The value added of construction machinery manufacturing in Canada has shown notable fluctuation over the past decade. From a value of 577.17 million CAD in 2013, it saw a rising trend until 2015, reaching 861.29 million CAD. However, there was a sharp decline in 2016, decreasing by 22.85%. The industry recovered with an upward trend from 2018 to 2020, despite a significant drop of 38.92% in 2020. The recovery continued post-2020, reaching 1272.0 million CAD in 2023. The average annual growth rate (CAGR) from 2019 to 2023 is 7.81%.
Future forecasts indicate a steady growth trajectory, with the value expected to rise to 1689.7 million CAD by 2028, reflecting a projected five-year CAGR of 4.48% and an overall growth rate of 24.49% from 2023 to 2028. This suggests strong, consistent growth in the sector.
Going forward, it will be crucial to monitor factors such as technological advancements, government infrastructure spending, and economic recovery post-pandemic. Market conditions, supply chain stability, and global economic factors will also significantly impact the industry’s performance. These trends could affect growth projections and offer opportunities for strategic adjustments in operations and investment.