In 2023, the construction machinery manufacturing expenses in Canada stood at 2.8609 billion Canadian dollars, marking a notable rise of 10.13% from the previous year. Over the last two years, this sector experienced robust growth, with an average annual growth rate (CAGR) of 3.82%. Observing the period from 2018 to 2023, the sector also showed significant average annual growth, with the expenses increasing at a CAGR of 4.18%. Notably, the expenses have been following an upward trajectory since 2018, with occasional dips, reflecting the sector's overall expansion and recovery despite some fluctuations.

Future trends to watch for:

A sustained growth trajectory with a forecasted average annual growth rate of 4.18% over the next five years.
The continued evolution of construction machinery technology and innovations which could drive expenses both up and down.
Potential market disruptions such as economic changes, supply chain issues, and regulatory impacts that could affect the forecasted expenses.