Key Market Indicators
Sri Lanka's commercial vehicle registration is projected to decline to approximately 1,160 units by 2028, down from around 1,560 units recorded in 2023. This represents a year-on-year compound annual growth rate (CAGR) decrease of 4.5%. Since 2010, Sri Lanka's market has experienced a steady downturn, averaging a 5.8% annual decline. In the global rankings for 2023, Sri Lanka held the 96th position, with Iceland slightly ahead, registering 1,560 units. In comparison, Canada, Mexico, and Argentina occupied the second, third, and fourth positions, respectively, in the commercial vehicle registration rankings for the same year.
