Insider Monkey Global Vehicle Motorization Index

Published on May 12, 2024 at 9:52 am by Inan Dogan, PhD in News, We Disagree

Index Methodology

To create the Insider Monkey Global Vehicle Motorization Index, we computed the total number of cars, the number of cars per 1,000 inhabitants, and the number of cars per capita for 195 countries and territories, as of 2024.

We began our research by consulting the 2015 dataset for the number of vehicles in use from The International Organization of Motor Vehicle Manufacturers (OICA). This dataset gave us the number of vehicles for over 140 countries. We used this along with population statistics for 2015 to compute the vehicles per capita for each country.

We did a regression analysis and found the correlation between vehicles per capita and GDP per capita (2015), sourced from the International Monetary Fund, and used our function to estimate the vehicles per capita (2015) for missing countries in our dataset. We then computed the total number of cars for all 195 countries and territories in 2015, according to our calculations.

Next, we consulted the 2020 release by the OICA for the total number of vehicles in use, which gave us data for 62 countries. We used this to calculate the compound annual growth rate (CAGR) of vehicles in use for 62 countries from 2015 to 2020. Next, we calculated the global average CAGR for 2015 to 2020, which came to 4.36%.

Assuming constant growth rates and keeping 2015 as our point of origin, we calculated the total vehicles in use in 2024 by applying our CAGR over 9 years. We then used our 2024 estimates to compute the vehicle motorization rate for each country and also the cars per capita, as of 2024.

Our sources:

The table below presents 195 countries in descending order of their Insider Monkey Global Vehicle Motorization Index values, i.e. Cars per 1,000 Inhabitants, in 2024.

