Forecast: Internal Tourism Consumption of Passenger Transport Services in Canada

Between 2013 and 2019, internal tourism consumption of passenger transport services in Canada exhibited steady growth, with year-on-year variation largely positive, culminating in a peak value of 25.57 billion CAD in 2019. The COVID-19 pandemic in 2020 caused a sharp decline of 71.27% in consumption to 7.35 billion CAD, with a further drop in 2021. However, the sector rebounded significantly in 2022 with a dramatic 244.78% increase, reaching 22.71 billion CAD. In 2023, the value stood at 27.39 billion CAD, representing a 20.6% year-on-year growth. Looking at 5-year CAGR, the average variation per year reached 2.51% by 2023.

Forecasted data from 2024 to 2028 show a continuation of this positive trend, with expected annual growth leading to 31.77 billion CAD by 2028. The forecasted 5-year CAGR of 2.35% indicates sustainable growth.

Future trends to watch include potential impacts of technological advancements in transportation, eco-friendly initiatives, and changing travel preferences post-pandemic. Monitoring these factors will be crucial for accurate future forecasting and strategy development.