Markets

Insider Trading

Hedge Funds

Retirement

Opinion

30 Countries with Lowest Car Ownership Rates in the World

Page 1 of 4

In this article, we will take a look at the 30 countries with lowest car ownership rates in the world.

Car Ownership in the US: At a Glance

On March 28, Forbes reported that 278.87 million personal and commercial vehicles were registered in the United States in 2022. Trucks remained the most popular choice with almost 170.24 million registered personal and commercial trucks in 2022 alone. On the other hand, 98.57 million cars were registered, the second most popular choice of vehicle in the United States. Almost 92% of households across the nation owned one vehicle. Idaho and Wyoming had an ownership rate of 96.2% each, the highest recorded percentage in the US. 64% of households in the District of Columbia had at least one vehicle, the lowest percentage recorded in the United States in 2022.

On January 22, CNBC reported that China exported 5 million vehicles in 2023 becoming the country with the highest car exports in the world. Primary supply comes from state-owned companies like SAIC and Dongfeng. The United States, on the other hand, is the fourth largest exporter of cars. Leaders in the auto industry are wary of Chinese automakers, especially due to their profitable and rapid introduction of new models. BYD Auto, a leading automotive company in China, toppled Tesla’s position to become the largest seller of electric vehicles (EVs) in 2023. The company received almost $4.3 billion from the Chinese government between 2015 and 2020. Due to this, its EVs are priced considerably low, for instance, the BYD Seagull starts at almost $11,400.

The US continues to impose tariffs on Chinese imports to curb competition from Chinese automakers. On May 14, Reuters reported that Biden announced quadrupling EV duties to over 100% from 25% and increasing duties on semiconductors to 50%. These new policies will impact imported Chinese goods worth $18 billion including aluminum, semiconductors, electric vehicles, minerals, solar cells, and cranes. In 2023, the United States imported commodities worth $427 billion from China and only exported $148 billion worth of goods to the country. You can also take a look at the best electric cars of 2024.

How Are Automakers in the US Combating Competition from China

Ford Motor Company (NYSE:F) and General Motors Company (NYSE:GM) are among the leading automotive companies in the United States. You can also take a look at the best fuel-efficient cars under $30k.

Ford Motor Company (NYSE:F) is a multinational automobile maker headquartered in Michigan, United States. The company sells SUVs, trucks, vans, electric vehicles, hybrid vehicles, and cars with a strong emphasis on expanding its EV line. On April 4, Ford Motor Company (NYSE:F) announced that by 2030, the company expects to launch hybrid powertrains across its Ford Blue lineup in North America. The company also aims to transform its Oakville Assembly Plant, from a gas vehicle assembly to an EV manufacturing unit. Ford Motor Company (NYSE:F) intends to launch three-row electric vehicles at the assembly by 2027. To back its position in the EV market, in the first quarter of 2024, the company witnessed an 86% rise in electric vehicle sales. Hybrid sales, on the other hand, grew by 42% compared to 12 months ago.

General Motors Company (NYSE:GM) is another prominent automotive player in the United States and a major exporter to China, delivering 441,000 vehicles in the first quarter of 2024 and 2.1 million vehicles in 2023. The company owns some of the leading automotive brands including Chevrolet, GMC, Cadillac, OnStar, and ACDelco. Its electric vehicle segment is constantly expanding. The company’s new Chevy Silverado EV RST is fully electric with an estimated range of 400 miles, higher than most of its competitors, and accelerates from 0 to 60 miles per hour in under 4.5 seconds. General Motors Company’s (NYSE:GM) Silverado EV 4WT, an extension of the RST, offers an estimated 450 miles of range and a maximum towing capability of 10,000 lbs.

Now that we have studied the car ownership industry in the US, let’s discuss the 30 countries with the lowest car ownership rates in the world. You can also read our piece on the cheap cars that will make you look rich.

An auto warehouse filled with newly acquired used cars.

Our Methodology

In order to compile a list of the countries with the lowest car ownership rates in the world, we sourced our data from the Insider Monkey Global Vehicle Motorization Index. We commenced our research by consulting The International Organization of Motor Vehicle Manufacturers (OICA) to acquire 2015 data for the total number of vehicles in 140 countries. We then acquired the 2015 country-wise population from the World Bank to tabulate the cars per capita and GDP per capita from the International Monetary Fund (IMF) to assess the correlation between GDP per capita and cars per capita for each country. We used the relationship to estimate the number of cars in 2015 for all the missing countries. We then acquired the 2020 data for total registered cars from OICA for 62 countries and calculated a global average growth rate from 2015 to 2020. Assuming constant growth rates from 2015 to 2024, we calculated the expected number of cars in 2024. To view our index methodology which highlights all our sources and calculations, you can take a look at the Insider Monkey Global Vehicle Motorization Index.

