Household expenditure on vehicle purchases in Canada has steadily increased from 2013 to 2019. However, a significant dip occurred in 2020 due to the pandemic, followed by a strong rebound in 2021. By 2023, the expenditure stood at CAD 87.49 billion. Future forecasts indicate a consistent upward trend with a slight growth rate, averaging a CAGR of 0.96% over the next five years, reaching CAD 92.95 billion by 2028.
Year-on-year percentage variations show:
- Strong increases from 2013 to 2019
- Notable decline in 2020
- Recovery and stabilizing growth from 2021 onward
The last two years have seen modest growth, while recent 5-year CAGR reflects an overall slow but steady increase. Looking ahead, advancements in electric vehicles, government policies, and economic conditions will significantly influence household expenditure on vehicle purchases.
