The number of passenger cars in Canada showed a steady growth from 2013 to 2019, with an average annual growth rate (CAGR) of 1.72% over the first five years. Notably, there was a significant drop in 2020 due to the impact of the COVID-19 pandemic, with a year-on-year decline of 16.5%. Since then, the market has rebounded, and 2023 saw a slight rise with a year-on-year growth rate of 0.56%, positioning the volume of passenger cars at 23.799 million units. The CAGR from 2018 to 2023 averaged at 0.57%, indicating a modest recovery.

Forecasts for the next five years (2024-2028) suggest a continued but gradual increase, with a projected CAGR of 0.46% and a total growth of 2.34% by 2028, potentially reaching 24.419 million units.

Future Trends to Watch:

Potential impacts of electric vehicles (EVs) adoption on passenger car volume.
Effects of governmental policies promoting sustainability and reduced emissions.
Market adaptation to post-pandemic economic conditions and consumer preferences.