The motor vehicle transmission and power train parts manufacturing industry in Canada reached a revenue of $5.51 billion in 2023. Revenue has shown an overall strong uptrend, with notable fluctuations such as a 19.94% contraction in 2020 and a recovery by 20.97% in 2021. The year-on-year growth for 2022 and 2023 was 12.86% and 9.84% respectively, with the five-year CAGR ending in 2023 standing at 3.89%. Looking ahead, the five-year CAGR is forecasted at 3.54%, suggesting steady growth.
Future trends to watch for:
- Technological advancements in powertrain components.
- Increasing adoption of electric vehicles impacting demand for traditional powertrain parts.
- Global supply chain dynamics influencing manufacturing costs and supply reliability.
- Policies and regulatory changes favoring greener transportation solutions.
