Ghana: Bicycle Market 2024

Bicycle Market Size in Ghana

In 2022, after two years of growth, there was significant decline in the Ghanian bicycle market, when its value decreased by X% to $X. Over the period under review, consumption recorded a noticeable setback. Bicycle consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Bicycle Exports

Exports from Ghana

In 2022, after five years of growth, there was significant decline in overseas shipments of bicycles and other cycles, when their volume decreased by X% to X units. In general, exports, however, enjoyed a resilient increase. The pace of growth was the most pronounced in 2015 when exports increased by X%. Over the period under review, the exports attained the peak figure at X units in 2021, and then fell rapidly in the following year.

In value terms, bicycle exports contracted slightly to $X in 2022. Over the period under review, exports, however, saw a significant increase. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X, leveling off in the following year.

Exports by Country

Burkina Faso (X units) was the main destination for bicycle exports from Ghana, with a X% share of total exports. Moreover, bicycle exports to Burkina Faso exceeded the volume sent to the second major destination, Togo (X units), threefold. The third position in this ranking was taken by Switzerland (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Burkina Faso amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Togo (X% per year) and Switzerland (X% per year).

In value terms, Burkina Faso ($X) remains the key foreign market for bicycles and other cycles exports from Ghana, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports. It was followed by Togo, with an X% share.

From 2012 to 2022, the average annual growth rate of value to Burkina Faso totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Togo (X% per year).

Export Prices by Country

The average bicycle export price stood at $X per unit in 2022, picking up by X% against the previous year. In general, the export price posted significant growth. The most prominent rate of growth was recorded in 2021 when the average export price increased by X%. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Bicycle Imports

Imports into Ghana

After two years of growth, purchases abroad of bicycles and other cycles decreased by X% to X units in 2022. Over the period under review, imports faced a abrupt decrease. The most prominent rate of growth was recorded in 2015 when imports increased by X%. Over the period under review, imports hit record highs at X units in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, bicycle imports shrank dramatically to $X in 2022. Overall, imports showed a noticeable slump. The pace of growth appeared the most rapid in 2015 when imports increased by X%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Japan (X units) constituted the largest supplier of bicycle to Ghana, with a X% share of total imports. Moreover, bicycle imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), threefold. The third position in this ranking was held by Belgium (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Japan amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Belgium (X% per year).

In value terms, China ($X) constituted the largest supplier of bicycles and other cycles to Ghana, comprising X% of total imports. The second position in the ranking was held by Japan ($X), with a X% share of total imports. It was followed by the UK, with a X% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and the UK (X% per year).

Import Prices by Country

In 2022, the average bicycle import price amounted to $X per unit, growing by X% against the previous year. Over the period under review, the import price enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2020 when the average import price increased by X%. The import price peaked in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per unit), while the price for Belgium ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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