The number of passenger cars in Austria displayed consistent growth from 2013 to 2019, with a brief decline in 2020. The most recent data from 2023 indicates the value stood at 5.1342 million. Over the last two years, the year-on-year variation exhibited a sharp recovery in 2021 with a 15.26% increase, followed by a 5.98% rise in 2022, and a 0.66% rise in 2023. The Compound Annual Growth Rate (CAGR) for the past five years shows a moderate growth rate of 0.62%, indicating steady development despite fluctuations.
Looking ahead, the number of passenger cars is projected to continue growing moderately, with forecasts suggesting a 5-year CAGR of 0.55% and an overall growth rate of 2.76% by 2028. Trends to watch for include:
- The adoption rate of electric and hybrid vehicles driven by regulations and incentives.- Potential impacts of economic factors such as inflation and consumer spending power.- Developments in shared mobility services and how this affects car ownership rates.
