SUVs - Armenia

Armenia

In 2024, the revenue in the SUVs market is projected to reach US$43m in Armenia.
This is expected to show an annual growth rate (CAGR 2024-2028) of 18.29%, resulting in a projected market volume of US$84m by 2028.
The unit sales in the SUVs market are also expected to reach 1,438.0vehicles in 2028.
In 2024, the volume weighted average price of SUVs market in Armenia is projected to amount to US$58k.
From an international perspective, it is shown that the most revenue will be generated United States, with US$275bn in 2024.

"Armenians are increasingly opting for SUVs as their preferred choice of vehicle, driven by the country's rugged terrain and desire for a versatile and reliable mode of transportation."

Key regions: United States, Germany, United Kingdom, India, China

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Analyst Opinion

Armenia, a country nestled in the South Caucasus region, has seen a significant rise in the popularity of SUVs in recent years. Customer preferences have shifted towards these versatile vehicles, and this trend is expected to continue in the coming years.

Customer preferences: Armenian consumers have shown a growing preference for SUVs due to their practicality and versatility. SUVs provide ample space for passengers and cargo, making them suitable for both urban and rural environments. Additionally, the higher ground clearance and robust build of SUVs make them well-suited for navigating Armenia's diverse terrain, which includes mountainous regions and unpaved roads.

Trends in the market: The SUV market in Armenia has experienced steady growth in recent years. This can be attributed to several factors. Firstly, the improving economic conditions in the country have led to an increase in disposable income, allowing more consumers to afford SUVs. Secondly, the expanding road infrastructure in Armenia has made SUVs more accessible and convenient for daily commuting. Lastly, the growing popularity of outdoor activities and adventure tourism in Armenia has also contributed to the rising demand for SUVs, as they offer the necessary capabilities for off-road exploration.

Local special circumstances: Armenia's unique geographical location and topography have influenced the demand for SUVs. The country is known for its rugged landscapes, including mountain ranges and remote areas. SUVs are well-suited for navigating these challenging terrains, providing consumers with a sense of security and confidence in their vehicle's capabilities. Additionally, Armenia experiences harsh winters, with heavy snowfall in many regions. SUVs, with their four-wheel drive and higher ground clearance, are highly sought after by consumers who value safety and reliability during winter months.

Underlying macroeconomic factors: The improving economic conditions in Armenia have played a significant role in the development of the SUV market. As the country's GDP continues to grow, disposable income levels have increased, allowing more consumers to afford SUVs. Additionally, the government's focus on infrastructure development has led to better road networks, making SUVs more practical for daily commuting. Furthermore, the growth of the tourism industry in Armenia has also contributed to the rise in SUV sales, as tourists often prefer to explore the country's natural beauty in rugged vehicles. In conclusion, the SUV market in Armenia has experienced significant growth in recent years, driven by customer preferences for practical and versatile vehicles, as well as the country's unique geographical and climatic conditions. With improving economic conditions and a growing focus on infrastructure development, the SUV market in Armenia is expected to continue its upward trajectory in the foreseeable future.

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).