Ghana: Passenger Car Tyre Market 2024

Passenger Car Tyre Market Size in Ghana

In 2021, the Ghanian passenger car tyre market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Overall, the total consumption indicated a mild increase from 2012 to 2021: its value 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. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Passenger Car Tyre Exports

Exports from Ghana

Passenger car tyre exports from Ghana soared to X units in 2021, jumping by 587% compared with 2020 figures. Overall, exports continue to indicate significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, passenger car tyre exports surged to $X in 2021. In general, exports posted a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Togo (X units) was the main destination for passenger car tyre exports from Ghana, with a 94% share of total exports. It was followed by Burkina Faso (X units), with a 1.8% share of total exports. Benin (X units) ranked third in terms of total exports with a 1.8% share.

From 2012 to 2021, the average annual growth rate of volume to Togo amounted to +47.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Burkina Faso (-8.0% per year) and Benin (+44.8% per year).

In value terms, Togo ($X) remains the key foreign market for tyres for motor cars exports from Ghana, comprising 94% of total exports. The second position in the ranking was held by Burkina Faso ($X), with a 2.1% share of total exports. It was followed by Benin, with a 1.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Togo stood at +49.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Burkina Faso (-5.5% per year) and Benin (+45.1% per year).

Export Prices by Country

The average passenger car tyre export price stood at $X per unit in 2021, picking up by 53% against the previous year. Overall, export price indicated slight growth from 2012 to 2021: its price increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. 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.

Average prices varied noticeably for the major external markets. In 2021, the highest price was recorded for prices to Burkina Faso ($X per unit) and Sierra Leone ($X per unit), while the average price for exports to Togo ($X per unit) and Benin ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Burkina Faso (+2.8%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Tyre Imports

Imports into Ghana

After three years of decline, purchases abroad of tyres for motor cars increased by 57% to X units in 2021. Overall, total imports indicated modest growth from 2012 to 2021: its volume increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at X units in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, passenger car tyre imports skyrocketed to $X in 2021. Over the period under review, total imports indicated modest growth from 2012 to 2021: its value increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +68.8% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X units), the United Arab Emirates (X units) and Thailand (X units) were the main suppliers of passenger car tyre imports to Ghana, together accounting for 50% of total imports.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +35.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of tyres for motor cars to Ghana, comprising 29% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 13% share of total imports. It was followed by Germany, with an 8% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+34.1% per year) and Germany (+2.9% per year).

Import Prices by Country

In 2021, the average passenger car tyre import price amounted to $X per unit, with an increase of 6% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 20%. The import price peaked at $X per unit in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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