The electrical equipment, appliance, and component manufacturing revenue in Canada has experienced a mix of ups and downs over the past decade. The industry saw significant growth from 2015 to 2019, peaking in 2019 at 12.085 billion CAD. Post-2019, the revenue began to decline, and by 2023, it stood at 11.079 billion CAD. This represents a decrease of 2.2% from the previous year. Over the last five years, the industry has seen an average annual decline (CAGR) of 1.58%.
The forecast for the next five years points to a continued downward trend, with a projected annual decline (CAGR) of 1.84%, leading to an expected revenue of 9.8702 billion CAD by 2028.
Future trends to watch for include:
- Technological advancements and their impact on manufacturing efficiency.
- Changes in trade policies and their effects on the export market.
- Environmental regulations influencing production processes and costs.
- Fluctuations in global demand for electrical equipment and appliances.
