In 2023, the share of new passenger car registrations among new motor vehicles in Canada was slightly below the forecasted values for the subsequent years. Beginning in 2024, the percentage is expected to hover just above 98%, with minor year-on-year increases observed through 2028. Notably, the forecasts imply a remarkably stable market segment, with the share incrementally rising from 98.1% in 2024 to 98.14% by 2028.

Future trends to watch include:

Technological advancements in passenger vehicles could potentially shift consumer perspectives towards electric and autonomous vehicles, impacting registration shares.
Government policies aimed at reducing carbon emissions might pivot the market dynamics by incentivizing sustainable mobility solutions.
Economic factors, such as changes in consumer purchasing power and vehicle affordability, could alter these trends.