From 2013 to 2023, the share of passenger cars in total road motor vehicles in Canada showed a steady increase, rising from 92.42% to 94.28%. This consistent upward trend highlights the growing preference for passenger car ownership over other types of road motor vehicles. From 2024 onwards, the forecasted data predicts a continuous rise, reaching 96.25% by 2028. The year-on-year variation shows a stable growth rate, with a notable increase in the last two years. The 5-year CAGR stands at 0.33%, indicating an average annual growth of the passenger car market share.
Future trends to watch include:
- Adoption of electric and hybrid vehicles - Impact of regulations promoting sustainable transportation - Changes in consumer preferences towards car-sharing and ride-hailing services
