Plug-in Hybrid Electric Vehicles - Georgia

Georgia

Highlights

The revenue in the Plug-in Hybrid Electric Vehicles market in Georgia is projected to reach US$3.7m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 19.74%, resulting in a projected market volume of US$9.1m by 2029.
The unit sales of Plug-in Hybrid Electric Vehicles market in Georgia are expected to reach 69.00vehicles in 2029.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in Georgia in 2024 is expected to amount to US$132.4k.
From an international perspective, it is shown that the most revenue will be generated China, with US$166bn in 2024.
Georgia is experiencing a surge in demand for plug-in hybrid electric vehicles, driven by government incentives and growing environmental consciousness.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Plug-in Hybrid Electric Vehicles market in Georgia is experiencing significant growth and development.

Customer preferences: Customers in Georgia are increasingly opting for Plug-in Hybrid Electric Vehicles due to their numerous benefits. These vehicles offer a combination of electric and gasoline power, allowing drivers to enjoy the benefits of both technologies. Plug-in Hybrid Electric Vehicles provide increased fuel efficiency, reduced emissions, and the flexibility to switch between electric and gasoline power. Additionally, customers appreciate the environmental friendliness of these vehicles and their contribution to reducing carbon footprints.

Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in Georgia is the increasing availability and variety of models. Automakers are expanding their offerings of Plug-in Hybrid Electric Vehicles to cater to the growing demand in the market. This trend is driven by the global shift towards more sustainable transportation options and the increasing adoption of electric vehicles worldwide. As a result, customers in Georgia have a wider range of options to choose from, allowing them to find a Plug-in Hybrid Electric Vehicle that suits their needs and preferences. Another trend in the market is the development of charging infrastructure. As the adoption of Plug-in Hybrid Electric Vehicles increases, the need for a reliable and accessible charging network becomes crucial. In response to this demand, charging stations are being installed in various locations across Georgia, including public areas, shopping centers, and residential complexes. This trend is expected to further encourage the adoption of Plug-in Hybrid Electric Vehicles, as customers can now easily charge their vehicles while on the go.

Local special circumstances: Georgia has implemented various policies and incentives to promote the adoption of Plug-in Hybrid Electric Vehicles. The government provides tax credits and rebates to customers who purchase these vehicles, making them more affordable and attractive. Additionally, the availability of charging infrastructure is being supported by government initiatives and partnerships with private companies. These local special circumstances create a favorable environment for the growth of the Plug-in Hybrid Electric Vehicles market in Georgia.

Underlying macroeconomic factors: The growth of the Plug-in Hybrid Electric Vehicles market in Georgia is also influenced by underlying macroeconomic factors. The country's commitment to reducing greenhouse gas emissions and transitioning to a more sustainable economy is driving the demand for electric and hybrid vehicles. Additionally, rising fuel prices and increasing environmental awareness among consumers are contributing to the growing popularity of Plug-in Hybrid Electric Vehicles. As a result, the market is expected to continue its upward trajectory in the coming years. In conclusion, the Plug-in Hybrid Electric Vehicles market in Georgia is experiencing significant growth and development due to customer preferences for more sustainable transportation options, the availability of a wider range of models, the development of charging infrastructure, local special circumstances such as government incentives, and underlying macroeconomic factors such as the country's commitment to reducing emissions and rising fuel prices.

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).