In 2023, road motor vehicle registrations in Canada stood at an estimated 26.6 million. Forecasts suggest a steady increase over the next five years, reaching 28.0 million by 2028. Year-on-year growth rates are modest, around 1% to 1.1% annually. The compound annual growth rate (CAGR) from 2024 to 2028 is approximately 1%.

Future trends to watch for include:

Increased adoption of electric vehicles, which may influence registration figures.
Potential impact of government policies on emissions and sustainability.
Technological advancements in autonomous vehicles that might shift market dynamics.