Key Market Indicators
Madagascar's vehicle registration numbers are projected to decline to approximately 1,600 units by 2028, down from around 1,800 units in 2023. This represents an annual compound growth rate (CAGR) decline of 1.6%. Since 2010, the Malagasy market has been experiencing a year-on-year decline of 2.3%. In the global rankings for 2023, Madagascar placed 115th, with Nicaragua just ahead, also registering around 1,800 units. Leading the global list, Canada, China, and Austria secured the second, third, and fourth spots, respectively.
