From 2013 to 2023, the value added of ship and boat building in Canada has steadily increased from 662.79 million CAD to 1720.9 million CAD. The percentage variation analysis reveals significant year-on-year increases, notably 23.69% in 2014, 28% in 2015, and 27.65% in 2019. Over the last five years from 2018 to 2023, the Compound Annual Growth Rate (CAGR) was 10.37%, indicating healthy growth in the industry.
In the forecasted period from 2024 to 2028, the value is expected to reach 2251.9 million CAD, with a forecasted CAGR of 4.25%. The long-term growth rate is projected at 23.11% over these five years.
Future trends to watch include the impact of technological advancements and environmental regulations on production processes, potential market consolidation, and increased global demand for more specialized and high-tech vessels. The industry may also see shifts due to geopolitical factors and trade policy changes.
