Key Market Indicators
German vehicle registrations are projected to climb to nearly 4.73 million units by 2028, up from approximately 4.16 million units in 2023. This translates to an average annual growth rate of 2%. Since 2010, the German market has seen a steady annual increase of around 1.7%. In 2023, Germany ranked 16th worldwide for vehicle registrations, with India surpassing it at the same figure of 4.16 million units. In the global ranking, Canada, China, and Austria secured the second, third, and fourth positions, respectively. On the production front, German vehicle output is expected to decline slightly, reaching about 4.83 million units by 2028, down from roughly 5.07 million units in 2023. This represents a compound annual growth rate (CAGR) decline of 0.7%. Since 2002, the supply of vehicles from Germany has decreased by an average of 0.2% annually. In 2023, Germany held the fourth position globally in vehicle production, with Japan taking the lead at the same production figure of 5.07 million units. The United States, Japan, and Germany were ranked second, third, and fourth, respectively, in this category.
