The number of passenger cars in Canada is forecasted to slightly decline from 2024 to 2028, moving from 13.28 to 13.15 units per million USD GDP. The year-on-year variation shows minor decreases: -0.23% in 2025, -0.23% in 2026, -0.30% in 2027, and -0.23% in 2028. This indicates a consistent yet slow downward trend. The compound annual growth rate (CAGR) over the five-year period from 2024 to 2028 is approximately -0.25% per year.
Future trends to watch for:
- Increasing adoption of electric vehicles (EVs) and government incentives boosting EV sales.
- Potential inflationary pressures or economic downturns affecting consumer purchasing power.
- Technological advancements in autonomous driving potentially reducing car ownership rates.
