H. Yoo
Research expert covering South Korea
Automotive industry in Israel - statistics & facts
Israel's automotive market is experiencing steady growth, particularly in passenger cars and mobility service segments. In 2023, the total number of vehicles in the country reached over 4.1 million, reflecting a compound annual growth rate (CAGR) of 4.12 percent since 2013. Evidently, the local motorization rate has consistently grown for over a decade, with passenger cars ownership rates increasing faster than commercial vehicles. Nonetheless, the rapid adoption of electrified vehicles among Israeli drivers has become the most salient shift the sector has experienced in years. The question remains whether demand for EVs will persist, and what new car brands will come on top of this trend. Initial data hints that the sector may be facing a dramatic change.