The countries are sorted in descending order of their vehicle motorization rates i.e. cars per 1,000 inhabitants.

30 Countries with Lowest Car Ownership Rates in the World

30. Afghanistan

Cars per Capita (2024): 0.0532

Cars per 1,000 People (2024): 53

Total Number of Registered Cars (2024): 2.31 Million

Afghanistan ranks 30th on our list of countries with the lowest car ownership rate in the world. As per our estimations, Afghanistan is home to 2.31 million registered cars.

29. Philippines

Cars per Capita (2024): 0.0471

Cars per 1,000 People (2024): 47

Total Number of Registered Cars (2024): 5.6 Million

With 47 cars per 1,000 inhabitants, the Philippines ranks as one of the countries with the lowest car ownership rates in the world. The country has 0.0471 cars per capita.

28. Yemen

Cars per Capita (2024): 0.0417

Cars per 1,000 People (2024): 42

Total Number of Registered Cars (2024): 1.47 Million 

Yemen ranks 28th on our list of countries with the lowest car ownership rates in the world. It has 1.46 million total cars as per our estimates.

27. Ghana

Cars per Capita (2024): 0.0376

Cars per 1,000 People (2024): 38

Total Number of Registered Cars (2024): 1.31 Million

Ghana is one of the countries with the lowest car ownership rates in the world, with 38 cars per 1,000 inhabitants in 2024. Ghana has 1.31 million total cars as per our estimations.

26. Kenya

Cars per Capita (2024): 0.0361 

Cars per 1,000 People (2024): 36

Total Number of Registered Cars (2024): 2.03 Million

Kenya ranks 26th on our list of countries with the lowest car ownership rates in the world. Kenya has 36 cars per 1,000 inhabitants and 2.03 million total cars.

25. Angola

Cars per Capita (2024): 0.0342 

Cars per 1,000 People (2024): 34

Total Number of Registered Cars (2024): 1.29 Million

With 34 cars per 1,000 inhabitants, Angola ranks as one of the countries with the lowest car ownership rate in the world. The country has 1.29 million total cars as per our estimates.

24. Vietnam

Cars per Capita (2024): 0.032

Cars per 1,000 People (2024): 32

Total Number of Registered Cars (2024): 3.19 Million

According to our estimates, Vietnam is home to 3.19 million total registered cars, contributing to its ranking on our list of the countries with the lowest car ownership rates in the world.

23. Togo

Cars per Capita (2024): 0.0314

Cars per 1,000 People (2024): 31

Total Number of Registered Cars (2024): 290,718

Togo ranks 23rd on our list of countries with the lowest car ownership rates in the world. The country has more than 290,000 total cars as per our estimates.

22. Madagascar

Cars per Capita (2024): 0.0312

Cars per 1,000 People (2024): 31

Total Number of Registered Cars (2024): 969,060

With 31 cars per 1,000 inhabitants, Madagascar ranks as one of the countries with the lowest car ownership rates in the world. It has 0.0312 cars per capita.

21. India

Cars per Capita (2024): 0.0294

Cars per 1,000 People (2024): 29

Total Number of Registered Cars (2024): 42.37 Million

With 29 cars per 1,000 inhabitants, India ranks as one of the countries with the lowest car ownership rates in the world. According to our estimates, India has over 42 million total cars.

20. Democratic Republic of the Congo

Cars per Capita (2024): 0.0264

Cars per 1,000 People (2024): 26

Total Number of Registered Cars (2024): 2.79 Million

According to our estimates, the Democratic Republic of the Congo has more than 2.7 million total registered cars, contributing to its ranking as one of the countries with the lowest car ownership rates in the world.

19. Benin

Cars per Capita (2024): 0.0263 

Cars per 1,000 People (2024): 26

Total Number of Registered Cars (2024): 370,005

Benin ranks 19th on our list of countries with the lowest car ownership rates in the world. According to our estimates, Benin has more than 370,000 total registered cars.

18. Zambia

Cars per Capita (2024): 0.0257

Cars per 1,000 People (2024): 26

Total Number of Registered Cars (2024): 543,261

With 26 cars per 1,000 inhabitants, Zambia ranks as one of the countries with the lowest car ownership rates in the world. It has more than 543,000 total cars as per our estimates.

17. Nigeria

Cars per Capita (2024): 0.024

Cars per 1,000 People (2024): 24

Total Number of Registered Cars (2024): 5.51 Million

Nigeria is one of the countries with the lowest car ownership rates in the world. Nigeria has 24 cars per 1,000 inhabitants and more than 5.5 million total cars.

