The forecast for light road motor vehicle registrations in Canada shows a steady increase from 24.732 million in 2024 to 25.837 million in 2028. This represents an average compound annual growth rate (CAGR) over five years of approximately 1.1%. In 2023, the market stood at approximately 24.467 million, indicating gradual growth of around 1.1% each year.

Future trends to watch for include:

Increasing adoption of electric vehicles as technology advances and environmental regulations tighten.
Potential shifts in consumer preferences towards car-sharing and ride-hailing services, impacting new vehicle registrations.
Economic factors such as interest rates and disposable income influencing consumer purchasing power.