Key Market Indicators
Canadian commercial vehicle registrations are projected to climb to approximately 6.35 million units by 2028, up from about 6.21 million units in 2023. This represents an average annual growth rate of 0.4%. Since 2010, the Canadian market has surged by 34.6% annually. In 2023, Canada ranked second globally in commercial vehicle registrations, with the United States taking the top spot with around 6.21 million units. Following Canada in the rankings were Mexico and Argentina, occupying the third and fourth positions, respectively. Meanwhile, Canadian commercial vehicle production is expected to remain relatively flat, reaching roughly 1.42 million units by 2028, up slightly from about 1.42 million units in 2023. This indicates a 0% average annual growth rate. Since 2002, Canadian production has seen a modest annual increase of 1%. In 2023, Canada ranked fourth in commercial vehicle production, trailing behind China, which led with approximately 1.42 million units. Mexico and China held the second and third positions, respectively, in this ranking.
