Between 2013 and 2023, light truck sales in Canada experienced various trends. Sales saw substantial growth from 2013 to 2017, peaking at 1,389.7 thousand units in 2017, with an impressive year-on-year growth rate, notably 11.1% in 2014 and 8.77% in 2015. This growth was followed by a period of stabilization and slight increases until 2019. In 2020, the market experienced a significant downturn, with sales dropping by 14.08%. Recovery efforts in 2021 saw a temporary resurgence of 10.7% growth, but a declining trend persisted from 2022 to 2023, reflecting a 1.8% decline in 2023, standing at 1,225.3 thousand units.

The future forecast from 2024 predicts a steady decline in sales, with a projected 5-year CAGR of -2.97% and an overall reduction of 13.99% by 2028. This suggests a continued downward trend in light truck sales over the coming years.

Trends to watch for:

Economic factors influencing consumer purchasing power
Adoption rates of electric and alternative fuel vehicles, potentially affecting traditional light truck sales
Regulatory changes impacting vehicle emissions and fuel efficiency standards