16. Honduras

Cars per Capita (2024): 0.0218

Cars per 1,000 People (2024): 22

Total Number of Registered Cars (2024): 234,924

According to our estimates, Honduras has 22 cars per 1,000 inhabitants, contributing to its ranking as one of the countries with the lowest car ownership rates in the world.

15. Pakistan

Cars per Capita (2024): 0.0193

Cars per 1,000 People (2024): 19

Total Number of Registered Cars (2024): 4.73 Million

Pakistan ranks 15th on our list of countries with the lowest car ownership rates in the world. Pakistan has more than 4.7 million total cars as per our estimates.

14. Burkina Faso

Cars per Capita (2024): 0.0183

Cars per 1,000 People (2024): 18

Total Number of Registered Cars (2024): 436,077

Burkina Faso ranks 14th on our list of the countries with the lowest car ownership rates in the world. According to our estimates, Burkina Faso has more than 436,000 cars as of 2024.

13. Cameroon

Cars per Capita (2024): 0.0173

Cars per 1,000 People (2024): 17

Total Number of Registered Cars (2024): 509,491

With more than 509,000 total cars in 2024, Cameroon ranks as one of the countries with the lowest car ownership rate in the world. It has 0.0173 cars per capita according to our estimates.

12. Mozambique

Cars per Capita (2024): 0.0168

Cars per 1,000 People (2024): 17

Total Number of Registered Cars (2024): 587,309

Mozambique is one of the countries with the lowest car ownership rate in the world. According to our estimates, Mozambique has more than 587,000 cars as of 2024.

11. Liberia

Cars per Capita (2024): 0.0167

Cars per 1,000 People (2024): 17

Total Number of Registered Cars (2024): 92,501

Liberia ranks 11th on our list of countries with the lowest car ownership rates in the world. Liberia has 0.0167 cars per capita and more than 92,000 total cars.

10. Uganda

Cars per Capita (2024): 0.0144

Cars per 1,000 People (2024): 14

Total Number of Registered Cars (2024): 719,453

According to our estimates, Uganda has 14 cars per 1,000 inhabitants, contributing to its ranking as one of the countries with the lowest car ownership rates in the world.

9. Mali

Cars per Capita (2024): 0.0124

Cars per 1,000 People (2024): 12

Total Number of Registered Cars (2024): 298,059

Mali ranks 9th on our list of countries with the lowest car ownership rates in the world. The country has 12 cars per 1,000 inhabitants and almost 299,000 total cars.

8. Mauritania

Cars per Capita (2024): 0.0121 

Cars per 1,000 People (2024): 12

Total Number of Registered Cars (2024): 60,199

Mauritania is one of the countries with the lowest car ownership rate in the world. The country is home to 12 cars for every 1,000 inhabitants.

7. Haiti

Cars per Capita (2024): 0.0099

Cars per 1,000 People (2024): 10

Total Number of Registered Cars (2024): 117,462

Our estimates suggest that Haiti has 10 cars per 1,000 inhabitants as of 2024, contributing to its ranking on our list as one of the countries with the lowest car ownership rates in the world.

6. Malawi

Cars per Capita (2024): 0.0095

Cars per 1,000 People (2024): 10

Total Number of Registered Cars (2024): 204,090

Malawi ranks sixth on our list of the countries with the lowest car ownership rates in the world. Malawi has 10 cars per 1,000 inhabitants as of 2024.

5. United Republic of Tanzania

Cars per Capita (2024): 0.008

Cars per 1,000 People (2024): 8

Total Number of Registered Cars (2024): 557,944

The United Republic of Tanzania ranks fifth on our list of the countries with the lowest car ownership rates in the world. It has 8 cars per 1,000 inhabitants and over 557,000 total number of registered cars.

A fleet of cars parked at a car rental company’s headquarters, symbolizing the company’s commitment to servicing its customers.

4. Burundi

Cars per Capita (2024): 0.0068

Cars per 1,000 People (2024): 7

Total Number of Registered Cars (2024): 92,501

With 7 cars per 1,000 people, Burundi ranks as one of the countries with the lowest car ownership rates in the world. As per our estimates, the country has more than 92,000 cars.

Page 1 of 4

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

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

The whispers are turning into roars.

Artificial intelligence isn’t science fiction anymore.

It’s the revolution reshaping every industry on the planet.

From driverless cars to medical breakthroughs, AI is on the cusp of a global explosion, and savvy investors stand to reap the rewards.

Here’s why this is the prime moment to jump on the AI bandwagon:

Exponential Growth on the Horizon: Forget linear growth – AI is poised for a hockey stick trajectory.

