Between 2013 and 2023, the number of passenger cars in use in Brunei increased from 241.9 thousand units to 403.12 thousand units. The growth trajectory saw varied year-on-year percentage changes, reflecting periods of robust growth and notable declines. For instance, the market experienced significant increments in years like 2015 (11.19%) and 2021 (18.87%) but also faced declines like in 2020 (-13.6%).
As of 2023, the passenger cars in use stood at 403.12 thousand units, marking a year-on-year increase of 3.44% from 2022. Evaluating the Compound Annual Growth Rate (CAGR) over the last five years, the market showed a 3.88% annual average growth. However, looking further into the future, from 2024 onward, the forecasted five-year CAGR stands at 2.53%, with a projected growth rate of 13.33% by 2028.
Future trends to watch for include:
- The impact of emerging alternative transportation modes and their potential to slow the growth of passenger cars in use.
- Government policies on vehicle emissions and incentives for electric vehicles likely influencing market dynamics.
