Markets
Who Owns the Most Vehicles per Capita, by Country?
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Who Owns the Most Vehicles per Capita, by Country?
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In 2020, there were 289 million vehicles in use in America, or about 18% of the global total.
With one of the largest car ownership rates worldwide, the number of U.S. cars on the road have more than doubled since the 1960s. But how does ownership compare to other countries, and who is seeing the fastest growth rates amid a rising global middle class?
This graphic shows vehicles per capita by country, based on data from the International Organization of Motor Vehicle Manufacturers (OICA).
Highest Car Ownership Rates Worldwide
Below, we rank countries based on the number of registered vehicles in use per 1,000 people, including both passenger cars and commercial vehicles as of 2020:
Country | Number of Vehicles in Use per 1000 Inhabitants | Average Annual Growth Rate 2015-2020 |
---|---|---|
🇳🇿 New Zealand | 869 | 3% |
🇺🇸 U.S. | 860 | 2% |
🇵🇱 Poland | 761 | 4% |
🇮🇹 Italy | 756 | 1% |
🇦🇺 Australia | 737 | 2% |
🇨🇦 Canada | 707 | 3% |
🇫🇷 France | 704 | 1% |
🇨🇿 Czechia | 658 | 3% |
🇵🇹 Portugal | 640 | 2% |
🇳🇴 Norway | 635 | 1% |
🇦🇹 Austria | 632 | 2% |
🇬🇧 UK | 632 | 2% |
🇩🇪 Germany | 627 | 2% |
🇪🇸 Spain | 627 | 2% |
🇬🇷 Greece | 617 | 1% |
🇯🇵 Japan | 612 | 0% |
🇨🇭 Switzerland | 604 | 1% |
🇧🇪 Belgium | 590 | 1% |
🇳🇱 Netherlands | 588 | 2% |
🇫🇮 Finland | 577 | 1% |
🇸🇪 Sweden | 544 | 1% |
🇩🇰 Denmark | 540 | 2% |
🇮🇪 Ireland | 540 | 3% |
🇲🇾 Malaysia | 535 | 6% |
🇸🇰 Slovakia | 513 | 3% |
🇱🇾 Libya | 490 | 4% |
🇧🇬 Bulgaria | 485 | -1% |
🇭🇷 Croatia | 474 | 3% |
🇸🇾 Syria | 472 | 7% |
🇭🇺 Hungary | 463 | 4% |
🇰🇷 South Korea | 458 | 2% |
🇷🇴 Romania | 438 | 7% |
🇮🇱 Israel | 404 | 4% |
🇷🇺 Russia | 389 | 2% |
🇧🇾 Belarus | 387 | 1% |
🇲🇽 Mexico | 358 | 4% |
🇹🇼 Taiwan | 344 | 1% |
🇦🇪 UAE | 343 | 8% |
🇷🇸 Serbia | 330 | 4% |
🇦🇷 Argentina | 311 | 0% |
🇹🇭 Thailand | 277 | 5% |
🇨🇱 Chile | 246 | 1% |
🇰🇿 Kazakhstan | 226 | -1% |
🇨🇳 China | 223 | 14% |
🇹🇷 Türkiye | 220 | 4% |
🇧🇷 Brazil | 214 | 1% |
🇺🇦 Ukraine | 192 | -1% |
🇮🇷 Iran | 183 | 2% |
🇿🇦 South Africa | 176 | 1% |
🇪🇨 Ecuador | 152 | 3% |
🇻🇪 Venezuela | 149 | -1% |
🇩🇿 Algeria | 144 | 3% |
🇲🇦 Morocco | 112 | 4% |
🇨🇴 Colombia | 111 | 1% |
🇮🇶 Iraq | 111 | 4% |
🇵🇪 Peru | 88 | 4% |
🇮🇩 Indonesia | 78 | 5% |
🇪🇬 Egypt | 64 | 4% |
🇳🇬 Nigeria | 56 | 5% |
🇻🇳 Vietnam | 50 | 17% |
🇵🇭 Philippines | 38 | 3% |
🇮🇳 India | 33 | 10% |
🇵🇰 Pakistan | 20 | 7% |
Clinching top spot is New Zealand, a country known for its love of cars.
With nearly nine cars on the road to every 10 people, this figure is notably high considering that children make up about 20% of the population. The majority of cars are imported second hand from Japan thanks to a wave of deregulation in the 1980s along with the country being a major producer of right-hand drive cars.
The U.S. falls close behind, with a clear preference for trucks and SUVs. In fact, the Ford F-1 Series has been the best-selling vehicle in America for 42 consecutive years.
In Europe, Poland has the highest number of vehicles per person, but one of the lowest share of electric vehicles (EVs). While EVs make up nearly 16% of all cars in top-ranking country Norway, they comprise 0.1% in Poland. On average, EVs account for 0.8% of passenger cars in the European Union.
Driven by an expanding middle class, Vietnam has seen the fastest growth in ownership. Between 2015 and 2020, the motorization rate grew by an astonishing 17% each year. Additionally, China witnessed 14% growth while India’s vehicles per 1,000 people increased 10% annually over the period.
