Key Market Indicators
Cypriot car registrations are projected to decline slightly over the next five years, dropping to approximately 11,650 units by 2028. This represents a compound annual growth rate (CAGR) decrease of 0.6% from the 12,180 units recorded in 2023. The trend reflects a broader pattern of decreasing demand in Cyprus over the past decade, with an average annual decline of 1.5% since 2010. In the global context, Cyprus was ranked 82nd in car registrations for 2023. Guatemala surpassed Cyprus, also recording 12,180 units. Leading the rankings were Indonesia, Austria, and Belgium, occupying the second, third, and fourth positions, respectively.
