The forecast for Heavy Duty Truck Registrations in Canada shows a past trend of steady growth with some fluctuations. Between 2013 and 2019, registrations rose incrementally. A notable decline occurred in 2020, likely due to the COVID-19 pandemic, but the market quickly rebounded in 2021. As of 2023, registrations stood at 523.69 thousand units, reflecting a modest year-on-year growth of 1.61%. The 5-year CAGR up to 2023 was 1.71%, indicating overall stability in the market.
Looking ahead to 2024 and beyond, the market is expected to continue to grow, albeit at a slower pace with a forecasted 5-year CAGR of 1.27%, resulting in a total growth rate of 6.51% by 2028. By 2028, registrations are projected to reach 565.57 thousand units.
Future trends to watch for include:
- Technological advancements in heavy-duty trucks, such as electric and autonomous vehicles, which could affect registration numbers.
- Regulatory changes aimed at reducing carbon emissions, potentially impacting fleet renewal cycles and registration trends.
- Economic factors including fuel prices and infrastructure investments that could influence demand for heavy-duty trucks.
