Between 2013 and 2018, new vehicle registrations in Canada experienced moderate growth, peaking at over 2 million in 2018. This period showed a steady increase with year-on-year variations ranging from 2.6% to 6.17%. However, in 2019, registrations declined by 5.05%, reflecting market adjustments and possible external factors impacting sales.
A significant anomaly occurred in 2020, with registrations skyrocketing to over 20 million, a nearly 975% increase, marking the start of a dramatic surge. This pattern continued through 2021 and 2022 with 5.7% and 19.33% increases respectively. By 2023, the number of registrations reached 30.481 million, a 16.1% rise from 2022. The 5-year CAGR from 2020 to 2023 stood at an impressive 71.74%, indicating an unprecedented growth trajectory.
Looking forward from 2024 to 2028, forecasts suggest continued robust growth in vehicle registrations, with an annual average growth rate (CAGR) of 8.02%. By 2028, registrations are expected to reach nearly 51 million, reflecting a cumulative growth rate of 47.09% over the next five years. Key trends to watch for include the impact of emerging electric vehicles, advancements in autonomous driving technology, and potential regulatory changes aimed at reducing carbon emissions, which could all influence consumer behaviors and market dynamics.
