In 2023, the import value of shovels and excavators with revolving superstructure to Canada was around $1.34 billion. The forecast from 2024 to 2028 displays a gradual increase, with compound annual growth at approximately 1.6%. Year-on-year growth remains steady at around 1.7% to 1.5% through this period, suggesting a stable demand for these construction machineries, supported by ongoing infrastructure development and replacement needs.
Future trends to watch for:
- Impacts of economic policies and infrastructure investments on demand.
- Technological advancements in machinery that may affect import volumes.
- Environmental regulations prompting shifts towards more sustainable machinery.
