The ownership of passenger cars in Australia has experienced various trends over the past decade. In 2013, ownership stood at 562.09 units per thousand persons, gradually increasing to a peak of 573.61 units in 2018. However, from 2019 onwards, there was a slight decline, continuing through 2023, where it stood at 570.59 units per thousand persons. Year-on-year variations reveal a steady deceleration, from 0.5% in 2013 to -0.04% in 2023. Calculations for the Compound Annual Growth Rate (CAGR) further support this trend, showing a decrease from 0.24% in 2013 to -0.11% in 2023.
Looking forward, the forecast from 2024 to 2028 suggests a continued decrease in car ownership, with an average CAGR of -0.02% and projected growth rate of -0.08%. It is crucial to monitor how advancements in ride-sharing services, urbanization, and environmental awareness impact car ownership trends. Additionally, the adoption rate of electric vehicles and governmental policies on emissions and car ownership might also play significant roles in shaping future trends.
