The forecast for Canada's wholesale, retail, and repair output of motor vehicles and motorcycles from 2024 to 2028 shows a steady upward trend. In 2023, this sector stood at an output of 404.9 billion Canadian dollars. The forecast predicts a growth from 412.27 billion in 2024 to 448.28 billion by 2028.
Year-on-year percentage increases are promising, with an approximate 2.21% average annual growth rate (CAGR) over five years starting from 2024. This indicates a consistent expansion in the sector despite potential market volatilities.
Future trends to watch for include technological advancements in vehicle design, an increase in electric vehicle adoption, and potential regulatory changes. These could significantly affect both consumer preferences and business strategies throughout the sector.
