Key Market Indicators
Brazil's vehicle registration is projected to hit 7 million units by 2028, up from approximately 4.8 million units in 2023. This marks an annual growth rate of 6.1%. Notably, the Brazilian market has experienced a year-on-year increase of 13% since 2010. In 2023, Brazil was ranked 13th in global vehicle registrations, with Japan taking the lead at around 4.8 million units. Meanwhile, Canada, China, and Austria secured the second, third, and fourth positions, respectively. On the production front, Brazil's vehicle output is anticipated to reach nearly 3.5 million units by 2028, rising from about 3.1 million units in 2023. This reflects an average annual growth rate of 1.8%. Brazilian vehicle production has been on an upward trajectory since 2002, with an annual increase of 1.5%. In 2023, Brazil was the eighth-largest vehicle producer, trailing behind Mexico's production of approximately 3.1 million units. The United States, Japan, and Germany occupied the second, third, and fourth spots in this ranking, respectively.
