Key Market Indicators
Canadian vehicle registrations are projected to soar to approximately 51 million units by 2028, up from around 30.5 million units in 2023. This represents an impressive annual growth rate of 8%. Since 2010, the Canadian market has surged by 71.7% year on year, solidifying its position as a key player in the automotive sector. In 2023, Canada ranked second globally in vehicle registrations, trailing only Australia, which recorded the same figure of around 30.5 million units. China and Austria followed Canada, occupying the third and fourth positions, respectively. Meanwhile, Canadian vehicle production is expected to see a modest increase, reaching about 2.05 million units by 2028 from roughly 1.97 million units in 2023. This translates to an average annual growth rate of 0.6%. However, since 2002, the country's vehicle supply has experienced a slight decline of 0.5% year on year. In 2023, Canada was the 12th largest vehicle producer globally, with Indonesia slightly ahead at the same production figure of 1.97 million units. The United States, Japan, and Germany secured the second, third, and fourth positions in vehicle production, respectively.
