The major appliance manufacturing industry in Canada experienced significant revenue declines over the past decade, with a reduction from 859.29 million Canadian dollars in 2013 to 252.52 million Canadian dollars in 2023. From 2024, the forecasted revenue shows a continuous downward trend, predicting further declines to 77.22 million Canadian dollars by 2028.
Recent trends indicate year-on-year declines, with a 12.52% drop in 2023 from the previous year. The compound annual growth rate (CAGR) over the last five years stands at -11.75%. The forecasted 5-year CAGR is even steeper, at -18.65%, and the total decline over this period is expected to be -64.37%.
Future trends to watch for include potential impacts from technological innovations, shifts in consumer demand towards energy-efficient and smart appliances, and global supply chain dynamics. Additionally, monitoring regulatory changes and their effects on manufacturing costs and industry viability will be critical.
