Key Market Indicators
Canadian vehicle registration is projected to surge to nearly 51 million units by 2028, up from around 30.5 million units in 2023. This marks an impressive annual growth rate of 8%. Since 2010, the Canadian market has experienced a remarkable 71.7% year-on-year increase. In 2023, Canada ranked second globally in vehicle registration, with Australia taking the top spot. China and Austria followed in third and fourth places, respectively. Meanwhile, Canadian vehicle production is expected to reach approximately 2.05 million units by 2028, up from nearly 2 million units in 2023. This represents a modest annual growth rate of 0.6%. However, since 2002, the country's vehicle supply has seen a slight annual decline of 0.5%. In 2023, Canada ranked twelfth in global vehicle production, with Indonesia surpassing it with a similar output. The United States, Japan, and Germany held the second, third, and fourth positions, respectively, in this ranking.
