Over the past decade, the construction machinery manufacturing revenue in Canada has experienced various fluctuations. Starting at 1.6831 billion CAD in 2013, it saw notable growth until hitting a peak of 2.675 billion CAD in 2019. A significant dip during 2020 was followed by a recovery, with actual revenue reaching 3.0686 billion CAD in 2023. Year-on-year percentage changes have varied widely; for example, 2018 witnessed a substantial 27.82% increase, while 2020 experienced a 20.34% decline. The last recorded five-year CAGR is 4.47% ending 2023.
Looking forward from 2024 onwards, the revenue is expected to continue its upward trajectory, reaching 3.6995 billion CAD by 2028, with a forecasted 5-year CAGR of 2.96%. This suggests a steady but moderated growth pace, translating to a 15.71% overall increase from current levels by 2028.
Future trends to watch for include advancements in construction technology, sustainable and eco-friendly machinery innovation, and potential regulatory changes influencing manufacturing standards. These factors could significantly impact market dynamics and growth trajectories in the coming years.