The output of motor vehicles in Australia has shown significant fluctuations over the past decade, experiencing a general decline from 2013 to 2023. In 2023, the output stood at 11.14 billion Australian dollars. From 2013 through 2016, the industry faced a sharp decline, followed by a period of relative stability with minor fluctuations. However, the output stabilized around the 11-12 billion AUD mark from 2017 onwards. Year-on-year variation figures reveal a declining trend, with a minimal change in recent years. The CAGR over the past five years (ending in 2023) was a modest -0.27%.
Forecasting forward from 2024 to 2028, the output is anticipated to maintain stability, with the annual output hovering around 11.15 billion AUD. The forecasted 5-year CAGR is projected to be approximately 0.02%, reflecting a very marginal growth rate of 0.09% over this period.
Future trends to watch for include:
- Technological advancements and their impact on production efficiency.
- Changes in consumer preferences towards electric and autonomous vehicles.
- Potential economic and policy changes affecting the automotive industry.
