In 2023, the value added of motor vehicles in Australia stood at 4.28 billion Australian Dollars. For the forecasted years, the data indicates a consistent increase in value: 4.38 billion in 2024, 4.48 billion in 2025, 4.58 billion in 2026, 4.68 billion in 2027, and 4.78 billion in 2028. Year-on-year variations show steady 2.28% growth between each consecutive year.
Over the last two years, the industry has experienced a total growth of approximately 4.68%. With the Compound Annual Growth Rate (CAGR) at around 2.28% for the next five years, the sector is expected to maintain a stable upward trajectory.
Future trends to watch for include advancements in electric vehicle (EV) technology, a potential rise in consumer demand for sustainable and eco-friendly transportation options, and fluctuations in international trade that could impact automotive exports and imports.
