The Canadian Work Trucks market, excluding electric vehicles, showed growth from 2013 with a per capita value of $3.72, reaching $4.3 by 2023. Notably, a drop occurred in 2020 to $3.38 due to global disruptions, but recovery ensued, peaking again in recent years. From 2022 to 2023, the market grew by 1.7%. The Compound Annual Growth Rate (CAGR) over the past five years is approximately 1.9%, illustrating steady growth.
Future trends to watch for include increased adoption of green technologies and hybrid models, regulatory changes favoring eco-friendly vehicles, and fluctuating economic conditions impacting vehicle investments.
