The heavy truck sales in Canada exhibited significant fluctuations over the years. In 2023, the sales volume was reported at 37.94 thousand units. From 2013 to 2023, the market saw peaks and troughs, highlighted by a sharp drop in 2020 and subsequent recovery. Year-on-year growth for the last two years indicated steady increases—7.45% in 2022 and 7.83% in 2023. The past five years' CAGR was -4.1%, reflecting market instability. Future growth projections from 2024 to 2028 show a 14.42% increase with an average annual CAGR of 2.73%, suggesting a moderate upward trend.
Future trends to watch for include:
- Technological advancements in electric and autonomous heavy trucks.
- Government policies impacting emissions and vehicle regulations.
- Economic factors affecting large-scale industrial and infrastructure projects.
