Passenger Cars - Armenia

Armenia

The Passenger Cars market in Armenia is projected to reach a revenue of US$92.1m in 2024.
It is expected to experience an annual growth rate of 17.12% (CAGR 2024-2028), resulting in a projected market volume of US$173.2m by 2028.
Among the market segments, SUVs are expected to dominate with a projected market volume of US$43.0m in 2024.
In terms of unit sales, the Passenger Cars market is expected to reach 3,932.00vehicles in 2028.
The volume weighted average price of Passenger Cars market is projected to be US$46.21k in 2024.
Hyundai is anticipated to have one of the highest market shares in the selected region, with a vehicle unit sales share of 29.5% in 2024.
Furthermore, the value market share of Hyundai in the selected region is expected to stand at 36.0% in 2024.
From an international perspective, it is evident that United States will generate the most revenue, with a projected revenue of US$558bn in 2024.
Armenia's passenger car market is witnessing a surge in demand for electric vehicles due to the government's push for sustainable transportation.

Key regions: United States, Germany, Europe, China, India

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Analyst Opinion

The Passenger Cars market in Armenia is experiencing significant growth and development in recent years.

Customer preferences: Armenian customers have shown a strong preference for compact and fuel-efficient cars. This can be attributed to the country's small size and the need for vehicles that are easy to maneuver in urban areas. Additionally, with rising fuel prices, customers are increasingly looking for cars that offer good fuel economy. Electric and hybrid vehicles are also gaining popularity among environmentally-conscious consumers.

Trends in the market: One major trend in the Armenian Passenger Cars market is the increasing demand for SUVs. This can be attributed to the growing disposable income of the population, as well as the desire for larger vehicles that provide a sense of safety and prestige. SUVs also offer better off-road capabilities, which is appealing to customers in Armenia where there are many mountainous terrains. Another trend in the market is the rise of online car sales platforms. Customers are now able to browse and purchase cars online, which has made the buying process more convenient and efficient. This trend has been further accelerated by the COVID-19 pandemic, as customers have turned to online channels for their car purchases due to social distancing measures.

Local special circumstances: Armenia's small size and limited road infrastructure pose unique challenges for the Passenger Cars market. The country has a dense population and narrow streets, which require cars that are compact and easy to maneuver. Additionally, the hilly terrain and harsh winters in Armenia make all-wheel drive and winter tires essential for many customers.

Underlying macroeconomic factors: The growth and development of the Passenger Cars market in Armenia can be attributed to several underlying macroeconomic factors. Firstly, the country has experienced steady economic growth in recent years, leading to an increase in disposable income and purchasing power. This has allowed more people to afford cars and contribute to the growth of the market. Furthermore, the government has implemented policies to support the automotive industry, such as reducing import taxes on cars and providing subsidies for electric vehicles. These policies have incentivized car ownership and contributed to the growth of the market. In conclusion, the Passenger Cars market in Armenia is experiencing growth and development driven by customer preferences for compact and fuel-efficient cars, as well as the increasing demand for SUVs. The rise of online car sales platforms has also played a significant role in the market's development. Local special circumstances, such as the country's small size and limited road infrastructure, have shaped customer preferences for certain types of cars. Additionally, underlying macroeconomic factors, such as steady economic growth and government policies, have contributed to the market's growth.

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).