Medium Cars - Georgia

Georgia

Highlights

Revenue in the Medium Cars market is projected to reach US$15m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.55%, resulting in a projected market volume of US$15m by 2029.
Medium Cars market unit sales are expected to reach 606.0vehicles in 2029.
The volume weighted average price of Medium Cars market in 2024 is expected to amount to US$25k.
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 Georgia 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 Georgia have shifted towards vehicles that offer a balance between affordability and performance. Customers are looking for cars that are fuel-efficient, have low maintenance costs, and provide a comfortable driving experience. They also prioritize safety features and the latest technological advancements in their vehicles.

These preferences align with global trends in the automotive industry, as customers worldwide are increasingly seeking value for their money. One of the key trends in the Medium Cars market in Georgia is the increasing demand for electric and hybrid vehicles. As concerns about climate change and environmental sustainability grow, customers are becoming more conscious of their carbon footprint.

Electric and hybrid vehicles offer a greener alternative to traditional gasoline-powered cars, and their popularity is rising globally. This trend is also reflected in Georgia, where the government has implemented incentives and subsidies to promote the adoption of electric vehicles. Another trend in the market is the growing popularity of compact SUVs in Georgia.

These vehicles combine the practicality and versatility of an SUV with the fuel efficiency and maneuverability of a compact car. Compact SUVs have gained traction among customers who value spaciousness and a higher driving position, making them particularly appealing in Georgia's urban areas. Local special circumstances also play a role in the development of the Medium Cars market in Georgia.

The country's geographical location, situated at the crossroads of Europe and Asia, makes it an attractive market for international car manufacturers. This has led to a wide range of car models being available to customers in Georgia, catering to different preferences and budgets. Additionally, the government's efforts to improve infrastructure and promote economic growth have had a positive impact on the automotive industry.

Investments in road networks and transportation systems have made it easier for customers to access and commute with their vehicles. This has contributed to the overall growth of the Medium Cars market in Georgia. Underlying macroeconomic factors, such as GDP growth, income levels, and consumer confidence, also influence the development of the Medium Cars market in Georgia.

As the economy continues to grow and incomes rise, more customers are able to afford medium-sized cars. Moreover, increased consumer confidence encourages individuals to make larger purchases, including cars. In conclusion, the Medium Cars market in Georgia is experiencing growth due to customer preferences for affordable and performance-oriented vehicles, the increasing demand for electric and hybrid cars, the popularity of compact SUVs, local special circumstances such as geographical location and government initiatives, and underlying macroeconomic factors.

These factors collectively contribute to the positive development of the Medium Cars market in Georgia.

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).