Rank	Country	Total Cars (2015)	Population (2015)	Cars per Capita (2015)	Cars per 1000 Inhabitants (2015)	Total Cars (2024)	Population (2024)	Cars per Capita (2024)	Cars per 1000 Inhabitants (2024)
1	Puerto Rico	3320000	3473232	0.9559	956	4874664	3269000	1.4912	1491
2	United States of America	264194000	320738994	0.8237	824	387908757	341814000	1.1349	1135
3	Italy	42242000	60730582	0.6956	696	62022763	58698000	1.0566	1057
4	New Zealand	3708000	4609400	0.8044	804	5444354	5270000	1.0331	1033
5	Iceland	262000	330815	0.7920	792	384687	378000	1.0177	1018
6	Brunei Darussalam	301000	421437	0.7142	714	441950	456000	0.9692	969
7	Macao	465839	615239	0.7572	757	683979	713000	0.9593	959
8	Australia	17201000	23815995	0.7222	722	25255753	26699000	0.9459	946
9	Luxembourg	423000	569604	0.7426	743	621079	662000	0.9382	938
10	Japan	77404000	127141000	0.6088	609	113650157	122631000	0.9268	927
11	Malta	325000	445053	0.7303	730	477189	537000	0.8886	889
12	Poland	24250000	37986412	0.6384	638	35605606	40222000	0.8852	885
13	Greece	6205000	10820883	0.5734	573	9110630	10303000	0.8843	884
14	France	38652000	66548272	0.5808	581	56751665	64882000	0.8747	875
15	Estonia	783000	1315407	0.5953	595	1149657	1319000	0.8716	872
16	Canada	23215000	35702908	0.6502	650	34085944	39107000	0.8716	872
17	Germany	48427000	81686611	0.5928	593	71104027	83252000	0.8541	854
18	Austria	5202000	8642699	0.6019	602	7637953	8977000	0.8508	851
19	Spain	27463000	46444832	0.5913	591	40323165	47473000	0.8494	849
20	Norway	3183000	5188607	0.6135	613	4673511	5514000	0.8476	848
21	Portugal	5872000	10358076	0.5669	567	8621696	10223000	0.8434	843
22	United Kingdom	38220000	65116219	0.5870	587	56117371	67961000	0.8257	826
23	Slovenia	1188000	2063531	0.5757	576	1744308	2119000	0.8232	823
24	Switzerland	4924000	8282396	0.5945	595	7229773	8851000	0.8168	817
25	Belgium	6426000	11274196	0.5700	570	9435118	11716000	0.8053	805
26	Bulgaria	3630000	7177991	0.5057	506	5329829	6619000	0.8052	805
27	Netherlands	9395000	16939923	0.5546	555	13794419	17671000	0.7806	781
28	San Marino	17328	33570	0.5162	516	25443	34000	0.7483	748
29	Lithuania	1354000	2904910	0.4661	466	1988041	2693000	0.7382	738
30	Hong Kong	3714498	7291300	0.5094	509	5453895	7497000	0.7275	727
31	Sweden	5279000	9799186	0.5387	539	7751010	10674000	0.7262	726
32	Finland	2708000	5479531	0.4942	494	3976082	5550000	0.7164	716
33	Denmark	2838000	5683483	0.4993	499	4166957	5940000	0.7015	702
34	Cyprus	594000	1187280	0.5003	500	872154	1268000	0.6878	688
35	Ireland	2316000	4701957	0.4926	493	3400519	5089000	0.6682	668
36	Kuwait	1876000	3908743	0.4799	480	2754479	4349000	0.6334	633
37	Andorra	34308	71746	0.4782	478	50373	80000	0.6297	630
38	Latvia	770000	1977527	0.3894	389	1130570	1810000	0.6246	625
39	Croatia	1663000	4203604	0.3956	396	2441737	3987000	0.6124	612
40	Republic of Korea	20990000	51014947	0.4114	411	30819038	51742000	0.5956	596
41	Libya	2740000	6192235	0.4425	442	4023066	6964000	0.5777	578
42	Barbados	110000	278083	0.3956	396	161510	282000	0.5727	573
43	Bahrain	578000	1362142	0.4243	424	848661	1499000	0.5662	566
44	Malaysia	13309000	31068833	0.4284	428	19541237	34672000	0.5636	564
45	Qatar	1020000	2414573	0.4224	422	1497638	2737000	0.5472	547
46	Hungary	3711000	9843028	0.3770	377	5448759	9995000	0.5451	545
47	Belarus	3502000	9461076	0.3701	370	5141890	9455000	0.5438	544
48	Aruba	39059	104257	0.3746	375	57350	106000	0.5410	541
49	Russian Federation	51355000	144096870	0.3564	356	75403129	143957000	0.5238	524
50	Taiwan	7789334	23462910	0.3320	332	11436864	23950000	0.4775	478
