Forecast: Vehicles in Use in Canada

Analyzing the Vehicles in Use in Canada, from 2013 to 2023, shows a mix of gradual increases and significant fluctuations. The total number of vehicles reached 25.07 million units in 2023. Notable trends include steady growth from 2013 to 2019, an exceptional drop in 2020 due to external factors, followed by a recovery. The last two years show a significant rebound: a 6.24% increase from 2021 to 2022 and a 0.9% rise in 2023. Over the past five years, there was a slight increase, with a CAGR of 0.96%.

Looking forward to the forecast period from 2024 to 2028, an expected average annual growth rate (CAGR) of 0.73% is projected. The total vehicle numbers are anticipated to reach 26.17 million units by 2028, implying a moderate but steady growth rate of 3.73% over these five years.

Future trends to watch for include:

• Impact of electric vehicle (EV) adoption on overall vehicle numbers.
• Policy changes promoting green mobility and their influence on vehicle usage patterns.
• Technological advancements in vehicle sharing and their effect on the overall market.