Between 2013 and 2018, passenger car registrations in Australia showed fluctuating trends with minor annual changes. Notably, there was a slight increase in registrations in 2015 and 2016, followed by a decline that peaked in 2018. Post-2019, a sharp increase was observed with an unprecedented leap in 2020 registrations, indicating a significant shift in market dynamics. By 2023, the registrations were at 48.28 million units.
The year-on-year variation over the last two years showed a steady increase, with 20.09% growth in 2022 and 16.47% in 2023. The compound annual growth rate (CAGR) for the last five years stood impressively at 123.09%. Forecasts indicate robust growth, with the expected CAGR for the next five years at 8.14%, translating to a 47.89% growth by 2028.
Future trends to watch for include the impact of electric vehicles, evolving regulatory standards, shifts in consumer preferences toward sustainable transportation, and innovations in automotive technology that could further accelerate growth in the sector.
