The Aerospace Product and Parts Manufacturing sector in Canada saw considerable fluctuation from 2013 to 2023. By 2023, the industry reached CAD 10.569 billion, recovering strongly after a steep decline during 2020. Between 2022 and 2023, the year-over-year growth was 9.03%, indicating a positive trajectory after the COVID-19 downturn. The last five-year CAGR leads to an optimistic 2.93% annual growth rate. Forecasts from 2024 suggest continued steady growth, with an estimated 11.256 billion CAD by 2028, highlighting a 1% forecasted CAGR for the next five years and a projected total growth rate of 5.11%.
Future trends to watch for include advancements in aerospace technology, a potential increase in defense-related manufacturing, and recovery from supply chain disruptions. Additionally, the growing emphasis on sustainable and fuel-efficient aircraft could drive innovation and market expansion.
