Forecast: Passenger Cars Registrations in South Africa

Passenger car registrations in South Africa stood at 269.7 thousand in 2023, showing a positive trend with an 8.54% year-on-year increase from 2022. However, the compound annual growth rate (CAGR) over the past five years remains negative at -5.88% due to significant declines in prior years, especially during 2020 when registrations fell by 37.04%.

Projections for 2024 and beyond indicate a stabilization with minimal annual growth, averaging a mere 0.38% CAGR over the next five years, and an overall growth rate of 1.9% until 2028.

Future trends to watch for include:

- The impact of economic recovery post the COVID-19 pandemic on consumer purchasing power.

- Potential shifts towards electric and hybrid vehicles influenced by global trends and local environmental policies.

- Changes in automotive financing options that could affect overall demand and vehicle registrations.