Small Cars - Georgia

Georgia

Highlights

Revenue in the Small Cars market is projected to reach US$5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.96%, resulting in a projected market volume of US$5m by 2029.
Small Cars market unit sales are expected to reach 305.0vehicles in 2029.
The volume weighted average price of Small Cars market in 2024 is expected to amount to US$17k.
From an international perspective it is shown that the most revenue will be generated China (US$13bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Small 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 Small Cars market in Georgia have shifted towards more fuel-efficient and environmentally friendly vehicles. With rising concerns about air pollution and the need to reduce carbon emissions, consumers are increasingly opting for small cars that offer better fuel efficiency and lower emissions. Additionally, the compact size of small cars makes them more maneuverable in crowded urban areas, which is particularly appealing to Georgian consumers who often face traffic congestion in cities.

Trends in the market also play a role in the growth of the Small Cars market in Georgia. The increasing availability and affordability of small cars have made them more accessible to a wider range of consumers. Automakers have been introducing new models with advanced features and technologies, appealing to the tech-savvy Georgian consumers.

Additionally, the rise of ride-sharing services has created a demand for smaller, more economical cars that can be used for short trips. Local special circumstances in Georgia have further contributed to the growth of the Small Cars market. The country's geography, with its mountainous terrain and narrow roads, makes small cars a practical choice for many Georgian consumers.

The compact size of small cars allows for easier navigation on these challenging road conditions. Additionally, the lower cost of ownership and maintenance of small cars make them an attractive option for consumers in Georgia, where the average income is lower compared to other European countries. Underlying macroeconomic factors have also played a role in the development of the Small Cars market in Georgia.

The country has experienced steady economic growth in recent years, leading to an increase in disposable income for many consumers. This has allowed more people to afford cars, and small cars have become a popular choice due to their affordability. Additionally, government incentives and subsidies for purchasing small cars have further encouraged their adoption in the market.

In conclusion, the Small Cars market in Georgia has been growing due to customer preferences for fuel-efficient and maneuverable vehicles, trends in the market such as the availability of new models and the rise of ride-sharing services, local special circumstances like the country's geography and lower cost of ownership, and underlying macroeconomic factors such as economic growth and government incentives. This growth is expected to continue as more consumers in Georgia prioritize sustainability, affordability, and practicality in their car purchases.

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).