51	Israel	2959000	8380100	0.3531	353	4344618	9312000	0.4666	467
52	Bahamas	130000	392697	0.3310	331	190875	415000	0.4599	460
53	Suriname	193000	575475	0.3354	335	283377	629000	0.4505	451
54	Romania	6009000	19815616	0.3032	303	8822849	19619000	0.4497	450
55	Argentina	13736000	43131966	0.3185	318	20168190	46058000	0.4379	438
56	Mexico	37354000	120149897	0.3109	311	54845847	129388000	0.4239	424
57	Czechia	3031636	10546059	0.2875	287	4451267	10504000	0.4238	424
58	Serbia	2042000	7095383	0.2878	288	2998212	7097000	0.4225	422
59	Trinidad and Tobago	439574	1460177	0.3010	301	645415	1538000	0.4196	420
60	Bosnia and Herzegovina	911000	3524324	0.2585	258	1337596	3194000	0.4188	419
61	Saint Kitts and Nevis	13645	47790	0.2855	286	20035	48000	0.4174	417
62	Syrian Arab Republic	6900000	19205178	0.3593	359	10131080	24348000	0.4161	416
63	Georgia	1044000	3725276	0.2802	280	1532876	3717000	0.4124	412
64	Uruguay	960000	3402818	0.2821	282	1409541	3423000	0.4118	412
65	Palau	4824	17794	0.2711	271	7083	18000	0.3935	393
66	Slovakia	1488202	5423801	0.2744	274	2185086	5703000	0.3831	383
67	Antigua and Barbuda	23315	89941	0.2592	259	34233	95000	0.3604	360
68	Ukraine	9100000	45154036	0.2015	202	13361279	37938000	0.3522	352
69	Seychelles	24765	93419	0.2651	265	36362	108000	0.3367	337
70	Chile	4445000	17870124	0.2487	249	6526471	19659000	0.3320	332
71	United Arab Emirates	2140000	8916899	0.2400	240	3142103	9592000	0.3276	328
72	Kazakhstan	4397000	17542806	0.2506	251	6455994	19828000	0.3256	326
73	Thailand	15491000	70294397	0.2204	220	22745008	71886000	0.3164	316
74	Saint Lucia	38461	175623	0.2190	219	56472	181000	0.3120	312
75	Oman	980000	4191776	0.2338	234	1438907	4714000	0.3052	305
76	Costa Rica	1076000	4895242	0.2198	220	1579861	5247000	0.3011	301
77	Brazil	42743000	205188205	0.2083	208	62758367	217637000	0.2884	288
78	Maldives	101275	435582	0.2325	233	148699	518000	0.2871	287
79	Saint Vincent and the Grenadines	20291	106482	0.1906	191	29793	104000	0.2865	286
80	Grenada	24768	118980	0.2082	208	36365	127000	0.2863	286
81	Kyrgyzstan	1330000	5956900	0.2233	223	1952802	6840000	0.2855	285
82	Marshall Islands	7854	49410	0.1590	159	11532	42000	0.2746	275
83	Dominica	13621	70007	0.1946	195	19999	73000	0.2740	274
84	Montenegro	114963	622159	0.1848	185	168797	626000	0.2696	270
85	Mauritius	237000	1262879	0.1877	188	347981	1302000	0.2673	267
86	Türkiye	15361000	78218479	0.1964	196	22554132	86260000	0.2615	261
87	Saudi Arabia	6600000	32749848	0.2015	202	9690598	37474000	0.2586	259
88	Equatorial Guinea	306302	1346973	0.2274	227	449735	1755000	0.2563	256
89	Turkmenistan	1138699	5766431	0.1975	197	1671920	6598000	0.2534	253
90	Albania	481000	2880703	0.1670	167	706239	2826000	0.2499	250
91	Fiji	160068	917200	0.1745	175	235024	943000	0.2492	249
92	Kosovo (under UNSC res. 1244)	282381	1788196	0.1579	158	414612	1667000	0.2487	249
93	North Macedonia	351437	2070226	0.1698	170	516005	2083000	0.2477	248
94	Nauru	2125	11185	0.1900	190	3120	13000	0.2400	240
95	Armenia	453915	2878595	0.1577	158	666471	2778000	0.2399	240
96	Guyana	133098	755031	0.1763	176	195424	820000	0.2383	238
97	Tonga	17495	106122	0.1649	165	25687	109000	0.2357	236
98	Gabon	392041	2028517	0.1933	193	575623	2485000	0.2316	232
99	Iran (Islamic Republic of)	14130000	81790841	0.1728	173	20746689	89810000	0.2310	231
100	South Africa	9600000	55876504	0.1718	172	14095415	61020000	0.2310	231
101	Tuvalu	1702	10877	0.1565	156	2499	11000	0.2272	227
102	Venezuela (Bolivarian Republic of)	4510000	30529716	0.1477	148	6621909	29395000	0.2253	225
