The output for warehousing and support activities for transportation in Canada has generally shown a positive trend from 2013 to 2023, standing at CAD 56.46 billion in 2023. Over this period, the industry experienced a robust CAGR, albeit with notable fluctuations. The year-on-year variations reflect initial strong growth in the early years, peaking around 2019 with a 9.72% increase. However, the sector was hit by a 4.18% decline in 2020, likely due to the COVID-19 pandemic. In the subsequent recovery phase, growth rates moderated, with the last five years showing a lower CAGR of 3.01% as of 2023.
Key points:
- 2013-2019: Consistent growth with high single-digit year-on-year increases.
- 2020: Decline due to global pandemic impacts.
- 2021-2023: Gradual recovery with subdued growth rates.
Forecasted data from 2024 to 2028 shows a slower growth pattern, with an expected average CAGR of 2.2%. While the industry is expected to continue growing, the rate is likely to be modest compared to the initial years studied. Future trends to watch for include advancements in technology, shifts in global trade dynamics, and potential disruptions from geopolitical and economic shifts.
