The registration of medium duty trucks in Canada has shown variances over the past years. In 2023, the actual registration value stood at 674.69 thousand units. Historically, the market saw significant drops, especially in 2020 with a -15.73% year-on-year decline, primarily due to the pandemic. However, a robust recovery followed with a 16.35% rise in 2021 and continued growth into 2022 and 2023, albeit at a slower pace, with a 1.54% increase in 2023. The compound annual growth rate (CAGR) over the past five years was 1.69%. Looking forward, the forecast indicates a continued rise with an expected 5-year growth rate of 6.23% by 2028 and a forecasted CAGR of 1.22%.
Future trends to watch for include:
- Impact of technological advancements on truck efficiency and emissions.
- Influence of economic conditions on fleet renewals and expansions.
- Potential regulatory changes concerning environmental standards.
- Shifts in demand due to changes in transportation and logistics preferences.
