In 2023, the rail freight volume in Canada was 338.72 million short tons. The year-on-year variation was 0.069%, indicating slight growth. Over the last two years, the volume showed minimal decreases by -1.99% in 2021 and a marginal increase of 0.08% in 2022. The CAGR over the last five years was -1.09%, signifying an overall declining trend.
Historical data reveals fluctuations with notable declines in 2015 and 2016, followed by moderate recoveries in subsequent years. The forecast from 2024 to 2028 predicts a very modest positive growth rate with a 5-year CAGR of 0.05% and an overall growth rate of 0.27% over this period, stabilizing around 339.85 million short tons by 2028.
Future trends to watch for include the impact of technological advancements in rail operations, potential shifts in commodity demand, and the influence of environmental regulations, which could all affect the rail freight sector’s performance and growth trajectory in Canada.
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