The output of Computer, Electronic, and Optical Products Manufacturing in Canada showed a mixed trend from 2013 to 2023. Notably, from 2013 to 2017, the industry experienced moderate growth. A significant growth boost occurred in 2018 and 2019, but the sector witnessed a downturn in 2020 due to a 5.35% decline. The sector faced a decline with marginal negative growth rates from 2021 to 2023, with the industry's value standing at 15.76 billion Canadian Dollars in 2023. Over the last two years, the sector declined by 0.28% year-on-year.
Future trends indicate a continued slight decline, with the forecast from 2024 to 2028 predicting a negligible cumulative annual growth rate of -0.11%. This industry may face challenges from technological shifts, competition, and market saturation.
Future trends to watch for:
- Technological advancements and automation may impact production efficiency.
- Global supply chain adjustments could affect domestic manufacturing output.
- Increased demand for innovative electronic products, such as IoT devices, could provide growth opportunities.
