Over the years, the volume of road freight transport in Canada has experienced significant fluctuations. From 2013 to 2019, there was a general upward trend, peaking at 329.5 billion tonne kilometers in 2019. This trend was interrupted in 2020 by a sharp decline of 15.23%, likely due to the global pandemic. Subsequent years saw a recovery, with volumes reaching 356.82 billion tonne kilometers in 2023.
Analysis of year-on-year variations shows significant growth in some years, such as nearly 10% in 2017 and over 16% in 2021. By 2023, the volume growth had stabilized with a modest increase of 1.89%. The 5-year CAGR as of 2023 stands at 2.05%, indicating steady growth over the recent period.
Looking forward, the forecasted data show an ongoing incremental increase in road freight volume, with a forecasted 5-year CAGR of 1.47% up to 2028. This suggests a continued but slower growth trajectory compared to the past decade.
Future trends to watch for:
- Impact of technological advancements in logistics and transport.
- Regulatory changes regarding emissions and sustainability.
- Potential economic fluctuations affecting freight demand.
- Shifts in trade patterns and their impact on freight volumes.
