Key Market Indicators
The number of registered vehicles in Iceland is projected to rise modestly to about 15,940 units by 2028, up from approximately 15,810 units in 2023. This growth represents an average annual increase of 0.2%. Since 2010, the Icelandic vehicle market has experienced a yearly decline of 4.6%. In the 2023 rankings, Iceland was positioned at number 84, with Latvia narrowly surpassing it with around 15,810 registered units. Meanwhile, the top spots in the global vehicle registration rankings were held by Canada, China, and Austria, occupying the second, third, and fourth places, respectively.
