicles in the Ghana. Owing to low income and high cost associated with new vehicles, the used vehicles sector is projected to dominate the retail market share during the forecast period.
The most of the popular imported brand is Toyota, which hold for the half and the more vehicles imported from the United States and the gulf countries. Used vehicles are more attractive options for the private vehicle buyers due to affordable finance solutions.
On the other hand, the commercial segment is anticipated to hold a key share of the market in the coming years due to increasing demand of commercial vehicles.
Component Types Segment Analysis
On the basis of component types, the Ghana automobile market is segmented into auto ancillaries, engines, and tires. The engine segment is estimate to gain a large revenue share during the forecast period because of the increasing second hand vehicles demand in the Ghana.
Segments
Vehicle types
- Passenger Cars
- Commercial Vehicles
Components types
- Auto Ancillaries
- Engines
- Tires
Key Players
Competitive Landscape
Some of the key market players competing in the Ghana automobile market are BMW AG; Hyundai Motor Company; Mercedes-Benz; Nissan Motor Co., Ltd.; Ford Motor Company.
These key players are constantly implementing several marketing strategies such as merger & acquisitions, capital investments, partnerships, and new product development to sustain industry position in the market.
Indian automobile major Mahindra & Mahindra has invested heavily in the country and has made it a regional hub for the manufacture of its sports utility vehicles.
However, other international brands such as BMW, Toyota, VM with their high brand value, trust, and reliability among the people of Ghana and this is strong competition for the domestic manufacturer such as Kantaka Group.
Nissan is planning to open the manufacturing plant in the Ghana with its partners. German carmakers Volkswagen was unveiled its first vehicle in Ghana, a Tiguan SUV, in August 2020.
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