The motor vehicle electrical and electronic equipment manufacturing industry in Canada has shown significant growth from 2013 to 2023, with revenues reaching 2.6305 billion Canadian dollars in 2023. The year-on-year growth rate varied over the years, with notable increases such as 26.61% in 2015 and a significant drop of 17.77% in 2020. However, the industry quickly recovered with a 24.37% increase in 2021. Between 2018 and 2023, the compound annual growth rate (CAGR) averaged 4.82%, indicating a steady upward trend. The forecast for 2024 to 2028 predicts a slower but consistent annual growth rate with a CAGR of 4.11% and an overall forecasted increase of 22.33% over the five years.
Future trends to watch for include advancements in automotive technologies such as electric vehicles (EVs) and autonomous driving systems, which are likely to drive further demand for sophisticated electrical and electronic components. Additionally, regulatory changes and environmental policies will significantly impact the industry, promoting the development and integration of eco-friendly and efficient technologies.
