Key Market Indicators
Russian vehicle registrations are projected to decline to approximately 1.55 million units by 2028, down from 1.71 million units in 2023. This represents an average annual decrease of 1.5%. The Russian market has experienced a consistent decline since 2010, with an average year-on-year drop of 1.2%. In the global rankings for 2023, Russia secured the 26th position, with Ukraine surpassing it with the same number of units at 1.71 million. Leading the pack were Canada, China, and Austria, occupying the second, third, and fourth spots, respectively. On a more positive note, Russian vehicle production is expected to increase, reaching around 2.05 million units by 2028 from approximately 1.91 million units in 2023. This indicates a compound annual growth rate (CAGR) of 1.2%. Since 2002, Russian vehicle supply has seen a yearly increase of 1.5%. In 2023, Russia ranked 13th in vehicle production, with Thailand slightly ahead at 1.91 million units. The top spots in this category were held by the United States, Japan, and Germany, securing the second, third, and fourth positions, respectively.
