Key Market Indicators
Canadian car registrations are projected to surge to approximately 15 million units by 2028, up from about 9.4 million units in 2023. This marks an average annual growth rate of 7.4%. Since 2010, the country's demand for cars has soared by 74.4% annually. In 2023, Canada ranked fifth globally in car registrations, with Belgium slightly ahead, also registering around 9.4 million units. The global rankings saw Indonesia, Austria, and Belgium occupying the second, third, and fourth spots, respectively. In contrast, Canadian car production is set to decline. By 2028, production is expected to fall to roughly 269,000 units from 388,000 units in 2023, reflecting an average annual decrease of 5.8%. Since 2002, the country’s car production has decreased by 10% annually. In 2023, Canada ranked 25th in car production, with Portugal just ahead at 388,000 units. Japan, Germany, and India held the second, third, and fourth positions, respectively, in the global production rankings.
