Blog

Trend Analysis

Australia Ranks 7th Worldwide in Terms of Car Ownership

November 27, 2017, Author: Tru Motor News

Long line of carsAustralians own more cars than those in the U.K., Canada and Japan, as the Asia-Pacific country ranks seventh in terms of vehicle ownership in the world, according to the International Organisation of Motor Vehicle Manufacturers (OICA).

OICA data revealed that there are 718 cars for every 1,000 Australians. This indicated that owning a car is still the norm in the country, despite a rise in ride-sharing services. As ownership rises, more Australians have likely sought to customise ute bodies either for work or personal use.

Car Ownership

Except for Japan and South Korea, countries in Asia and Oceania posted the highest car ownership increase over the last 10 years to 2015. For every 1,000 people, 85 vehicles equated to a 141 per cent growth.

The growth fares significantly higher than the global increase at 27 per cent within the same period. Developing countries led the growth markets. In China, car ownership surged to 163 million vehicles on roads in 2015 from just below 32 million in 2005. On the contrary, car ownership in Greece and Singapore declined in the same period.

Shared Services

Car-sharing services in Australia have been an emerging trend, despite the surge in vehicle owners. Services such as Uber, GreenShareCar, FlexiCar and DriveMyCar comprise some of these services. However, the increasing popularity of these services should not contradict the pace of car ownership growth.

Census data showed that just 8 per cent of households in capital cities did not have a car in 2016 compared to 14 percent in 1991. Whether or not you own a car, the Bureau of Statistics said that transportation accounted for the third largest share of expenses after housing and food.

Conclusion

The pace of car ownership growth in Australia bodes well for the automotive industry and service companies since more cars mean more business for them.