In 2023, the first registrations of new passenger cars in Canada stood at approximately 1.72 million. The forecast data for 2024 to 2028 indicates a steady growth trajectory, with registrations expected to increase annually. Notably, a year-on-year increase of 4.73% is expected in 2025, followed by 4.48% in 2026, 4.24% in 2027, and 4.04% in 2028. The compound annual growth rate (CAGR) over the projected five-year period is approximately 4.55%.
Future Trends to Watch:
- Impact of electric vehicle adoption on new car registrations.
- Government policies and incentives aimed at reducing carbon emissions.
- Economic conditions influencing consumer spending power and automotive sales.
