The period from 2013 to 2023 has demonstrated a steady, albeit fluctuating, trend in bus registrations in Canada, with values generally increasing despite notable dips. The year 2020 marked a significant downturn with a year-on-year decrease of 16.29%, attributed to the global pandemic impact. However, a strong rebound occurred in 2021 with a 15.14% increase, continuing with moderate growth to 93.62 in 2022 and further to 94.16 in 2023. Over the past five years, the compound annual growth rate (CAGR) is 0.48%, indicating a slow yet positive growth trajectory in bus registrations.
Looking forward, the forecasted data from 2024 to 2028 suggests a continued increase, with the CAGR projected at 0.47% over these five years. By 2028, bus registrations are expected to reach 96.65 thousand, reflecting a total growth rate of 2.38% from 2023.
Future trends to watch for include:
- Technological advancements in electric and autonomous buses, which could impact registration rates and market dynamics.
- Government policies and incentives promoting sustainable transportation, potentially accelerating growth in bus registrations.
- Economic recovery post-pandemic, influencing public transportation investments and infrastructure development.
