The number of buses in Canada has shown various fluctuations over the past decade. From 2013 to 2019, the market exhibited a consistent but modest growth, peaking at 92.1 thousand in 2019. However, 2020 marked a significant decline of 16.8%, plummeting to 76.63 thousand units, likely due to the COVID-19 pandemic's impact on public transportation sectors. The market recovered swiftly in 2021 with a 14.73% increase, and by 2023, the value reached 92.98 thousand. The last five years indicated a steady average annual growth rate (CAGR) of 0.23%.
Forecasts for the future, starting from 2024, suggest a stable increase in the number of buses, reaching an estimated 93.81 thousand units by 2028. The forecasted average annual growth rate (CAGR) over the next five years stands at 0.2%, with an overall growth rate of 1% for this period.
Future trends to watch for include:
- Technological advancements in green and electric buses, which might drive further modernization and fleet renewals.
- Regulatory changes aimed at reducing carbon emissions that could influence public transportation policies and investments.
- Post-pandemic recovery patterns in public transport usage, which might further stabilize the market.
- Urbanization trends and public infrastructure projects which may increase the demand for bus fleets in metropolitan areas.