Imagine every sector, from healthcare to finance, infused with superhuman intelligence.

We’re talking disease prediction, hyper-personalized marketing, and automated logistics that streamline everything.

This isn’t a maybe – it’s an inevitability.

Early investors will be the ones positioned to ride the wave of this technological tsunami.

Ground Floor Opportunity: Remember the early days of the internet?

Those who saw the potential of tech giants back then are sitting pretty today.

AI is at a similar inflection point.

We’re not talking about established players – we’re talking about nimble startups with groundbreaking ideas and the potential to become the next Google or Amazon.

This is your chance to get in before the rockets take off!

Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

From computer scientists to mathematicians, the next generation of innovators is pouring its energy into this field.

This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.

By investing in AI, you’re essentially backing the future.

The future is powered by artificial intelligence, and the time to invest is NOW.

Don’t be a spectator in this technological revolution.

Dive into the AI gold rush and watch your portfolio soar alongside the brightest minds of our generation.

This isn’t just about making money – it’s about being part of the future.

So, buckle up and get ready for the ride of your investment life!

Act Now and Unlock a Potential 10,000% Return: This AI Stock is a Diamond in the Rough (But Our Help is Key!)

The AI revolution is upon us, and savvy investors stand to make a fortune.

But with so many choices, how do you find the hidden gem – the company poised for explosive growth?

That’s where our expertise comes in.

We’ve got the answer, but there’s a twist…

Imagine an AI company so groundbreaking, so far ahead of the curve, that even if its stock price quadrupled today, it would still be considered ridiculously cheap.

That’s the potential you’re looking at. This isn’t just about a decent return – we’re talking about a 10,000% gain over the next decade!

Our research team has identified a hidden gem – an AI company with cutting-edge technology, massive potential, and a current stock price that screams opportunity.

This company boasts the most advanced technology in the AI sector, putting them leagues ahead of competitors.

It’s like having a race car on a go-kart track.

They have a strong possibility of cornering entire markets, becoming the undisputed leader in their field.

Here’s the catch (it’s a good one): To uncover this sleeping giant, you’ll need our exclusive intel.

We want to make sure none of our valued readers miss out on this groundbreaking opportunity!

That’s why we’re slashing the price of our Premium Readership Newsletter by a whopping 70%.

For a ridiculously low price of just $29, you can unlock a year’s worth of in-depth investment research and exclusive insights – that’s less than a single restaurant meal!

Here’s why this is a deal you can’t afford to pass up:

  • The Name of the Game-Changing AI Stock: Our in-depth report dives deep into our #1 AI stock’s groundbreaking technology and massive growth potential.
  • One free upcoming issue of our 70+ page Quarterly Newsletter: A value of $149
  • Ad-Free Browsing: Enjoy a year of investment research free from distracting banner and pop-up ads, allowing you to focus on uncovering the next big opportunity.
  • Lifetime Money-Back Guarantee:  If you’re not absolutely satisfied with our service, we’ll provide a full refund ANYTIME, no questions asked.

 

Space is Limited! Only 1000 spots are available for this exclusive offer. Don’t let this chance slip away – subscribe to our Premium Readership Newsletter today and unlock the potential for a life-changing investment.

Here’s what to do next:

  1. Head over to our website and subscribe to our Premium Readership Newsletter for just $29.
  2. Enjoy a year of ad-free browsing, exclusive access to our in-depth report on the revolutionary AI company, and the upcoming issues of our Premium Readership Newsletter over the next 12 months.
  3. Sit back, relax, and know that you’re backed by our ironclad lifetime money-back guarantee.

Don’t miss out on this incredible opportunity! Subscribe now and take control of your AI investment future!

A New Dawn is Coming to U.S. Stocks

I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.

We’re independently funding today’s broadcast to address something on the mind of every investor in America right now…

Should I put my money in Artificial Intelligence?

Here to answer that for us… and give away his No. 1 free AI recommendation… is 50-year Wall Street titan, Marc Chaikin.

Marc’s been a trader, stockbroker, and analyst. He was the head of the options department at a major brokerage firm and is a sought-after expert for CNBC, Fox Business, Barron’s, and Yahoo! Finance…

But what Marc’s most known for is his award-winning stock-rating system. Which determines whether a stock could shoot sky-high in the next three to six months… or come crashing down.

That’s why Marc’s work appears in every Bloomberg and Reuters terminal on the planet…

And is still used by hundreds of banks, hedge funds, and brokerages to track the billions of dollars flowing in and out of stocks each day.

He’s used this system to survive nine bear markets… create three new indices for the Nasdaq… and even predict the brutal bear market of 2022, 90 days in advance.

Click to continue reading…