In 2023, the thermostat imports to Canada stood at $140 million. The forecast through 2028 shows a steady increase, beginning with $142.32 million in 2024, reaching $153.07 million by 2028. The year-on-year growth rates indicate a relatively consistent annual rise of about 1.92% to 1.73% each year. This suggests a stable upward trend, with a Compound Annual Growth Rate (CAGR) of approximately 1.82% over the five-year forecast period.
Future trends to watch for include potential technological advancements in thermostats, which could drive changes in demand and impact import values. Additionally, evolving regulations and energy-efficiency initiatives may influence the market landscape.
