Sports Cars - Armenia

Armenia

The Sports Cars market in Armenia is projected to generate a revenue of US$1m in 2024.
This market segment is expected to experience an annual growth rate (CAGR 2024-2028) of 19.16%, resulting in a projected market volume of US$1m by 2028.
The unit sales in the Sports Cars market are expected to reach 44.0vehicles in 2028.
The volume weighted average price of Sports Cars market in Armenia in 2024 is expected to be US$28k.
From an international perspective, it is evident that United States will generate the highest revenue in the Sports Cars market, reaching US$32,260m in 2024.
Armenia's enthusiasm for luxury sports cars is on the rise, with a surge in demand for high-performance vehicles among affluent car enthusiasts.

Key regions: United Kingdom, Europe, United States, Germany, Worldwide

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Analyst Opinion

The Sports Cars market in Armenia has been experiencing steady growth in recent years, driven by customer preferences for luxury and high-performance vehicles. While the overall automotive market in Armenia is relatively small, the demand for sports cars has been on the rise, reflecting a growing interest in luxury and high-end vehicles among affluent consumers.

Customer preferences: In Armenia, customer preferences for sports cars are influenced by several factors. Firstly, there is a strong desire among consumers to own prestigious and high-performance vehicles that reflect their lifestyle and social status. Sports cars are seen as a symbol of success and achievement, appealing to individuals who seek a thrilling driving experience and want to stand out on the road. Additionally, the younger generation in Armenia is increasingly drawn to sports cars due to their sleek and stylish designs, advanced technology features, and the image they project. The desire for individuality and self-expression is a key driver behind the preference for sports cars among younger consumers.

Trends in the market: One of the notable trends in the Sports Cars market in Armenia is the increasing popularity of electric and hybrid sports cars. As the global automotive industry shifts towards sustainability and environmental consciousness, Armenian consumers are also embracing this trend. The demand for electric and hybrid sports cars is driven by factors such as lower emissions, reduced fuel consumption, and the availability of government incentives and subsidies for eco-friendly vehicles. Another trend in the market is the growing presence of luxury sports car brands in Armenia. International luxury car manufacturers have recognized the potential of the Armenian market and have been expanding their presence in the country. This has led to an increased availability of luxury sports car models and a wider range of options for consumers.

Local special circumstances: Armenia's small size and limited road infrastructure present challenges for sports car owners. The country's mountainous terrain and narrow roads may limit the practicality of sports cars in certain regions. However, this has not deterred the demand for sports cars, as many owners view them as weekend or leisure vehicles for driving on the open roads and highways.

Underlying macroeconomic factors: The growing Sports Cars market in Armenia can be attributed to several underlying macroeconomic factors. Firstly, the country has experienced stable economic growth in recent years, leading to an increase in disposable income levels. This has allowed more individuals to afford luxury and high-performance vehicles, including sports cars. Furthermore, Armenia's tourism industry has been flourishing, attracting high-net-worth individuals and luxury car enthusiasts from around the world. This has created a demand for sports cars as rental vehicles and has also contributed to the overall growth of the market. In conclusion, the Sports Cars market in Armenia is developing due to customer preferences for luxury and high-performance vehicles, the increasing popularity of electric and hybrid sports cars, the growing presence of luxury car brands, and underlying macroeconomic factors such as stable economic growth and a thriving tourism industry. Despite the challenges posed by Armenia's road infrastructure, the demand for sports cars remains strong, driven by the desire for prestige, individuality, and a thrilling driving experience.

Methodology

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).