The Canadian Motor Vehicle Gasoline Engine and Engine Parts Manufacturing sector has experienced fluctuating growth from 2013 to 2023. Notably, a significant downturn occurred in 2020 with a -21.07% year-on-year variation, attributed to external factors likely impacting the industry. However, recovery was evident in 2021 with a 15% growth. The Compound Annual Growth Rate (CAGR) shows a modest increase of 0.2% by 2022 but dips slightly to -0.67% by 2023. Looking towards 2028, the forecast suggests a minor contraction with a -0.13% 5-year CAGR, indicating a potential -0.64% decrease in growth rate.
Future trends to watch include technological advancements in engine efficiency and alternative fuels, which may significantly impact manufacturing expenses and industry dynamics.