The Top EV Markets, by Country
As EV sales gain momentum, here are the biggest markets worldwide, based on the number of all-EV cars in use as of 2022:
Country | Estimated Number of EVs in Use 2022 |
---|---|
🇨🇳 China | 11,000,000 |
🇺🇸 U.S. | 2,100,000 |
🇩🇪 Germany | 1,000,000 |
🇫🇷 France | 620,000 |
🇳🇴 Norway | 590,000 |
🇬🇧 UK | 550,000 |
🇳🇱 Netherlands | 340,000 |
🇰🇷 South Korea | 300,000 |
🇨🇦 Canada | 250,000 |
🇯🇵 Japan | 210,000 |
Source: IEA Global EV Outlook 2023
China is home to over half of the world’s EVs.
Its foothold on the global EV market can be explained by its close proximity to the raw materials used in EV batteries. In fact, China produces roughly 70% of the world’s rare earth metals and has more battery production capacity than all other countries combined.
Adding to this, China developed key government policies that specifically tackled operational hurdles, such as battery constraints, leading to innovation in core technologies. In 2023, EVs made up 31% of all car sales in China, boosted by government incentives and strong consumer demand.
Norway is another leader in the EV market, whose government began introducing EV policies as early as 1990. By 2025, the country aims to phase out internal combustion engine vehicle sales completely. About 80% of all vehicles sales in Norway were EVs in 2022, the highest in the world.
Markets
The European Stock Market: Attractive Valuations Offer Opportunities
On average, the European stock market has valuations that are nearly 50% lower than U.S. valuations. But how can you access the market?
European Stock Market: Attractive Valuations Offer Opportunities
Europe is known for some established brands, from L’Oréal to Louis Vuitton. However, the European stock market offers additional opportunities that may be lesser known.
The above infographic, sponsored by STOXX, outlines why investors may want to consider European stocks.
Attractive Valuations
Compared to most North American and Asian markets, European stocks offer lower or comparable valuations.
Index | Price-to-Earnings Ratio | Price-to-Book Ratio |
---|---|---|
EURO STOXX 50 | 14.9 | 2.2 |
STOXX Europe 600 | 14.4 | 2 |
U.S. | 25.9 | 4.7 |
Canada | 16.1 | 1.8 |
Japan | 15.4 | 1.6 |
Asia Pacific ex. China | 17.1 | 1.8 |
Data as of February 29, 2024. See graphic for full index names. Ratios based on trailing 12 month financials. The price to earnings ratio excludes companies with negative earnings.
On average, European valuations are nearly 50% lower than U.S. valuations, potentially offering an affordable entry point for investors.
Research also shows that lower price ratios have historically led to higher long-term returns.
Market Movements Not Closely Connected
Over the last decade, the European stock market had low-to-moderate correlation with North American and Asian equities.
The below chart shows correlations from February 2014 to February 2024. A value closer to zero indicates low correlation, while a value of one would indicate that two regions are moving in perfect unison.
EURO STOXX 50 | STOXX EUROPE 600 | U.S. | Canada | Japan | Asia Pacific ex. China |
|
---|---|---|---|---|---|---|
EURO STOXX 50 | 1.00 | 0.97 | 0.55 | 0.67 | 0.24 | 0.43 |
STOXX EUROPE 600 | 1.00 | 0.56 | 0.71 | 0.28 | 0.48 | |
U.S. | 1.00 | 0.73 | 0.12 | 0.25 | ||
Canada | 1.00 | 0.22 | 0.40 | |||
Japan | 1.00 | 0.88 | ||||
Asia Pacific ex. China | 1.00 |
Data is based on daily USD returns.
European equities had relatively independent market movements from North American and Asian markets. One contributing factor could be the differing sector weights in each market. For instance, technology makes up a quarter of the U.S. market, but health care and industrials dominate the broader European market.
Ultimately, European equities can enhance portfolio diversification and have the potential to mitigate risk for investors.
Tracking the Market
For investors interested in European equities, STOXX offers a variety of flagship indices:
Index | Description | Market Cap |
---|---|---|
STOXX Europe 600 | Pan-regional, broad market | €10.5T |
STOXX Developed Europe | Pan-regional, broad-market | €9.9T |
STOXX Europe 600 ESG-X | Pan-regional, broad market, sustainability focus | €9.7T |
STOXX Europe 50 | Pan-regional, blue-chip | €5.1T |
EURO STOXX 50 | Eurozone, blue-chip | €3.5T |
Data is as of February 29, 2024. Market cap is free float, which represents the shares that are readily available for public trading on stock exchanges.
The EURO STOXX 50 tracks the Eurozone’s biggest and most traded companies. It also underlies one of the world’s largest ranges of ETFs and mutual funds. As of November 2023, there were €27.3 billion in ETFs and €23.5B in mutual fund assets under management tracking the index.
“For the past 25 years, the EURO STOXX 50 has served as an accurate, reliable and tradable representation of the Eurozone equity market.”
— Axel Lomholt, General Manager at STOXX
Partnering with STOXX to Track the European Stock Market
Are you interested in European equities? STOXX can be a valuable partner:
- Comprehensive, liquid and investable ecosystem
- European heritage, global reach
- Highly sophisticated customization capabilities
- Open architecture approach to using data
- Close partnerships with clients
- Part of ISS STOXX and Deutsche Börse Group
With a full suite of indices, STOXX can help you benchmark against the European stock market.
Learn how STOXX’s European indices offer liquid and effective market access.
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