Luxury Cars - Georgia

Georgia

Highlights

Revenue in the Luxury Cars market is projected to reach US$3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.08%, resulting in a projected market volume of US$4m by 2029.
Luxury Cars market unit sales are expected to reach 43.0vehicles in 2029.
The volume weighted average price of Luxury Cars market in 2024 is expected to amount to US$81k.
From an international perspective it is shown that the most revenue will be generated United States (US$7bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Customers in Georgia have shown a strong preference for luxury cars, with a growing demand for high-end vehicles. This can be attributed to several factors. Firstly, the increasing affluence of the population has led to a rise in disposable income, allowing more individuals to afford luxury cars. Additionally, the desire for status and prestige plays a significant role in the preference for luxury cars. Owning a luxury car is seen as a symbol of success and wealth, which is highly valued in Georgian society.

Trends in the market: One of the key trends in the luxury car market in Georgia is the growing popularity of SUVs. SUVs offer a combination of luxury, comfort, and practicality, making them an attractive choice for Georgian consumers. The demand for SUVs is driven by factors such as the desire for spaciousness, safety, and versatility. Additionally, SUVs are often associated with a higher social status, further contributing to their popularity in the luxury car market. Another trend in the luxury car market in Georgia is the increasing focus on sustainability. Consumers are becoming more conscious of the environmental impact of their choices, and this is reflected in their preferences for luxury cars. There is a growing demand for hybrid and electric luxury cars, which offer lower emissions and better fuel efficiency. Luxury car manufacturers are responding to this trend by introducing more environmentally-friendly options in their product lineups.

Local special circumstances: Georgia's strategic location at the crossroads of Europe and Asia has contributed to the growth of the luxury car market. The country serves as a gateway for luxury car imports to neighboring countries, making it an attractive destination for luxury car dealers and distributors. Additionally, Georgia has implemented favorable tax policies for luxury car imports, further stimulating the market.

Underlying macroeconomic factors: The growth of the luxury car market in Georgia can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, with a stable political environment and a growing middle class. These factors have contributed to an increase in consumer spending power and a higher demand for luxury goods, including luxury cars. In conclusion, the luxury car market in Georgia is experiencing significant growth due to customer preferences for high-end vehicles, trends such as the popularity of SUVs and the focus on sustainability, local special circumstances such as the country's strategic location and favorable tax policies, and underlying macroeconomic factors such as economic growth and a growing middle class.

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).