Sports Cars - Georgia

Georgia

Highlights

Revenue in the Sports Cars market is projected to reach US$12m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.07%, resulting in a projected market volume of US$13m by 2029.
Sports Cars market unit sales are expected to reach 148.0vehicles in 2029.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to US$89k.
From an international perspective it is shown that the most revenue will be generated United States (US$20bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Sports Cars market in Georgia has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Customers in Georgia have shown a growing interest in sports cars, seeking vehicles that offer a combination of style, performance, and luxury. They are increasingly looking for cars that provide a thrilling driving experience and make a statement. The demand for sports cars is also fueled by the desire for status and prestige among consumers, as these vehicles are often associated with wealth and success. Additionally, the younger generation in Georgia is more inclined towards sports cars, as they are seen as a symbol of freedom and adventure.

Trends in the market: One of the key trends in the sports cars market in Georgia is the increasing popularity of electric sports cars. With the global shift towards sustainability and environmental consciousness, customers in Georgia are also embracing this trend. Electric sports cars offer high performance while being environmentally friendly, making them an attractive option for consumers who want to enjoy the thrill of a sports car without compromising on sustainability. Another trend in the market is the rise of luxury sports cars. Georgian consumers are willing to invest in high-end sports cars that offer top-notch performance and exclusive features. Luxury sports car brands have recognized this demand and have been introducing new models and variants to cater to the growing market.

Local special circumstances: Georgia's growing economy and increasing disposable income have played a significant role in the development of the sports cars market. As the country's economy has improved, more people have the financial means to afford sports cars. Additionally, the government has implemented policies to attract foreign investment and promote economic growth, which has contributed to the rise in disposable income and overall consumer spending.

Underlying macroeconomic factors: The overall growth of the automotive industry in Georgia has been influenced by several macroeconomic factors. The stable political environment, favorable business climate, and strategic location of the country have attracted foreign investment in the automotive sector. This has led to the establishment of manufacturing plants and assembly lines, creating job opportunities and boosting the local economy. Furthermore, the increasing number of tourists visiting Georgia has also contributed to the growth of the sports cars market. Tourists often rent luxury sports cars to explore the country and enjoy the scenic beauty of its landscapes. This has created a demand for sports car rental services, further driving the market growth. In conclusion, the Sports Cars market in Georgia is witnessing growth due to changing customer preferences, including a preference for electric and luxury sports cars. The local special circumstances, such as a growing economy and increasing disposable income, have also played a significant role in the market development. Additionally, underlying macroeconomic factors, such as foreign investment and tourism, have contributed to the overall growth of the sports 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).