Key Market Indicators
German vehicle registration is projected to climb to approximately 4.73 million units by 2028, up from around 4.16 million units in 2023, marking a 2% compound annual growth rate (CAGR). Since 2010, the German market has seen a 1.7% annual increase. In 2023, Germany ranked 16th globally in vehicle registrations, with India surpassing it with similar figures. Canada, China, and Austria took the second, third, and fourth spots, respectively. On the production side, German vehicle output is expected to dip to about 4.83 million units by 2028 from roughly 5.07 million units in 2023, reflecting a 0.7% annual decline. Since 2002, German production has decreased by 0.2% annually. In 2023, Germany ranked fourth in vehicle production, with Japan overtaking it at the same production level. The United States, Japan, and Germany occupied the second, third, and fourth positions in this category, respectively.
