From 2013 to 2023, employment in the Motor Vehicles sector in Canada showed fluctuations. It peaked in 2018 before experiencing a steep decline in 2020, likely due to the pandemic, followed by a mild recovery. By 2023, the employment stood at 190.02 million hours. Year-on-year variation often indicated modest growth until 2019, then sharp drops, and finally a gradual stabilization. The CAGR for the recent five-year period (2018-2023) was -4.12%, showing an overall decline.
Future predictions, from 2024 to 2028, suggest near-total employment stabilization with a projected CAGR of 0.05%. The employment growth rate is expected to remain almost flat, adding a marginal increase of 0.27% by 2028.
Future trends to watch for include potential impacts of technological advancements, shifts in automotive manufacturing, and changes in policy or economic conditions that could affect employment demand in this sector.
