Since 2013, vehicle production in Canada has exhibited significant fluctuations. The production figure stood at 2.38 million units in 2013 and faced a notable decline until 2021, where it recorded a low of 1.12 million units. Notably, production started to recover, with 1.85 million units in 2022 and 1.97 million units in 2023. The year-on-year variation showed significant upswings and downturns, particularly a notable drop of 28.2% in 2020, followed by a dramatic rebound of 65.53% in 2022. Meanwhile, the compound annual growth rate (CAGR) over the last five years up to 2023 averaged -0.48%.
Looking ahead, vehicle production in Canada is forecasted to gradually rise again with an average annual growth rate of 0.64%, reaching approximately 2.05 million units by 2028. Key factors influencing this growth include technological advancements, potential shifts in trade policies, and fluctuations in global demand. It will be essential to watch trends related to electric vehicle adoption, supply chain resilience, and macroeconomic conditions affecting the automotive industry.
