Large Cars - Armenia

Armenia

The Large Cars market in Armenia is projected to generate a revenue of US$5m in 2024.
The market is expected to experience a steady annual growth rate of 18.14% from 2024 to 2028, resulting in a projected market volume of US$9m by 2028.
By that time, unit sales in the Large Cars market are expected to reach 265.0vehicles.
In 2024, the volume weighted average price of Large Cars market in Armenia is estimated to be US$34k.
When assessing the global market, it is evident that China will generate the highest revenue, with an estimated amount of US$106,900m in 2024.
Armenia's large car market is experiencing a surge in demand as consumers prioritize comfort and luxury in their vehicle choices.

Key regions: Worldwide, China, India, Germany, Europe

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Analyst Opinion

The Large Cars market in Armenia has been experiencing significant growth in recent years. Customer preferences have shifted towards larger vehicles due to a variety of reasons.

Additionally, there are several trends in the market that are contributing to this growth. Local special circumstances and underlying macroeconomic factors are also playing a role in the development of the Large Cars market in Armenia. Customer preferences in Armenia have shifted towards larger cars primarily due to the increasing need for comfort and luxury.

As disposable incomes have risen, consumers are willing to spend more on vehicles that provide a higher level of comfort and luxury. Large cars offer more space, better features, and enhanced safety, which are all important factors for consumers in Armenia. Furthermore, the status associated with owning a large car has also contributed to the shift in customer preferences.

Trends in the market further support the growth of the Large Cars segment in Armenia. One trend is the increasing availability of financing options for purchasing large cars. This has made it easier for consumers to afford these vehicles, leading to an increase in demand.

Additionally, the introduction of new models and technological advancements in large cars has also attracted consumers. The availability of hybrid and electric options in the large car segment has further boosted demand, as consumers are becoming more conscious of the environmental impact of their vehicles. Local special circumstances in Armenia have also played a role in the development of the Large Cars market.

The country's rugged terrain and harsh weather conditions make large cars more practical and suitable for driving. The need for better off-road capabilities and durability has led consumers to prefer larger vehicles. Additionally, the cultural preference for spacious and comfortable cars has also contributed to the growth of the Large Cars market in Armenia.

Underlying macroeconomic factors have also influenced the development of the Large Cars market in Armenia. The country's stable economic growth and increasing disposable incomes have made large cars more affordable for a larger segment of the population. The growing middle class in Armenia is driving the demand for large cars, as they seek to upgrade their vehicles to reflect their improved financial status.

Additionally, the government's focus on infrastructure development has improved road conditions, making large cars more practical for everyday use. In conclusion, the Large Cars market in Armenia is experiencing significant growth due to shifting customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing need for comfort and luxury, availability of financing options, and technological advancements are all contributing to the growth of this segment.

The rugged terrain and cultural preferences in Armenia, along with the country's stable economic growth, are further driving the demand for large cars.

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).