The data reflects a downward trend in the number of self-employed individuals in the electrical equipment manufacturing sector in Canada from 2013 to 2023. In 2013, there were 300 persons, but by 2023 this number had significantly dropped to 76 persons. The most severe decline occurred between 2019 and 2020, when the number of self-employed individuals fell by 60.53%. Despite a slight recovery in 2021, the overall trend continued to decline with a CAGR of -19.15% over the last five years. Forecasts indicate this trend will persist, with a projected 5-year CAGR of -25.98%, reaching just 14 persons by 2028.

Key future trends to watch for include:

Technological advancements potentially reducing the need for self-employed individuals.
Shifts in economic conditions and governmental policies that could impact self-employment in the sector.
Increasing competition and consolidation within the industry that may further affect self-employment rates.