The heavy-duty truck manufacturing sector in Canada saw notable fluctuations in opening inventories from 2013 to 2023. Starting at CAD 218.03 million in 2013, inventories rose steadily, reaching CAD 601.91 million in 2023. Significant year-on-year variations include sharp increases in 2014 (29.18%) and 2019 (24.62%), and declines such as in 2017 (-17.99%) and 2020 (-10.71%). Over the last two years, the sector experienced a consistent upward trend with an average annual increase around 10%. The 5-year compounded annual growth rate (CAGR) stands at 10.02% by 2023.
Looking ahead, forecasted data from 2024 to 2028 suggest continued growth, albeit at a more moderate pace. The expected CAGR for this period is 5.08%, with an overall growth rate of 28.09%, indicating a steady rise in opening inventories.
Future trends to watch for include potential impacts from technological advancements, regulatory changes, and supply chain dynamics which might influence production capacity and inventory levels in the heavy-duty truck manufacturing industry in Canada.
