Motor Vehicle Market Outlook 2024 - 2028

Daily Updated Industry Statistics and Top Emerging Trends about the Motor Vehicle Industry

Global Motor Vehicle Trends in 2024

Motor Vehicle is part of Automotive and includes a number of sub-sectors such as Electric Vehicle, Motorcycle, Light Vehicle and Commercial Vehicle. You may also be interested in Auto Insurance.

Global vehicle registrations are projected to rise from approximately 97.8 million units in 2023 to 103.2 million units by 2028, marking a compound annual growth rate (CAGR) of 0.9%. Since 2010, the global market has seen a year-on-year increase of 0.4%. In 2023, Australia led the world in vehicle registrations with 48.1 million units. Following closely were Canada, China, and Austria, ranking second, third, and fourth, respectively. Notably, Austria experienced a significant year-on-year increase of 136%, while Nigeria saw a decline of 27.4% since 2010. Global vehicle production reached 80.1 million units in 2021, up from 77.7 million units in 2020, reflecting a 3.1% increase from the previous year. However, since 2003, the global supply has decreased by 3.4% year-on-year. China topped the vehicle production rankings in 2021 with 26.4 million units. The United States, Japan, and Germany followed in the second, third, and fourth positions, respectively. Kazakhstan showed a significant year-on-year growth of 32.6%, whereas Serbia's production declined by 8.3% since 2003.

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In 2024 major markets in the Motor Vehicle Industry were:

World Motor Vehicle Market Data and Forecasts

How much the Motor Vehicle industry is expected to grow to 2028?

Forecast: World New Vehicles Registrations
Forecast: World Passenger Cars Registrations
Forecast: World Passenger Cars Production
More in Motor Vehicle Industry for 2028

Global Motor Vehicle Statistics

Global Motor Vehicle Industry Database