Industry Statistics and Trends
Market size and recent performance (2014-2029)
Industry revenue has declined at a CAGR of 4.2 % over the past five years, to reach an estimated $44.3bn in 2024.
Trends and Insights
Union strikes have threatened manufacturers
- Many Canadian autoworkers are members of the Unifor Union. Union members intermittently strike to renegotiate labor contracts, with the most recent strike occurring in the winter of 2023. Recent strikes have centered around Ford, General Motors and Stellantis facilities in Canada. Non-US manufacturers have largely escaped strikes and express more union-busting tendencies.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Improving economic conditions will spur growth
- Canada’s robust post-pandemic economic recovery will create opportunities for reentry and growth, especially as corporate profit improves and interest rates normalize. Companies have increasingly invested in Canadian EV production while consumers will be able to take advantage of falling auto loan rates, spurring downstream demand through dealers.
Biggest companies in the SUV & Light Truck Manufacturing in Canada
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Honda Canada Inc. | 6,109.4 | 413.3 | 6.8 | |
Toyota Motor Manufacturing Canada Inc. | 12,338.8 | 792.8 | 6.4 | |
Ford Motor Company of Canada Limited | 11,483.3 | 236.8 | 2.1 |
To view the market share and analysis for all 5 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Crossovers, SUVs and Vans. Crossovers is the largest segment of the SUV & Light Truck Manufacturing in Canada.
Trends and Insights
Crossovers dominate SUV and light truck markets
- While SUVs often use a purpose-built chassis for rugged terrain, CUVs share a chassis with smaller, lighter passenger vehicles. CUVs often have lower starting prices and greater fuel efficiency, resulting in surging popularity. These vehicles offer more space for occupants and luggage alongside raised ground clearance compared with passenger vehicles.
- More insights available in the full report
Table of Contents
About this industry
Industry definition
This industry manufactures light trucks and utility vehicles, such as vans, pickups, sport-utility vehicles (SUVs) and crossover-utility vehicles (CUVs). The industry also manufactures light truck and utility vehicle chassis. This industry excludes the manufacturing of cars and motorcycles.
What's included in this industry?
Pickup truck manufacturingSUV manufacturingVan manufacturingCrossover manufacturingCompanies
Honda Canada Inc.Toyota Motor Manufacturing Canada Inc.Ford Motor Company of Canada LimitedPurchase this report to view all 5 major companies in this industry.
Related Terms
FUEL CELLHYBRID VEHICLESFUEL ECONOMY/EFFICIENCYCORPORATE AVERAGE FUEL ECONOMY (CAFE)CROSSOVER-UTILITY VEHICLE (CUV)SPORT-UTILITY VEHICLE (SUV)Industry Code
NAICS 336110 - SUV & Light Truck Manufacturing in Canada
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Manufacturers that successfully innovate will dominate the automotive landscape. Companies have pushed to create electric and autonomous vehicles to differentiate from compet...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Crossovers are the most popular option in SUV and light truck markets. Pickup truck sales have also surged through the current period, encouraging greater investment in Canad...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Ontario and Montreal produce the vast majority of automobiles. Most key manufacturers, including Honda, Ford and Stellantis, have facilities in Ontario.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each province
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each province in 2024
- Number and share of revenue each province accounts for in 2024
- Number and share of wages each province accounts for in 2024
- Number and share of employees in each province in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Leading international automakers dominate the industry. High per-unit and start-up costs, combined with established producers' scope and power, make it virtually impossible t...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Foreign manufacturers dominate Canadian markets. Companies like Honda, Stellantis, and Ford have controlling positions in these markets, while Canadian-founded producers don'...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Honda Canada Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Toyota Motor Manufacturing Canada Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Ford Motor Company of Canada Limited's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 2 additional companies
Detailed analysis
- Description and key data for Honda Canada Inc., and factors influencing its performance in the industry
- Description and key data for Toyota Motor Manufacturing Canada Inc., and factors influencing its performance in the industry
- Description and key data for Ford Motor Company of Canada Limited, and factors influencing its performance in the industry
- Description, key data and performance trends for 2 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Canadian manufacturers must adhere to a wide range of vehicle safety and emissions standards. The Canadian government harmonizes most regulations with US federal policies.
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Purchases dominate an automaker's expenses. Companies have battled supply chain shortages and volatile input prices following the pandemic, leading to long lead times and maj...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Assets (2017-2022)
- Liabilities (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Top Questions Answered
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the SUV & Light Truck Manufacturing industry in Canada in 2024?
The market size of the SUV & Light Truck Manufacturing industry in Canada is $44.3bn in 2024.
How many businesses are there in the SUV & Light Truck Manufacturing in Canada industry in 2024?
There are 33 businesses in the SUV & Light Truck Manufacturing industry in Canada, which has grown at a CAGR of 7.5 % between 2019 and 2024.
Has the SUV & Light Truck Manufacturing industry in Canada grown or declined over the past 5 years?
The market size of the SUV & Light Truck Manufacturing industry in Canada has been declining at a CAGR of 4.2 % between 2019 and 2024.
What is the forecast growth of the SUV & Light Truck Manufacturing industry in Canada over the next 5 years?
Over the next five years, the SUV & Light Truck Manufacturing industry in Canada is expected to grow.
What are the biggest companies in the SUV & Light Truck Manufacturing market in Canada?
The biggest companies operating in the SUV & Light Truck Manufacturing market in Canada are Honda Canada Inc., Toyota Motor Manufacturing Canada Inc. and Ford Motor Company of Canada Limited
What does the SUV & Light Truck Manufacturing in Canada include?
Pickup truck manufacturing and SUV manufacturing are part of the SUV & Light Truck Manufacturing industry.
Which companies have the highest market share in the SUV & Light Truck Manufacturing in Canada?
The company holding the most market share in Canada is Honda Canada Inc..
How competitive is the SUV & Light Truck Manufacturing industry in Canada?
The level of competition is high and steady in the SUV & Light Truck Manufacturing industry in Canada.
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Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Canada include:
- Statistics Canada
- Industry Canada
- Canadian Business Patterns
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
