The employment in the motor vehicles sector in Canada showed a consistent increase from 2013 to 2018, peaking in 2018 at 118,030 persons. However, there was a decline in 2019 and a significant drop in 2020 due to external shocks, with employment dropping to 92,650 persons. Post-2020, the sector saw a gradual recovery, reaching 99,170 persons in 2023.
Year-on-year variations highlight a significant downturn in 2020 (-20.82%) followed by a gradual recovery, with a 4.92% increase in 2022 and a moderate 0.13% increase in 2023. The compound annual growth rate (CAGR) over the last five years was -3.42%, indicating a challenging period for the sector.
The forecast data shows a stable but modest recovery with a forecasted 0.05% CAGR over the next five years and an overall growth rate of 0.24% by 2028. Employment in 2028 is expected to reach 99,510 persons, slightly above the 2023 level.
Future trends to watch for include technological advancements in vehicle manufacturing, potential shifts in trade policies, and the increasing importance of sustainable and electric vehicles. These factors will significantly impact employment dynamics in the sector.
