Ghana: Bicycle Market 2022

Bicycle Market Size in Ghana

In 2021, the Ghanian bicycle market increased by 12% to $X, rising for the second year in a row after four years of decline. Over the period under review, consumption posted a prominent expansion. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market failed to regain momentum.

Bicycle Exports

Exports from Ghana

After four years of growth, shipments abroad of bicycles and other cycles decreased by -18% to X units in 2021. In general, total exports indicated a modest increase from 2012 to 2021: its volume increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 53% against the previous year. The exports peaked at X units in 2020, and then dropped rapidly in the following year.

In value terms, bicycle exports shrank to $X in 2021. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 79%. Over the period under review, the exports attained the peak figure at $X in 2020, and then declined in the following year.

Exports by Country

Burkina Faso (X units) was the main destination for bicycle exports from Ghana, accounting for a 71% share of total exports. Moreover, bicycle exports to Burkina Faso exceeded the volume sent to the second major destination, Switzerland (X units), eightfold. The United States (X units) ranked third in terms of total exports with a 5.3% share.

From 2012 to 2021, the average annual growth rate of volume to Burkina Faso amounted to +14.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (+36.2% per year) and the United States (+22.3% per year).

In value terms, Burkina Faso ($X) remains the key foreign market for bicycle exports from Ghana, comprising 54% of total exports. The second position in the ranking was held by the United States ($X), with a 20% share of total exports. It was followed by Niger, with a 7.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Burkina Faso totaled -1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+30.0% per year) and Niger (+8.6% per year).

Export Prices by Country

In 2021, the average bicycle export price amounted to $X per unit, increasing by 6.7% against the previous year. Over the period under review, the export price, however, showed a slight decrease. The most prominent rate of growth was recorded in 2017 an increase of 17%. Over the period under review, the average export prices attained the maximum at $X per unit in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per unit), while the average price for exports to Togo ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Niger (+13.3%), while the prices for the other major destinations experienced more modest paces of growth.

Bicycle Imports

Imports into Ghana

In 2021, supplies from abroad of bicycles and other cycles increased by 18% to X units, rising for the second consecutive year after four years of decline. Over the period under review, imports recorded a significant increase. The pace of growth appeared the most rapid in 2015 when imports increased by 653%. As a result, imports reached the peak of X units. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, bicycle imports contracted markedly to $X in 2021. In general, imports, however, recorded a perceptible decrease. The pace of growth was the most pronounced in 2015 with an increase of 124% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Japan (X units) constituted the largest supplier of bicycle to Ghana, accounting for a 74% share of total imports. Moreover, bicycle imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), fourfold. The third position in this ranking was held by the Netherlands (X units), with a 2.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan stood at +30.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+22.6% per year) and the Netherlands (+33.4% per year).

In value terms, Japan ($X), China ($X) and Switzerland ($X) appeared to be the largest bicycle suppliers to Ghana, together comprising 94% of total imports.

China, with a CAGR of +1.3%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average bicycle import price stood at $X per unit in 2021, shrinking by -28% against the previous year. Overall, the import price faced a sharp decline. The growth pace was the most rapid in 2020 an increase of 33%. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was China ($X per unit), while the price for the Netherlands ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Switzerland (-3.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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