Forecast: Value Added of Hardware Manufacturing in Canada

The value added of hardware manufacturing in Canada stood at 714.8 million Canadian dollars in 2023. Since 2013, the sector exhibited significant growth until 2017, peaking at 856.77 million CAD. However, there was a marked decline in 2018, followed by fluctuating values and a general downward trend. The CAGR from 2018-2023 was -1.29%, indicating a shrinking market.

The year-on-year variation over the past two years showed a consistent decline, with a -1.57% and -1.58% change in 2022 and 2023, respectively. Forecasts for 2024 to 2028 predict a continued decline with an average annual decrease of -1.29%, equating to a -6.31% reduction over five years.

Future trends to watch for include potential advancements in technology, shifts in global supply chains, and changes in domestic and international demand that could potentially alter this downtrend. Meanwhile, innovation in production processes and increased automation might offer avenues for revitalization of the sector.

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