In 2023, Germany led with 223.14 thousand registrations, although it experienced a decline of 4.84% year-on-year. France followed with a slight increase of 0.17%. South Korea showed a positive trend with a 1.97% growth. Conversely, Spain and Belgium saw declines of 6.29% and 7.23% respectively. Austria and Switzerland observed modest growth, while Norway and Ireland also saw increases. Most other countries had minor changes, except for a significant decrease in Greece by 6.24%. The Compound Annual Growth Rate (CAGR) over the last five years shows slower growth in mature markets.
Future trends to watch include the impact of evolving environmental policies, the shift towards electric vehicles, and macroeconomic factors affecting consumer spending power globally. Emerging markets might experience a different trajectory, driven by their unique circumstances and policy implementation.
Top countries in Passenger Car Registrations by Country
| # | 10 Countries | Thousand Units (Registrations), Seasonally Adjusted | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Germany | 223.14 | 2023 | +0.12% | -4.84% | View data |
| 2 | 2 France | 189.76 | 2023 | +5.34% | +0.17% | View data |
| 3 | 3 South Korea | 141.22 | 2023 | +1.65% | +1.97% | View data |
| 4 | 4 Spain | 79.74 | 2023 | +16.37% | -6.29% | View data |
| 5 | 5 Belgium | 30.99 | 2023 | +0.25% | -7.23% | View data |
| 6 | 6 Austria | 29.72 | 2023 | +0.71% | +0.89% | View data |
| 7 | 7 Switzerland | 25.68 | 2023 | +0.1% | +0.46% | View data |
| 8 | 8 New Zealand | 21.15 | 2023 | +5.86% | -0.12% | View data |
| 9 | 9 Norway | 16.28 | 2023 | +0.98% | +2.42% | View data |
| 10 | 10 Ireland | 10.18 | 2023 | +16.28% | +1.34% | View data |
