The value added of tire manufacturing in Canada showed fluctuating trends between 2013 and 2023, standing at 320.98 million Canadian Dollars in 2023. Significant growth was observed up to 2016 followed by a sharp decline between 2017 and 2020. From 2021 to 2023, the sector exhibited modest recovery with positive growth rates of 22.52% in 2021, 15.15% in 2022, and 11.82% in 2023. The compound annual growth rate (CAGR) from 2018 to 2023 was -3.88%, reflecting the industry’s volatile performance during this period.
Looking ahead, the forecast indicates a steady upward trend in the value added of tire manufacturing in Canada, with a potential 5-year CAGR of 4.59% leading to a 25.14% growth rate by 2028. Key factors to monitor include advancements in tire technology, shifts in consumer demand, and economic policies impacting manufacturing operations and trade.
