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Forecasting demand and consumer behaviour on the car market (case of Ukraine and Slovakia)

Author

Listed:
  • Nataliia Parkhomenko
  • Peter Štarchoň
  • Lucia Vilčeková

Abstract

Based on the analysis of global indicators affecting consumer demand in the car market, this article develops a forecasting neuromodel that takes into account the influence of the studied factors on consumer behaviour when choosing a car. The following 12 parameters are defined as the main indicators of the forecasting model, such as world GDP; world GDP growth; global inflation; unemployment rate; growth of population spending on consumption; motorisation of the global market (number of cars per 1,000 people); average annual price of oil; number of population; length of paved roads; average annual price of a sold car; average fuel consumption of the car sold; and average annual cost of operation of the sold car. The test was carried out on the example of the car market of Ukraine and Slovakia. The results provided clear evidence that variables such as fuel costs, digitisation, model standardisation, environmental protection, changes in population, safety, and the use of lightweight materials for car production affect demand and consumer behaviour when purchasing a car. The research results can be used by car manufacturers, transport planners and researchers.

Suggested Citation

  • Nataliia Parkhomenko & Peter Štarchoň & Lucia Vilčeková, 2024. "Forecasting demand and consumer behaviour on the car market (case of Ukraine and Slovakia)," International Journal of Services, Economics and Management, Inderscience Enterprises Ltd, vol. 15(2), pages 158-177.
    • Handle: RePEc:ids:injsem:v:15:y:2024:i:2:p:158-177
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