The value added of metalworking machinery manufacturing in Canada has shown fluctuations over the past decade, experiencing both growth and declines. As of 2023, the industry stood at 2.397 billion Canadian dollars. The year 2014 saw a remarkable year-on-year increase of 7.98%, followed by growth spurts in 2016 and 2017 at 1.38% and 11.99%, respectively. However, 2018 marked the beginning of a downward trend, with a -1.51% decline. The sector rebounded slightly in 2019 with a 2.25% increase, only to face a significant drop of -9.17% in 2020 due to global disruptions. The industry made modest recoveries in 2021 (+3.5%) but continued to decline in 2022 (-1.42%) and 2023 (-1.43%). From a 5-year perspective, the compound annual growth rate (CAGR) between 2018 and 2023 was -1.36%. The forecasted CAGR from 2024 to 2028 indicates a further decline of -1.16%, predicting a cumulative 5.68% drop over this period.
Future trends to watch for include technological advancements in manufacturing technologies, potential impacts of global trade policies, and the integration of sustainable practices. Keeping an eye on these factors will be crucial for understanding industry dynamics and future opportunities.
