Key Market Indicators
Portuguese vehicle registration is projected to decline from approximately 254,000 units in 2023 to around 220,000 units by 2028. This represents a year-on-year decrease of 2.3%, continuing a trend that has seen the market fall by an average of 1.1% annually since 2010. In 2023, Portugal ranked 53rd worldwide in vehicle registrations, with Peru surpassing it at the same number of units. Canada, China, and Austria occupied the second, third, and fourth spots, respectively. In contrast, vehicle production in Portugal is expected to see significant growth. The country's production is predicted to increase from about 436,000 units in 2023 to over 655,000 units by 2028, marking an average annual growth rate of 6.4%. Since 2002, Portugal's vehicle production has grown by an average of 8.2% per year. In 2023, Portugal ranked 26th globally in vehicle production, with Hungary ahead at the same number of units. The United States, Japan, and Germany held the second, third, and fourth positions, respectively.
