Passenger Cars - Armenia | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$119.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.27%, resulting in a projected market volume of US$118.3m by 2029.
The market's largest segment is SUVs with a projected market volume of US$56.7m in 2024.
Passenger Cars market unit sales are expected to reach 2.53k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$46.56k in 2024.
With a vehicle unit sales share of 29.3% in 2024, Hyundai is expected to have one of the highest market share in the selected region.
The value market share of the make Bentley in the selected region is expected to stand at 36.4% in 2024.
From an international perspective it is shown that the most revenue will be generated United States (US$605bn in 2024).

The Mobility Market specifically covers newly sold passenger cars, including small, medium, executive, and luxury cars as well as SUVs, minivans, and sports cars. However, motorcycles, buses, trucks, large vans, and light utility vehicles are not included. The market's segmentation is based on several factors, including physical properties (weight, volume, wheelbase) and economic factors (pricing, status, etc.). All key figures shown represent the sales of new cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models. Importantly, our focus is solely on the market for newly sold cars, distinct from the broader category of registered cars.

The Passenger Cars market is divided into further markets for small cars, medium cars, executive cars, luxury cars, SUVs, minivans, and sports cars. Additionally, it delves into different car brands, offering a comprehensive view of the market.

Insights are centered on newly sold cars in standard configurations, excluding used vehicles and customizations. Reported statistics align with base vehicle configurations, ensuring a focused understanding of the dynamic passenger car market.

Newly Sold Passenger cars
Sports cars
SUVs
MPVs

Motorcycles, Buses and Trucks
Commercial Vans (included for the U.S. market only)
Pickup trucks (included for the U.S. market only)

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.

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).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Is the global automotive industry experiencing an economic downturn? High inflation rates and raw material price increases recorded throughout 2022 and 2023 have challenged the industry, impacting consumers’ purchasing power and manufacturers’ production costs and profits. The high global inflation rate and consumer worries about inflation have led to fluctuating car purchasing intentions in many markets.