The new registrations of passenger cars in France have displayed fluctuations over the years. The value stood at 2.1403 million registrations in 2023. From a considerable decline in 2020 due to the pandemic, with a -16.73% year-on-year variation, the market rebounded in the following years. Notably, there was growth from 2020 to 2022 at a CAGR of 1.31%. The year-on-year variations for 2022 and 2023 were 5.59% and 0.31%, respectively. The compound annual growth rate (CAGR) over the last five years ending in 2023 was a minimal 0.016%.
Future trends to watch for include the forecasted steady growth with a 5-year CAGR of 0.26% up to 2028. Industry recovery from the pandemic, shifts in consumer preferences towards electric vehicles, and regulatory changes promoting greener transportation are critical factors shaping the market. Watching the dynamics of the EV sector and policy developments will be pivotal in anticipating future market behaviors.
