Ferrari declines in 2025 for the first time in almost a decade, weighed down by the United States and the United Kingdom

After almost a decade of continuous growth, Ferrari is marking time. According to our figures, by 2025, Ferrari recorded a decline of -3.43 1Q3 on a representative panel of key markets, totaling 8,755 registrations. Excluding the Covid year, the Maranello-based brand had not experienced an overall decline for almost a decade. A discreet but revealing break in a hitherto almost linear trajectory.

The United States, the leading market... and the main obstacle

With 3,394 registrations over the year, the United States remains by far the world's leading Ferrari market. But it's also where the decline weighs most heavily. The decline reached -3.77 1TP3Q compared with 2024, despite a solid end to the year with 324 registrations in December. The Purosangue still plays a central role here, with over 100 units delivered in December 2025 alone.

Is this a glass ceiling? A mature market? Or the indirect effects of an uncertain political and economic context, marked by recurring threats of tariffs under the Donald Trump era? In any case, Ferrari is displaying an assumed serenity. The announcement ofa second Tailor Made center in the United StatesThis time, in Los Angeles, shows that the priority is still to increase value rather than rush ahead with volumes.

Germany: a drop that speaks volumes about the product cycle

The world's second-largest market, Germany ended 2025 with 1,746 registrations, down -4.43 1Q3. Yet the product mix remains solid, dominated by the Purosangue, the 296, the Roma and the SF90. These models are still highly desirable, but none of them are really new. This situation illustrates a well-known Ferrari phenomenon: the time lag between the presentation of a model, its actual production and final delivery. Clearly, the figures for 2025 are more a reflection of industrial choices made several years earlier than of immediate product news.

Japan confirms its status as a market of passion

Against the current, Japan continues to surprise. Ferrari's third-largest market worldwide, it grew by +5.40 % in 2025, to 1,523 registrations. A remarkable performance, which confirms the Japanese public's deep attachment to the Italian brand. This dynamism explains why Ferrari management has officially announced the forthcoming opening of a Tailor Made center in Tokyo. Here again, the strategy is clear: to accompany passionate customers towards ever greater personalization and rarity.

Italy and France: two positive but different trajectories

Ferrari had a very good year in its home market. Italy recorded 819 registrations in 2025, an increase of +10 1TP3Q. This performance confirms the solidity of local demand, despite the far from ideal economic climate in Europe. France, meanwhile, continues its gradual ramp-up. With 388 registrations over the year, the French market grew by +11.8 %. Regular, almost methodical growth. And contrary to the claims of French politician Cécile Duflot that the majority of Ferraris would be company cars, the figures tell a different story: 62 % of French registrations in 2025 will be private individuals, far ahead of companies, short-term rental and demonstration vehicles.

United Kingdom: the fall is confirmed

The UK remains the black spot in this global snapshot. With just 665 registrations over the year, the British market collapsed by -29 %. A structural decline, already well identified, linked in particular to the elimination of a tax niche which benefited certain wealthy residents. Ferrari is not alone, but the impact is particularly visible on a luxury brand.

Secondary markets: wide disparities

Behind the major markets, the differences are striking. Australia fell by -6.78 % with 220 registrations, a modest but symbolic volume. Conversely, Belgium put in a spectacular performance with +33.77 % and 202 registrations, to the point of coming dangerously close to Australia. The Netherlands rose by +24.73 % to 116 units, Spain jumped by +36.25 % to 109 registrations, while Austria dropped sharply with -23.23 % and just 76 Ferraris delivered over the year.

Not yet a red alert

Some major markets, such as Canada, Switzerland, Luxembourg and Monaco, are not included in this follow-up. But even this partial snapshot is rich in information. In 2025, Ferrari is in slight decline, breaking with a dynamic of continuous growth that has been in place for almost ten years. The two main culprits are clearly identified: the United States and the United Kingdom. For the time being, however, it is difficult to see this as a major cause for concern. The order book remains full, and Ferrari seems more committed than ever to a value-oriented strategy. In fact, the brand has chosen to voluntarily stagger production of its F80 to optimize financial results rather than maximize volumes delivered. The year 2026 promises to be an interesting one. Ferrari prepares several major new featuresincluding the first-ever electric Ferrari 100 %. A model as eagerly awaited as it is controversial, its reception has so far been lukewarm.

Country	Registrations 2025	Evolution
United States	3394	-3,8%
Germany	1746	-4,4%
Japan	1523	5,4%
Italy	819	10%
United Kingdom	665	-29,2%
France	388	11,8%
Australia	220	-6,8%
Belgium	202	33,8%
Netherlands	116	24,7%
Spain	109	36,2%
Austria	76	-23,2%
	8755	-3,4%