Key Market Indicators
Japanese vehicle registration is projected to decline to approximately 4.6 million units by 2028, down from around 4.8 million units in 2023. This represents a year-on-year compound annual growth rate (CAGR) decrease of 0.6%. Since 2010, the Japanese market has seen a consistent year-on-year decline of about 2%. In 2023, Japan ranked 12th globally in vehicle registration, with Hungary surpassing it at the same 4.8 million units mark. Canada, China, and Austria occupied the second, third, and fourth positions, respectively. On the production front, Japanese vehicle manufacturing is expected to climb to roughly 10.2 million units by 2028, up from about 9.9 million units in 2023. This marks a modest year-on-year growth rate of 0.5%. Since 2002, Japan's vehicle production has gradually increased by an average of 0.3% annually. In 2023, Japan ranked third in global vehicle production, with the United States overtaking it at the same 9.9 million units level. The United States, Japan, and Germany held the second, third, and fourth positions in the ranking, respectively.
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Electrifying Change: How the Honda-Nissan Merger Could Revolutionize Automotive Insurance
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Toyota’s Strategic Shift: Doubling Down on Hybrids Amidst EV Market Uncertainties
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