The forecasted revenue for the motor vehicle steering and suspension components (except spring) manufacturing industry in Canada shows a gradual decline from 2024 to 2028. Starting at 2.2467 billion CAD in 2024, it decreases marginally each year, reaching 2.1374 billion CAD by 2028. From 2024 to 2025, the revenue decreases by 1.24%, and a similar year-on-year decrease is observed thereafter. The compound annual growth rate (CAGR) over this period stands at approximately -1.25%, indicating a slight yet consistent downturn in revenue.
Future trends to watch for include advancements in vehicle technologies, shifts towards electric vehicles which may affect component demand, potential changes in international trade policies, and evolving consumer preferences. These factors could either mitigate the declining trend or further impact the market trajectory.