103	Panama	677000	3957099	0.1711	171	994020	4528000	0.2195	220
104	Eswatini	181247	1133936	0.1598	160	266120	1222000	0.2178	218
105	Namibia	390819	2282704	0.1712	171	573829	2646000	0.2169	217
106	Samoa	33448	203571	0.1643	164	49110	229000	0.2145	214
107	Micronesia (Fed. States of)	16786	109462	0.1533	153	24646	116000	0.2125	212
108	Botswana	392000	2305171	0.1701	170	575563	2720000	0.2116	212
109	Cabo Verde	85840	552166	0.1555	155	126037	604000	0.2087	209
110	Bhutan	112074	743274	0.1508	151	164555	792000	0.2078	208
111	Dominican Republic	1611000	10405832	0.1548	155	2365387	11434000	0.2069	207
112	South Sudan	1537921	11194299	0.1374	137	2258087	11277000	0.2002	200
113	Mongolia	474787	2964749	0.1601	160	697117	3494000	0.1995	200
114	Singapore	813000	5535002	0.1469	147	1193705	6053000	0.1972	197
115	Uzbekistan	4717540	31298900	0.1507	151	6926634	35674000	0.1942	194
116	Lebanon	683000	6398940	0.1067	107	1002830	5219000	0.1921	192
117	Djibouti	150676	1006259	0.1497	150	221234	1152000	0.1920	192
118	Myanmar	7042226	51483949	0.1368	137	10339906	54965000	0.1881	188
119	Republic of Moldova	426284	2835978	0.1503	150	625901	3330000	0.1880	188
120	Lao People's Democratic Republic	983834	6787419	0.1449	145	1444536	7737000	0.1867	187
121	Azerbaijan	1302000	9649341	0.1349	135	1911691	10463000	0.1827	183
122	Papua New Guinea	1307177	8682174	0.1506	151	1919292	10516000	0.1825	183
123	Ecuador	2267000	16195902	0.1400	140	3328574	18377000	0.1811	181
124	Congo	768494	5064386	0.1517	152	1128359	6245000	0.1807	181
125	Cambodia	2106045	15417523	0.1366	137	3092248	17122000	0.1806	181
126	Lesotho	287492	2118521	0.1357	136	422117	2356000	0.1792	179
127	Vanuatu	41692	276438	0.1508	151	61216	342000	0.1790	179
128	Timor-Leste	166128	1205813	0.1378	138	243921	1380000	0.1768	177
129	Algeria	5570000	39543154	0.1409	141	8178277	46279000	0.1767	177
130	Belize	50000	359871	0.1389	139	73414	417000	0.1761	176
131	Kiribati	16296	116707	0.1396	140	23927	136000	0.1759	176
132	Nepal	3691202	27610325	0.1337	134	5419690	31240000	0.1735	173
133	Solomon Islands	89051	612660	0.1454	145	130751	757000	0.1727	173
134	Sao Tome and Principe	27715	201124	0.1378	138	40693	236000	0.1724	172
135	Tunisia	1450000	11557779	0.1255	125	2128995	12565000	0.1694	169
136	Comoros	99931	730216	0.1369	137	146727	868000	0.1690	169
137	Eritrea	438070	3340006	0.1312	131	643206	3818000	0.1685	168
138	China	162845000	1379860000	0.1180	118	239100818	1425179000	0.1678	168
139	Côte d'Ivoire	3379257	23596741	0.1432	143	4961670	29603000	0.1676	168
140	Tajikistan	1142416	8524063	0.1340	134	1677379	10332000	0.1623	162
141	Guinea-Bissau	236330	1788919	0.1321	132	346997	2197000	0.1579	158
142	Rwanda	1543503	11642959	0.1326	133	2266283	14415000	0.1572	157
143	Sierra Leone	958712	7314773	0.1311	131	1407651	8978000	0.1568	157
144	Guinea	1536321	11625998	0.1321	132	2255737	14529000	0.1553	155
145	Central African Republic	622234	4819333	0.1291	129	913609	5916000	0.1544	154
146	Gambia	296464	2253133	0.1316	132	435290	2842000	0.1532	153
147	Colombia	5332000	47119728	0.1132	113	7828828	52341000	0.1496	150
148	Guatemala	1863000	15567419	0.1197	120	2735391	18358000	0.1490	149
149	Chad	1876786	14140274	0.1327	133	2755633	18847000	0.1462	146
150	Jordan	1130000	9494246	0.1190	119	1659148	11385000	0.1457	146
151	Somalia	1796314	13763906	0.1305	131	2637478	18707000	0.1410	141
152	Paraguay	653000	6177950	0.1057	106	958782	6947000	0.1380	138
153	Morocco	3570000	34680458	0.1029	103	5241732	38211000	0.1372	137
