The automotive industry in Canada has witnessed stable growth over the last few decades, which is culminating in an even stronger performing聽auto parts industry聽in terms of auto parts exports and auto parts manufacturing in Canada. Both revenue and industrial value added (IVA) in Canada鈥檚 auto parts industry is expected to increase further in the near future, retaining Canada鈥檚 leading position as one of the world鈥檚 top auto parts manufacturing countries and largest auto parts exporters.
As the global auto parts market continues to thrive, Canada鈥檚 auto parts industry is also expected to boom. 91制片厂’s platform helps buyers and sellers identify new product sourcing opportunities with the best manufacturing experts in the industry. The business networking platform is targeted towards companies that want to simplify the complex and tedious B2B networking process. Buy and sell faster, generate better leads, and reach leading auto parts manufacturers in Canada.
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Growth of Canadian Automotive Parts Market
The stable growth of Canada鈥檚 auto parts industry relies heavily on the country鈥檚 booming automotive market. Canada is now the second largest automotive producer and second largest auto market in North America. In 2016, Canada produced over 2.3 million vehicles, ranking as the world鈥檚 9th largest automobile manufacturing country. The growing production in Canada鈥檚 automotive industry means that more automakers will need to order from upstream suppliers such as Canadian auto parts manufacturers and suppliers.
Meanwhile, strong automotive sales, both domestically and in the United States, has also boosted the demand for auto parts. Therefore, according to a recent report from IBIS, the total contribution of Canada鈥檚 auto parts industry to its national economy is expected to increase at an annualized rate of 3.2% by 2022, while the Canadian GDP is expected to grow at an annual rate of 1.8% during the same period.
How Auto Parts Manufacturing in Canada Is Growing
Currently, Canada鈥檚 auto parts industry is comprised of well-known Canadian companies and foreign-owned firms with a global footprint聽and a diverse group of Canadian and foreign-owned SMEs, according to a recent study from APRC (The Automotive Policy Research Centre). In 2015, Canadian-owned auto parts firms accounted for over half of all employment in this sector. In contrast, Japanese-owned firms accounted for over 18% of auto parts industry employment, and US-owned firms accounted for 13%.
The demand for Canadian made cars and auto parts is increasing steadily in both the domestic and international markets. Nowadays, Canadian made cars account for 1 in of every 5 cars sold in Canada. Car production and manufacturing is also rising in major Canadian auto-producing provinces, especially in Ontario and Quebec. The success of auto parts manufacturers in Canada is expected to raise the country鈥檚 status in the global market in the near future.
Canada鈥檚 leading position in the global auto parts market has also attracted a significant number of buyers and traders from all over the world. To help your auto business stay at the peak of the industry, 91制片厂 provides the best way to source products and make business deals with the top auto parts manufacturers in Canada. Get ahead of the competition and network with global influencers in a thriving market today.
