Electric Vehicles - Georgia

Georgia

The Electric Vehicles market in Georgia is projected to reach a revenue of US$7.4m by 2024.
It is expected to show an annual growth rate (CAGR 2024-2028) of 16.55%, resulting in a projected market volume of US$13.7m by 2028.
The unit sales of Electric Vehicles market in Georgia are expected to reach 249.00vehicles by 2028.
In 2024, the volume weighted average price of Electric Vehicles market in Georgia is expected to amount to US$55.5k.
From an international perspective, it is shown that the most revenue will be generated in China, with a projected revenue of US$319,000m in 2024.
In Georgia, the electric vehicle market is rapidly growing, with an increasing number of charging stations and government incentives to promote adoption.

Key regions: United States, Germany, Netherlands, China, United Kingdom

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Analyst Opinion

The Electric Vehicles market in Georgia has been experiencing significant growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Georgia are increasingly opting for electric vehicles due to their environmental benefits and cost savings. Electric vehicles produce zero emissions, reducing air pollution and contributing to a cleaner environment. Additionally, electric vehicles have lower operating costs compared to traditional gasoline-powered vehicles, as they require less maintenance and have lower fuel costs.

Trends in the market: One of the key trends in the Electric Vehicles market in Georgia is the increasing availability and variety of electric vehicle models. Major automakers are expanding their electric vehicle offerings to cater to the growing demand in the market. This trend is driven by global efforts to reduce greenhouse gas emissions and combat climate change. As a result, customers in Georgia have a wider range of options when it comes to choosing an electric vehicle that suits their needs and preferences. Another trend in the market is the establishment of a robust charging infrastructure. In order to support the widespread adoption of electric vehicles, it is crucial to have a network of charging stations that are easily accessible to customers. In Georgia, there has been a significant investment in charging infrastructure, with charging stations being installed in public places such as shopping centers, parking lots, and highways. This infrastructure development has helped alleviate range anxiety and has made electric vehicles a more viable option for customers.

Local special circumstances: Georgia has implemented various incentives and policies to promote the adoption of electric vehicles. One of the key initiatives is the Electric Vehicle Income Tax Credit, which provides a tax credit to individuals who purchase or lease an electric vehicle. This incentive has made electric vehicles more affordable and attractive to customers in Georgia. Furthermore, the state government has partnered with utility companies to offer special electricity rates for electric vehicle charging. This has further incentivized customers to switch to electric vehicles, as they can take advantage of lower electricity rates for charging their vehicles.

Underlying macroeconomic factors: The growth of the Electric Vehicles market in Georgia is also influenced by underlying macroeconomic factors. The state has a strong economy and a growing middle class, which has increased the purchasing power of consumers. Additionally, Georgia has a favorable climate for electric vehicles, with a mild climate and relatively short commuting distances. These factors make electric vehicles a practical and attractive option for customers in Georgia. In conclusion, the Electric Vehicles market in Georgia is experiencing significant growth due to customer preferences for environmentally-friendly and cost-effective transportation options, market trends such as the availability of electric vehicle models and charging infrastructure, local special circumstances including incentives and policies, and underlying macroeconomic factors such as a strong economy and favorable climate. This growth is expected to continue as more customers in Georgia recognize the benefits of electric vehicles and as the market continues to evolve and expand.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. 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, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).