Key Market Indicators
Iran's vehicle registration is projected to decline to approximately 535,000 units by 2028, down from nearly 699,000 units in 2023. This represents a compound annual growth rate (CAGR) decrease of 4.1%. Over the past decade, the Iranian market has seen a year-on-year decline of 10.2%. In 2023, Iran ranked 33rd globally in vehicle registrations, with Poland taking the lead at around 699,000 units. Canada, China, and Austria followed in second, third, and fourth places, respectively. On the production front, Iranian vehicle manufacturing is expected to increase modestly. By 2028, production is set to reach approximately 1.38 million units, up from nearly 1.3 million units in 2023. This growth reflects a 1.1% CAGR. Since 2004, Iran's vehicle production has grown at an average annual rate of 3.4%. In 2023, Iran was the 17th largest vehicle producer globally, with Russia surpassing it at roughly 1.3 million units. The United States, Japan, and Germany occupied the second, third, and fourth spots in the global production ranking.