The new registrations of motor coaches, buses, and trolley buses in Canada have experienced fluctuations over the past decade, reaching 4.9 thousand registrations in 2023. From 2013 to 2019, the market exhibited a mix of growth and declines, with a considerable dip in 2020 by 14.86%. Post-2020, the market showed recovery with 17.26% growth in 2021 and moderate increases in subsequent years. Over the last two years, we've seen a growth of approximately 7.76% in 2022 and a smaller growth rate of 2.25% in 2023.
The projected data from 2024 onwards indicates a continuous upward trend with an average annual growth (CAGR) of 1.73% over the next five years, culminating in a forecasted 5.45 thousand registrations by 2028, representing an overall growth of 8.98% from 2023.
Future trends to watch for include the advancement in electric and autonomous vehicle technologies, and potential governmental policy changes promoting sustainable transportation. Additionally, the impact of economic factors and public transportation funding will play critical roles in shaping future market dynamics.
