Analysis of new vehicle registrations in Kenya shows a fluctuating yet overall declining trend over the past decade. From a peak of 14.1 thousand in 2015, registrations dropped significantly to just 5.08 thousand by 2023. Specific year-on-year variations and Compound Annual Growth Rates (CAGR) highlight these fluctuations: notable decreases were seen in 2016 (-24.82%) and 2017 (-50.49%), slight growth in 2021 (9.4%), and more recently, a decline in 2023 (-4.65%). Future forecasts predict a continual decline, with the five-year forecasted CAGR at -4.68%, projecting registrations to dip further to 3.77 thousand by 2028.
Future Trends to Watch For:
- Economic stability and access to financing for consumers.
- Government policies promoting vehicle ownership or environmental regulations.
- Technological advancements and shifts towards electric and hybrid vehicles.
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