Medium Cars - Armenia

Armenia

Highlights

Revenue in the Medium Cars market is projected to reach US$9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.52%, resulting in a projected market volume of US$8m by 2029.
Medium Cars market unit sales are expected to reach 315.0vehicles in 2029.
The volume weighted average price of Medium Cars market in 2024 is expected to amount to US$26k.
From an international perspective it is shown that the most revenue will be generated China (US$89bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Medium Cars market in Armenia has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development.

Customer preferences in the Medium Cars market in Armenia have been shifting towards more fuel-efficient and environmentally friendly vehicles. As awareness about climate change and the need to reduce carbon emissions increases, consumers are becoming more conscious of the environmental impact of their choices. This has led to a growing demand for hybrid and electric medium cars, which offer lower fuel consumption and reduced emissions compared to traditional gasoline-powered vehicles.

In addition to environmental concerns, customers in Armenia also value safety features and advanced technology in their medium cars. With advancements in automotive technology, medium cars now come equipped with features such as advanced driver-assistance systems, adaptive cruise control, and lane-keeping assist. These features not only enhance safety but also provide a more comfortable and convenient driving experience.

Trends in the market indicate a growing preference for medium cars over larger vehicles in Armenia. This can be attributed to several factors. Firstly, medium cars are more affordable compared to larger luxury vehicles, making them a popular choice among middle-income consumers.

Secondly, the compact size of medium cars makes them well-suited for navigating the narrow streets and crowded urban areas in Armenia. Local special circumstances also play a role in the development of the Medium Cars market in Armenia. The country has a well-developed road infrastructure, with a network of highways connecting major cities and towns.

This makes medium cars a practical choice for commuting and long-distance travel. Additionally, the availability of charging infrastructure for electric vehicles is gradually improving, further driving the adoption of hybrid and electric medium cars in the country. Underlying macroeconomic factors have also contributed to the growth of the Medium Cars market in Armenia.

The country has experienced stable economic growth in recent years, leading to an increase in disposable income levels. As a result, more consumers are able to afford medium cars and are willing to invest in vehicles that offer better fuel efficiency, safety features, and advanced technology. In conclusion, the Medium Cars market in Armenia is developing due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

The shift towards more fuel-efficient and environmentally friendly vehicles, along with a growing preference for medium cars over larger vehicles, has contributed to the growth of this market. Additionally, the well-developed road infrastructure and improving charging infrastructure for electric vehicles in Armenia have further fueled the demand for medium cars. The stable economic growth in the country has also played a role in increasing disposable income levels and driving the adoption of medium cars.

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).