Key regions: United States, Germany, United Kingdom, India, China
The SUVs market in Georgia has experienced significant growth in recent years, driven by changing customer preferences and local special circumstances.
Customer preferences: In Georgia, customers have shown a strong preference for SUVs due to their versatility, spaciousness, and ruggedness. SUVs are well-suited for the country's diverse terrain, which includes mountainous regions and rough roads. Additionally, SUVs offer a higher seating position, providing drivers with a better view of the road and a sense of safety. This preference for SUVs is not unique to Georgia, as it aligns with global trends where SUVs have gained popularity in recent years.
Trends in the market: One of the key trends in the SUVs market in Georgia is the increasing demand for compact and mid-size SUVs. These smaller SUVs offer the benefits of a larger vehicle, such as increased cargo space and higher ground clearance, while being more fuel-efficient and easier to maneuver in urban areas. This trend is driven by the growing urbanization in Georgia, as more people move to cities and require vehicles that are suitable for both city driving and occasional off-road adventures. Another trend in the SUVs market in Georgia is the rising popularity of electric and hybrid SUVs. As environmental concerns become more prominent, customers are seeking greener alternatives to traditional gasoline-powered vehicles. Electric and hybrid SUVs offer lower emissions and improved fuel efficiency, making them an attractive option for environmentally-conscious consumers. This trend is in line with the global shift towards electric and hybrid vehicles, as countries worldwide strive to reduce their carbon footprint.
Local special circumstances: Georgia's geographical location and its proximity to neighboring countries have contributed to the growth of the SUVs market. The country serves as a transit hub for trade between Europe and Asia, resulting in a high demand for vehicles that can handle long-distance travel and various road conditions. SUVs, with their robust design and off-road capabilities, are well-suited for this purpose. Additionally, the availability of affordable financing options and the presence of a well-established dealership network have made SUVs more accessible to a wider range of customers in Georgia.
Underlying macroeconomic factors: The growth of the SUVs market in Georgia can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, resulting in an increase in disposable income and consumer spending. As a result, more individuals and families are able to afford SUVs, which are generally priced higher than smaller passenger cars. Furthermore, the government's efforts to improve infrastructure and road networks have made it easier for SUV owners to navigate the country's diverse terrain, further driving the demand for these vehicles. In conclusion, the SUVs market in Georgia has witnessed significant growth due to changing customer preferences, such as a preference for compact and mid-size SUVs, as well as the rising popularity of electric and hybrid SUVs. The country's unique geographical location, favorable macroeconomic factors, and the availability of affordable financing options have also contributed to the growth of the SUVs market.
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).
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