Forecast: Vehicles in Use in Australia

From 2013 to 2019, the number of vehicles in use in Australia experienced a gradual increase, with moderate year-on-year growth rates mostly ranging from 0.9% to 2.54%. However, in 2020, there was a significant dip of -16.04% in the number of vehicles in use, primarily due to disruptions caused by the COVID-19 pandemic. Post-2020, the market showed resilience, rebounding with a notable 15.74% rise in 2021, followed by continued growth through 2023, reaching 18.82 million units. As of 2023, the vehicles in use stood at 18.82 million units. The 5-year CAGR from 2019 to 2023 was modest at 1.13%. Looking ahead, the forecast from 2024 to 2028 suggests a steady growth trend with a projected 5-year CAGR of 0.85%, culminating in 19.79 million units by 2028, reflecting a forecasted overall 5-year growth rate of 4.34%.

Future trends to watch for:

• Potential technological advancements in the automotive industry such as electric vehicles and autonomous driving may influence the volume of vehicles in use.
• Government policies on emissions and environmental sustainability could impact vehicle ownership patterns.
• Economic conditions including fuel prices and urbanization trends are likely to significantly shape the vehicle market.