The data for 2023 shows Belarus leading with 3.46 million passenger cars in use, reflecting stable growth with a 1.8% increase from the previous year. Serbia and Azerbaijan follow with 2.15 million and 1.33 million units respectively, showing progressive growth rates of 1.41% and 2.52% respectively. Moldova, Albania, and Macedonia also exhibited notable year-on-year growth, whereas Kosovo leads in percentage growth with a 2.97% increase. Over the last five years, these markets demonstrate consistent growth, suggesting a solid compound annual growth rate (CAGR) across the board.
Future trends to watch include increased adoption of electric and hybrid vehicles due to environmental policies and technological advancements. Emerging markets such as Kosovo and Azerbaijan are likely to experience higher growth rates, driven by urbanization and improved infrastructure. Conversely, more mature markets might see slower growth as they shift towards sustainable practices and newer vehicle technologies.
Top countries in Passenger Cars in Use by Country
| # | 9 Countries | Thousand Units | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Belarus | 3,460 | 2023 | +1.65% | +1.8% | View data |
| 2 | 2 Serbia | 2,150 | 2023 | +1.37% | +1.41% | View data |
| 3 | 3 Azerbaijan | 1,330 | 2023 | +2.2% | +2.52% | View data |
| 4 | 4 Bosnia and Herzegovina | 995 | 2023 | +1.6% | +1.56% | View data |
| 5 | 5 Moldova | 695.8 | 2023 | +2.41% | +2.44% | View data |
| 6 | 6 Albania | 522.7 | 2023 | +2.57% | +2.59% | View data |
| 7 | 7 Macedonia | 459.4 | 2023 | +1.91% | +2.05% | View data |
| 8 | 8 Kosovo | 324.6 | 2023 | +2.59% | +2.97% | View data |
| 9 | 9 Montenegro | 221 | 2023 | +1.61% | +1.37% | View data |
