Key Market Indicators
Japan's vehicle registrations are projected to decline to approximately 4.6 million units by 2028, down from around 4.8 million units in 2023. This represents a compound annual growth rate (CAGR) of -0.6%. Since 2010, the Japanese market has experienced an annual decline of 2%. In the global ranking for 2023, Japan held the 12th spot, with Hungary surpassing it at 4.8 million units. Canada, China, and Austria claimed the 2nd, 3rd, and 4th positions, respectively. On the production front, Japan is expected to see its vehicle output increase to approximately 10.2 million units by 2028, up from around 9.9 million units in 2023. This marks a modest annual growth rate of 0.5%. Since 2002, the Japanese supply has grown at an annual rate of 0.3%. In 2023, Japan was ranked 3rd globally in vehicle production, with the United States surpassing it at 9.9 million units. The United States, Japan, and Germany occupied the 2nd, 3rd, and 4th positions, respectively.
