The automotive repair and maintenance revenue in Canada has demonstrated a steady growth trajectory from 2013 to 2023, with only a slight dip in 2020, likely due to pandemic impacts. The revenue stood at 22.64 billion Canadian Dollars in 2023, indicating resilient market conditions.
Recent year-on-year variations show:
- 2022: 1.99%
- 2023: 3.02%
The 5-year compound annual growth rate (CAGR) from 2018 to 2023 stands at 2.73%, reflecting moderate market expansion.
Projected forecasts suggest continued growth, with the market reaching 25.86 billion Canadian Dollars by 2028. The forecasted 5-year CAGR is 2.11%, implying a stable yet slower growth trend.
Future trends to watch for:
- Advances in automotive technology and increased vehicle longevity.
- Growth in electric vehicle (EV) maintenance services.
- Impact of economic conditions on discretionary vehicle maintenance spending.
- Regulations and environmental standards driving service offerings and demand.
