Passenger Cars - Georgia

Georgia

Revenue in the Passenger Cars market is projected to reach US$78.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 15.16%, resulting in a projected market volume of US$138.8m by 2028.
The market's largest segment is SUVs with a projected market volume of US$28.8m in 2024.
Passenger Cars market unit sales are expected to reach 4,123.00vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to US$33.27k in 2024.
With a vehicle unit sales share of 25.0% in 2024, Nissan is expected to have one of the highest market share in the selected region.
The value market share of the make Nissan in the selected region is expected to stand at 23.5% in 2024.
From an international perspective it is shown that the most revenue will be generated in the United States (US$558bn in 2024).

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

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Analyst Opinion

The Passenger Cars market in Georgia has been experiencing significant growth in recent years.

Customer preferences: Customers in Georgia have shown a strong preference for passenger cars, with the market witnessing a steady increase in demand. This can be attributed to several factors, including the rising disposable income of individuals, improved living standards, and a growing middle class. Additionally, the availability of a wide range of passenger car models, including both domestic and international brands, has contributed to the popularity of these vehicles among customers in Georgia.

Trends in the market: One of the key trends in the passenger cars market in Georgia is the increasing demand for electric and hybrid vehicles. This trend is in line with the global shift towards more sustainable and eco-friendly transportation options. The government of Georgia has also introduced various incentives and subsidies to promote the adoption of electric and hybrid vehicles, further fueling their popularity in the market. As a result, many automakers have started introducing electric and hybrid models in Georgia to cater to this growing demand. Another trend in the market is the growing popularity of SUVs and crossover vehicles. These vehicles offer a combination of comfort, space, and versatility, making them a preferred choice among customers in Georgia. Additionally, the rugged terrain and challenging weather conditions in certain parts of the country make SUVs and crossovers a practical option for many customers.

Local special circumstances: Georgia's strategic location at the crossroads of Europe and Asia has played a significant role in the development of the passenger cars market. The country serves as a gateway for the import and export of vehicles to neighboring countries, making it an attractive market for automakers. Furthermore, the government has implemented favorable trade policies and regulations, which have facilitated the growth of the automotive industry in Georgia.

Underlying macroeconomic factors: The growth of the passenger cars market in Georgia can also be attributed to several underlying macroeconomic factors. The country has experienced a stable economic growth in recent years, with a growing GDP and low inflation rate. This has resulted in an increase in disposable income and purchasing power of individuals, driving the demand for passenger cars. Additionally, the government's focus on infrastructure development, including the construction of new roads and highways, has improved connectivity and accessibility, further boosting the demand for passenger cars in the country. In conclusion, the Passenger Cars market in Georgia has been witnessing significant growth, driven by customer preferences for passenger cars, including electric and hybrid vehicles, SUVs, and crossovers. The country's strategic location, favorable trade policies, stable economic growth, and infrastructure development have also contributed to the expansion of the market.

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).