The first registrations of new vehicles in Australia saw fluctuations from 2013 to 2023. The value stood at 1.0846 million registrations in 2023, reflecting a minor increase of 0.29% compared to the previous year. Year-on-year variations over this period included a high of 14.49% in 2021, countered by declines such as -13.73% in 2020. The CAGR over the last five years was -1.22%, indicating an overall slight decrease.

Future projections for the years 2024 to 2028 suggest a steady increase, reaching approximately 1.1396 million registrations by 2028 with a forecasted 5-year CAGR of 0.79% and an overall growth rate of 4% over this period.

Future trends to watch for:

The impact of electric vehicle adoption on new registrations figures.
Government policies and incentives related to vehicle emissions and sustainability.
Consumer preferences shifting towards more fuel-efficient and hybrid vehicles.