The value added of motor vehicle parts manufacturing in Canada grew from CAD 8.7204 billion in 2013 to CAD 12.456 billion in 2023. The data indicates some fluctuations, including a notable decline in 2020 likely due to the pandemic impact. From 2021 onwards, there has been a steady upward trend, culminating in a 7% increase in 2023. The five-year CAGR leading up to 2023 is 2.54%, suggesting moderate growth.

Future trends to watch for include:

Adoption of electric and autonomous vehicles, which may spur demand for innovative parts.
Supply chain disruptions and global economic uncertainties which could impact production.
The role of trade agreements and tariffs in shaping the industry's landscape.