Canada Commercial Vehicles Market Size

Canada Commercial Vehicles Market Analysis

The Canada Commercial Vehicles Market size is estimated at 23.65 billion USD in 2024, and is expected to reach 25.78 billion USD by 2030, growing at a CAGR of 1.45% during the forecast period (2024-2030).

Want to share this? Click here to share on social media or embed it on your website.

23.65 Billion

Market Size in 2024 (USD)

25.78 Billion

Market Size in 2030 (USD)

-0.51 %

CAGR (2017-2023)

1.45 %

CAGR (2024-2030)

Largest Segment by Vehicle Body Type

76.90 %

value share, Light Commercial Pick-up Trucks, 2023

Light commercial pick-up trucks lead due to their reliability, capacity for heavy-duty tasks, and popularity among trades, small businesses, and for personal use in both urban and rural settings.

Largest Segment by Fuel Category

57.61 %

value share, Gasoline, 2023

Gasoline vehicles dominate because of the well-established refueling network, lower initial vehicle costs, consistent performance in varying climates, and longer driving range.

Fastest-growing Segment by Fuel Category

41.75 %

Projected CAGR, BEV, 2024-2030

BEVs are the fastest-growing segment due to increasing government incentives, expanding charging infrastructure, and advancements in battery technology improving range and affordability.

Leading Market Player

33.92 %

market share, Ford Motor Company, 2023

Ford Motor Company is the largest player due to its extensive range of reliable and versatile commercial vehicles, strong brand reputation, and widespread dealership network across Canada.

Second leading Market Player

17.48 %

market share, Ram Trucking, Inc., Inc.

Ram Trucking, Inc. holds a significant market position due to its robust lineup of durable commercial trucks, high customer satisfaction, and a strong presence in both urban and rural areas.

Canada's diversified commercial vehicle market is catering to a wide range of industrial and logistical needs, focusing on enhancing efficiency and sustainability

Canada Commercial Vehicles Industry Segmentation

Commercial Vehicles are covered as segments by Vehicle Type. Hybrid and Electric Vehicles, ICE are covered as segments by Propulsion Type.

• The Canadian commercial vehicles market is characterized by its adaptability to technological advancements and changing regulatory environments. Light commercial vehicles (LCVs), such as vans and pickup trucks, are the backbone of small and medium-sized enterprises (SMEs) in Canada, facilitating a wide range of activities from deliveries and trades to services. The demand for light commercial vehicles is driven by their versatility and efficiency, particularly in urban settings where maneuverability and parking are key considerations. The growing e-commerce industry has notably increased the need for delivery vehicles, thus propelling the demand for light commercial vehicles.
• Medium and heavy-duty commercial vehicles (M&HCVs), including rigid trucks and tractor-trailers, are critical to Canada's logistics and transportation infrastructure, enabling long-haul goods movement across the country and to the United States. The logistics and transportation sector's growth is closely tied to the health of the Canadian economy, with industries like construction, manufacturing, and retail directly influencing the demand for M&HCVs.
• The bus segment in Canada encompasses city buses, coaches, and school buses, serving public transportation, long-distance travel, and student transport needs, respectively. Public transit agencies are increasingly investing in low- and zero-emission buses, including electric and hybrid models, in response to environmental policies and demand for cleaner, more sustainable transportation options from the community.