Key Market Indicators
South Africa's vehicle registration figures are projected to decline slightly over the next five years. By 2028, registrations are expected to fall to around 528,000 units, down from approximately 534,000 units in 2023. This represents a 0.2% decrease year on year, according to the Compound Annual Growth Rate (CAGR). Since 2010, the market has been shrinking at an average rate of 0.7% per year. In 2023, South Africa ranked 38th globally in vehicle registrations, with Saudi Arabia surpassing it with the same number of units. Canada, China, and Austria occupied the second, third, and fourth positions, respectively. On the production front, South Africa's vehicle output is set to see a positive trend. By 2028, vehicle production is expected to rise to nearly 737,000 units, up from about 663,000 units in 2023, marking a 1.7% yearly increase on average. Since 2002, the country's vehicle production has grown at the same rate annually. In the global production ranking for 2023, South Africa held the 21st position, with Italy just ahead at nearly 663,000 units. The United States, Japan, and Germany were the top three producers, securing the second, third, and fourth spots, respectively.
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