Key Market Indicators
Tobagonian vehicle registration is projected to decline slightly over the next five years, reaching approximately 13,800 units by 2028, down from around 14,200 units in 2023. This represents a 0.4% decrease in the compound annual growth rate (CAGR). Despite this projected decline, the Tobagonian market has seen an overall increase of 1.3% annually since 2010. In the global rankings for 2023, Tobago stood at 85th place, with Iceland surpassing it by registering the same number of units. Leading the global rankings were Canada, China, and Austria, occupying the second, third, and fourth positions, respectively.
