In 2021 Canada was ranked the 11th largest light vehicle market in the world—approximately 1.64 million units sold—and the automotive industry contributed CA$16bn (US$12.2bn) to the nation’s GDP. According to market researcher IBISWorld, it is expected to grow 11% in 2022.
While Canada is currently the second-largest car producer in North America, its main competitor—the US—holds a commanding lead on the region: it secured sales of almost 15 million in 2021, making it second only to China in global terms. However, the move towards electrification is providing Canada with a significant opportunity to increase its standing.
