Between 2013 and 2023, the first registrations of new vehicles in Italy experienced a fluctuating trend. The year 2016 marked significant growth with an 18.65% increase year-on-year, while 2020 saw the most dramatic decline of 26.9% as a likely consequence of the COVID-19 pandemic. Recovery attempts can be observed in 2021, but the last two years have shown a downward trajectory with a -0.99% variation in 2023. The Compound Annual Growth Rate (CAGR) for the last five years stands at -6.85%, pointing to an overall decline in recent years.
Looking forward, the market is forecasted to continue its gradual decline. By 2028, the number of new vehicle registrations is anticipated to decrease modestly each year with a CAGR of -0.83%, leading to a total forecasted growth rate of -4.1% over the next five years.
Future trends to watch for include:
- Adoption of electric vehicles influencing market dynamics significantly.
- Potential economic impacts from European Union regulations on vehicle emissions.
- Technological advancements in autonomous vehicles and their market penetration.
