Large Cars - Georgia

Georgia

Highlights

Revenue in the Large Cars market is projected to reach US$12m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.01%, resulting in a projected market volume of US$13m by 2029.
Large Cars market unit sales are expected to reach 322.0vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$40k.
From an international perspective it is shown that the most revenue will be generated China (US$106bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Large Cars market in Georgia has been experiencing significant growth in recent years. Customer preferences have shifted towards larger vehicles, leading to an increase in demand for large cars. Additionally, several trends in the market have contributed to the growth of the large cars segment.

Customer preferences: Customers in Georgia have shown a strong preference for large cars in recent years. This can be attributed to various factors such as the desire for more spacious and comfortable vehicles, as well as the perception of large cars as a symbol of status and luxury. With the increase in disposable income and changing lifestyles, customers are willing to invest in larger vehicles that provide a higher level of comfort and prestige.

Trends in the market: One of the key trends in the large cars market in Georgia is the introduction of advanced safety features. Customers are increasingly prioritizing safety when purchasing vehicles, and manufacturers have responded by equipping large cars with advanced safety technologies such as lane departure warning, adaptive cruise control, and blind-spot detection. This trend has further boosted the demand for large cars as customers seek vehicles that offer both comfort and safety. Another trend in the market is the growing popularity of hybrid and electric large cars. With increasing concerns about environmental sustainability, customers are opting for vehicles that have lower carbon emissions. As a result, manufacturers have started offering hybrid and electric options in the large cars segment. This trend is expected to continue as the government and environmental organizations promote the adoption of cleaner and more fuel-efficient vehicles.

Local special circumstances: In addition to customer preferences and market trends, there are certain local special circumstances that have contributed to the growth of the large cars market in Georgia. The country's infrastructure has improved significantly in recent years, with the expansion of highways and the development of new roads. This has made it more convenient for customers to drive larger vehicles, further fueling the demand for large cars. Furthermore, Georgia is known for its rugged terrain and challenging weather conditions, especially in mountainous regions. Large cars are better equipped to handle these conditions, providing customers with a sense of safety and reliability. This factor has also contributed to the popularity of large cars in the country.

Underlying macroeconomic factors: The growth of the large cars market in Georgia can be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income. As a result, customers have more purchasing power and are able to afford larger and more expensive vehicles. Additionally, the availability of financing options and low interest rates have made it easier for customers to purchase large cars. This has further boosted the demand for these vehicles, as customers can spread the cost of the purchase over a longer period of time. Overall, the Large Cars market in Georgia is developing due to customer preferences for larger vehicles, market trends such as advanced safety features and the popularity of hybrid and electric options, local special circumstances such as improved infrastructure and challenging weather conditions, and underlying macroeconomic factors including economic growth and favorable financing options.

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).