In 2023, business enterprise R&D expenditure in the Canadian manufacturing sector stood at approximately 5.92 billion CAD. The forecast for 2024-2028 indicates a steady decline from 5.83 billion CAD in 2024 to 5.4 billion CAD in 2028. This reflects a year-on-year decrease of around 1.89% from 2024 to 2025, followed by a consistent decline of about 1.92% from 2025 to 2026, and about 1.78% from 2026 to 2027, with a similar trend continuing through 2028. The Compound Annual Growth Rate (CAGR) over this period is forecasted at approximately -1.83%.

Future trends to watch for:

Potential impact of evolving governmental policy and incentives for R&D in manufacturing.
Technological advancements and their potential to alter R&D spending priorities.
Global economic conditions and trade relationships influencing Canadian manufacturing.
Increased focus on sustainability and green technologies potentially affecting R&D allocation.