Forecast: Value Added of Heavy-Duty Truck Manufacturing in Canada

The value added of heavy-duty truck manufacturing in Canada has undergone significant fluctuations over the past decade. Starting at 509.62 million CAD in 2013, the sector saw a sharp decline of 55.52% in 2020 to 499.82 million CAD, primarily due to the impact of the COVID-19 pandemic. However, it rebounded strongly by 75% in 2021 to 874.68 million CAD. As of 2023, the value stands at 1382.3 million CAD, marking a year-on-year increase of 19.89% and a five-year CAGR of 5.59%.

Looking forward, the sector is forecasted to continue growing. By 2028, it is projected to reach 1796.2 million CAD, representing a forecasted 5-year CAGR of 4.14% and an overall growth of 22.46%. This trend suggests a robust recovery and a steady expansion in the coming years.

Future trends to watch for include advancements in electric and autonomous truck technology, potential supply chain disruptions, and regulatory changes aimed at reducing carbon emissions. These factors are likely to influence the growth trajectory and market dynamics in the heavy-duty truck manufacturing sector in Canada.