Truck & Bus Manufacturing in Canada - Market Research Report

Trucking along: Recovering Canadian and US economies will benefit the industry

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

Truck and bus manufacturers were severely affected by the COVID-19 pandemic. In 2018 and 2019, exports trended higher, as downstream freight operators increased their vehicle fleets, lifting demand at the manufacturing level. Plus, the depreciation of the Canadian dollar relative to other currencies has also catalyzed industry export activity, further supporting industry expansion. As exports account for a significant portion of industry revenue, the industry has benefited. However, as a result of the adverse effects from the pandemic, industry revenue fell at a CAGR of 10.9% over the past five years and is expected to total $2.8 billion in 2023, when revenue fell by an estimated 2.1%. The Truck and Bus Manufacturing industry in Canada primarily manufactures heavy-duty vehicles and heavy-duty vehicle chassis for highway use.