154	Niger	2618254	20128124	0.1301	130	3844311	28239000	0.1361	136
155	Iraq	3900000	37757813	0.1033	103	5726262	46524000	0.1231	123
156	Indonesia	22513000	259091970	0.0869	87	33055216	279798000	0.1181	118
157	Peru	2444000	30711863	0.0796	80	3588458	34683000	0.1035	103
158	Jamaica	190000	2794445	0.0680	68	278972	2825000	0.0988	99
159	Nicaragua	480000	6298598	0.0762	76	704771	7143000	0.0987	99
160	Sri Lanka	1470000	21336697	0.0689	69	2158360	21949000	0.0983	98
161	Bolivia (Plurinational State of)	770000	11090085	0.0694	69	1130570	12567000	0.0900	90
162	Zimbabwe	940000	14154937	0.0664	66	1380176	17020000	0.0811	81
163	Egypt	5734000	97723799	0.0587	59	8419074	114484000	0.0735	74
164	El Salvador	260000	6231066	0.0417	42	381751	6396000	0.0597	60
165	Afghanistan	1573000	33753499	0.0466	47	2309592	43373000	0.0532	53
166	Senegal	660000	14356181	0.0460	46	969060	18222000	0.0532	53
167	Philippines	3823000	103031365	0.0371	37	5613205	119106000	0.0471	47
168	Yemen	1000000	28516545	0.0351	35	1468272	35220000	0.0417	42
169	Ghana	890000	28870939	0.0308	31	1306762	34778000	0.0376	38
170	Kenya	1381000	46851488	0.0295	29	2027684	56203000	0.0361	36
171	Angola	880000	28127721	0.0313	31	1292080	37805000	0.0342	34
172	Viet Nam	2170000	92191398	0.0235	24	3186151	99498000	0.0320	32
173	Togo	198000	7473229	0.0265	26	290718	9261000	0.0314	31
174	Madagascar	660000	24850912	0.0266	27	969060	31057000	0.0312	31
175	India	28860000	1322866505	0.0218	22	42374341	1441720000	0.0294	29
176	Democratic Republic of the Congo	1900000	78656904	0.0242	24	2789718	105625000	0.0264	26
177	Benin	252000	10932783	0.0230	23	370005	14080000	0.0263	26
178	Zambia	370000	16248230	0.0228	23	543261	21135000	0.0257	26
179	Nigeria	3750000	183995785	0.0204	20	5506021	229152000	0.0240	24
180	Honduras	160000	9294505	0.0172	17	234924	10759000	0.0218	22
181	Pakistan	3220000	210969298	0.0153	15	4727837	245210000	0.0193	19
182	Burkina Faso	297000	18718019	0.0159	16	436077	23840000	0.0183	18
183	Cameroon	347000	23012646	0.0151	15	509491	29394000	0.0173	17
184	Mozambique	400000	26843246	0.0149	15	587309	34858000	0.0168	17
185	Liberia	63000	4612329	0.0137	14	92501	5537000	0.0167	17
186	Uganda	490000	37477356	0.0131	13	719453	49924000	0.0144	14
187	Mali	203000	18112907	0.0112	11	298059	24016000	0.0124	12
188	Mauritania	41000	3946220	0.0104	10	60199	4994000	0.0121	12
189	Haiti	80000	10563757	0.0076	8	117462	11867000	0.0099	10
190	Malawi	139000	16938942	0.0082	8	204090	21476000	0.0095	10
191	United Republic of Tanzania	380000	52542823	0.0072	7	557944	69419000	0.0080	8
192	Burundi	63000	10727148	0.0059	6	92501	13592000	0.0068	7
193	Bangladesh	620000	157830000	0.0039	4	910329	174701000	0.0052	5
194	Sudan	111000	38171178	0.0029	3	162978	49358000	0.0033	3
195	Ethiopia	155000	102471895	0.0015	2	227582	129720000	0.0018	2

Index Creator: This index is created by Inan Dogan, PhD. Inan Dogan has more than 20 years of experience researching and investing in the financial markets. Dr. Dogan is the co-founder and research director of Insider Monkey. He has a Ph.D. in financial economics from University at Buffalo and he has been doing quantitative stock research focusing on insider trading and hedge fund portfolio disclosures.

Insider Monkey Global Vehicle Motorization Index

Published on May 12, 2024 at 9:52 am by Inan Dogan, PhD in News, We Disagree

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Published on May 1, 2024 at by Inan Dogan, PhD

A New Dawn is Coming to U.S. Stocks

Published on May 2, 2024 at by Insider Monkey Staff