In 2023, the number of vehicles in use in Denmark stood at 2.98 million units. Over the past decade, there has been a general upward trend with growth rates moderating after 2019. Notably, there was a sharp decline in 2020, likely due to the impacts of the COVID-19 pandemic, followed by a significant recovery in 2021 and a steady increase since. Year-on-year growth in 2023 was 0.64%, while the CAGR over the last five years has been 0.67%.
From 2024 onwards, the forecasted data suggests a continued gradual increase in vehicles, with a projected 5-year CAGR of 0.53% and a forecasted five-year growth rate of 2.67% by 2028, indicating steady but modest growth in the number of vehicles in use.
Future trends to watch for:
- Adoption of electric and sustainable vehicles
- Government policies and incentives towards green transport
- Impact of urbanization on vehicle ownership patterns
- Technological advancements in vehicle automation and connectivity
