Forecast: Passenger Cars in Use in Canada

Between 2013 and 2023, the number of passenger cars in use in Canada increased from 21.26 million to 23.76 million units. This growth reflects a long-term trend of a generally increasing vehicle fleet, despite a significant drop in 2020 likely due to the COVID-19 pandemic. The year-on-year variations over the last two years demonstrate a recovery post-2020, with a 6.21% increase in 2022 and a 0.87% increase in 2023. The Compound Annual Growth Rate (CAGR) over the last five years stood at 0.93%, indicating a slow but steady growth.

Forecasts suggest a continuation of this trend, with an anticipated increase to 24.77 million units by 2028. The forecasted 5-year CAGR is 0.71%, implying a modest growth rate. Despite the slower pace, the forecasted 3.6% growth rate over the next five years shows positive momentum, leading to a steady accumulation of passenger cars in use.

Future trends to watch for include the impact of advancements in electric vehicles (EVs), policy changes related to emissions and environmental concerns, and potential disruptions from shared mobility services. Monitoring these factors will be crucial for understanding the dynamics of vehicle usage in Canada.