Key Market Indicators
Portuguese vehicle registration is projected to decline to approximately 220,000 units by 2028, down from roughly 254,000 units in 2023. This represents an average annual decrease of 2.3%. The Portuguese market has seen a consistent decline of 1.1% per year since 2010. In 2023, Portugal ranked 53rd globally in vehicle registrations, with Peru surpassing it at around 254,000 units. The top spots were claimed by Canada, China, and Austria, ranking second, third, and fourth respectively. In contrast, Portuguese vehicle production is expected to surge, reaching about 655,000 units by 2028, up from approximately 436,000 units in 2023. This marks an average annual growth rate of 6.4%. Since 2002, the country's vehicle production has grown by an impressive 8.2% per year. In 2023, Portugal ranked 26th in global vehicle production, with Hungary taking the lead with about 436,000 units. The United States, Japan, and Germany occupied the second, third, and fourth positions respectively.
