Minivans - Georgia

Georgia

Highlights

Revenue in the Minivans market is projected to reach US$12m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.15%, resulting in a projected market volume of US$12m by 2029.
Minivans market unit sales are expected to reach 374.0vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$31k.
From an international perspective it is shown that the most revenue will be generated China (US$42bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Minivans market in Georgia has been experiencing steady growth over the past few years.

Customer preferences: One of the main reasons behind the growth of the Minivans market in Georgia is the changing preferences of customers. With the increasing number of families and the need for spacious and comfortable vehicles, minivans have become a popular choice among Georgian consumers. Minivans offer ample seating capacity, flexible cargo space, and various safety features, making them ideal for family trips and daily commutes. Moreover, the rising popularity of outdoor activities and road trips has also contributed to the demand for minivans in Georgia.

Trends in the market: The Minivans market in Georgia has witnessed several trends in recent years. Firstly, there has been a shift towards more fuel-efficient and eco-friendly minivans. With the increasing awareness about environmental issues, customers are looking for vehicles that have lower carbon emissions and better fuel economy. As a result, manufacturers have been introducing hybrid and electric minivans to cater to this demand. Secondly, there has been a trend towards technological advancements in minivans. Customers now expect features such as touchscreen infotainment systems, advanced driver-assistance systems, and connectivity options in their vehicles. Manufacturers have responded to this demand by equipping their minivans with the latest technology and connectivity features.

Local special circumstances: The Minivans market in Georgia is also influenced by certain local special circumstances. One such circumstance is the country's geography. Georgia has diverse landscapes, ranging from mountains to coastal areas. This makes minivans a practical choice for Georgian consumers as they offer better maneuverability and stability on different terrains. Another special circumstance is the country's tourism industry. Georgia is known for its rich cultural heritage and natural beauty, attracting a large number of tourists every year. Minivans are often preferred by tourists as they can accommodate a larger number of people and provide a comfortable travel experience. This has led to an increase in the demand for minivans in the rental and tourism sectors.

Underlying macroeconomic factors: The growth of the Minivans market in Georgia is also influenced by underlying macroeconomic factors. The country has been experiencing steady economic growth, which has resulted in an increase in disposable income levels. As a result, more people can afford to purchase minivans and other vehicles. Additionally, the government of Georgia has implemented favorable policies to promote the automotive industry. This includes tax incentives, subsidies, and investments in infrastructure development. These measures have encouraged both domestic and foreign automakers to invest in the country, leading to a wider range of minivan options for consumers. In conclusion, the Minivans market in Georgia is growing due to changing customer preferences, including the need for spacious and comfortable vehicles. The market is also influenced by trends such as the demand for fuel-efficient and technologically advanced minivans. Local special circumstances, such as the country's geography and tourism industry, further contribute to the growth of the market. Underlying macroeconomic factors, including economic growth and government policies, also play a significant role in the development of the Minivans 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).