Executive Cars - Georgia

Georgia

Highlights

Revenue in the Executive Cars market is projected to reach US$3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.30%, resulting in a projected market volume of US$3m by 2029.
Executive Cars market unit sales are expected to reach 69.0vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$41k.
From an international perspective it is shown that the most revenue will be generated China (US$63bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Executive Cars market in Georgia is experiencing significant growth due to several factors.

Customer preferences: Customers in Georgia are increasingly opting for executive cars due to their luxurious features and superior performance. These vehicles are seen as a status symbol and a sign of success. The demand for executive cars is also driven by the desire for comfort and safety, as these cars often come equipped with advanced technology and safety features. Additionally, customers in Georgia value the prestige associated with owning a high-end vehicle and are willing to pay a premium for it.

Trends in the market: One of the key trends in the Executive Cars market in Georgia is the increasing popularity of electric and hybrid vehicles. As environmental consciousness grows, more customers are looking for eco-friendly alternatives to traditional gasoline-powered cars. Electric and hybrid executive cars offer lower emissions and better fuel efficiency, making them an attractive choice for environmentally conscious customers. This trend is expected to continue as the government and various organizations in Georgia promote sustainable transportation solutions. Another trend in the market is the rise of online car sales platforms. Customers in Georgia are increasingly turning to online platforms to research and purchase executive cars. These platforms offer a wide selection of vehicles, competitive pricing, and convenient purchasing options. The ease of comparing different models and prices online has made it easier for customers to find the perfect executive car that suits their needs and budget.

Local special circumstances: Georgia's growing economy and increasing disposable income have contributed to the growth of the Executive Cars market. As the country continues to develop, more individuals and businesses are able to afford executive cars. The rise of tourism in Georgia has also had a positive impact on the market, as tourists often rent executive cars during their stay in the country.

Underlying macroeconomic factors: The overall economic stability and favorable business environment in Georgia have attracted foreign investments, leading to the growth of various industries, including the automotive sector. The government's efforts to improve infrastructure and promote tourism have also contributed to the growth of the Executive Cars market. Additionally, Georgia's strategic location as a gateway between Europe and Asia has made it an attractive market for international car manufacturers. In conclusion, the Executive Cars market in Georgia is experiencing significant growth due to customer preferences for luxurious and high-performance vehicles, the increasing popularity of electric and hybrid cars, the rise of online car sales platforms, the country's growing economy and disposable income, and favorable macroeconomic factors. These trends and circumstances are expected to continue driving the growth of the market in the coming years.

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).